Guide
Set aside money for taxes as you earn
Build the habit that means a tax bill is never a surprise you can't afford.
Estimate a rough percentage early
Ask an accountant for a reasonable estimate based on your income level and structure, then round up slightly for safety.
Move it out as it's earned
This connects to keeping a dedicated tax savings account, transfer the estimated amount as income comes in, not at year-end.
Adjust as your income changes
A strong quarter may push you into needing to set aside more. Revisit the percentage periodically rather than assuming it's fixed.
Treat any refund as a bonus, not a plan
Aim to set aside enough, slightly over is fine and comes back as a refund. Relying on owing extra at the end is a much riskier position to be in.
That’s the whole thing.
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What to read next
- 01
Taxes & Compliance Basics
Understand the taxes your business may owe
Get a general sense of the kinds of taxes businesses typically deal with, so nothing catches you off guard.
- 02
Taxes & Compliance Basics
Keep records that make tax time painless
Build the habit of record-keeping that turns filing season into a formality, not a scramble.
- 03
Taxes & Compliance Basics
Know when to bring in a professional
Recognise the moments where a DIY approach to finances stops being worth the risk.