Transform by bottom line!

Does what follows below ring any bells? Could this be you?

Once or twice a year, you have some tax to pay. The problem is, it isn't very much. Not because you have a clever accountant who can guide you in the direction of tax-efficiency, but because you simply haven't made much profit, again! In fact, you almost wish the tax bill was higher, because at least that would indicate that your business is a cash cow.

You sometimes wonder whether you'd be better off packing it all in and taking a job. Your friends earn more than you, and without all the hassle and responsibilities that go with running a business. In fact, some of your own staff earn more than you; believe me, that's not uncommon and, quite frankly, a ridiculous situation. You can't allow this to continue. Your profit margin is too low, meaning that you're not generating enough gross profit to cover your overheads and still be left with a good net profit or 'bottom line'. But you're not sure how to address the problem and make the business more profitable.

If this sounds like you, then it's time you started working with an accountant who is concerned more about how much you have left to spend after you have paid your tax than simply how much tax you have to pay. Think about this; what matters is after-tax income. If you currently make profits of £50,000 a year and pay £10,000 in tax but were able to make £1m but pay £200,000 in tax, you wouldn't complain about the tax bill (assuming, of course, that £200,000 was the 'best case' tax scenario on that level of profit)! To see how David and the team can start making a difference to your bottom line, call him directly now on 0161 266 1036 or email him at david@davidelliottassociates.co.uk