Don't Get Caught Off-Guard: A Deep Dive into Business Finances & Taxes

4 Sept 2023 · 1 min

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Robin Waite argues that business owners can't just hand finances to an accountant without understanding the basics. Delegating without numerical literacy leads to surprise tax bills and end-of-year shocks you could have prevented.

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So there's— I don't believe business owners can sit there and say, I'm not very good with numbers. However, slight caveat, that said, you only have to understand enough about numbers to then be able to delegate responsibility to somebody else. Yeah. Because otherwise, again, I see a lot of people who hand off like, oh, I'm not very— I don't understand tax, so I'll give it to an accountant. Then they wonder why they get a surprise at the end of the year because the accountant says, well, you've got to pay X number of thousands of pounds in tax. Oh my God, I wasn't expecting that. Well, no, it's because you kind of just delegated responsibility to somebody else. You didn't delegate responsibly, you delegated responsibility, and you don't— therefore, that's always going to come back as a shock when you've got to pay tax at the end of the year.