Sometimes, no matter how much money I tell a client they've made, the issue that rests on their minds immediately is the amount of tax they have to pay.
Fair enough. Their reward for a good year's work is a tax bill at the end of it. This is something that even veteran business owners will let out a slight groan at.
So then, I can imagine it might seem a bit nutty to be told you might want to consider paying some tax when you don't absolutely have to. But it can actually save you money.
Here are a couple of scenarios where paying your tax earlier is a good idea.
You may qualify for a tax discount of 6.7 per cent if you are a sole trader or partnership in your first year of business and pay before the end of your first tax year. Income from interest, dividends and rent is excluded.