Ensuring your business is moving in the right direction is incredibly important for all business owners. Particularly so for small businesses where the owner may take on multiple roles. Which means it can be very easy to focus on the ‘here and now’ and not so much on the future.
Whatever the aims and goals of small businesses and freelancers, turnover and profitability are usually top of the agenda. Keeping an eye on the finances is what keeps the business going. Like many people, numbers may not be your strength, which is where accountancy support is invaluable.
It is likely that your tax bill due at the end of this month is made up of two components. The first part is your tax liability based on profits for the year ended 5 April 2016. The other is the first "Payment-on-Account" for the tax year ended 5th April 2017. Could there be the option to reduce your Payment-on-Account to help cash flow this month?