Tell me this - Are you REALLY using your deposit account?
If you don't have a deposit account, why not?
Deposit accounts help with your money mindset.
VAT's not yours.
VAT for instance. Not actually your money. Put it away. Corp tax? If you've earnt the profit you should have the cash some year end... in theory!
Shuffle money regularly into your deposit account
Get into habit of putting aside some money each month or quarter so that your end of year tax bill doesn't come as a shock.
However, we know that cash and profit are often two very different things (you know that too).
The Tax man cometh
If you realise you are going to struggle to pay a tax bill on time then it is vitally important to get in touch with your accountant or HMRC to discuss it with them.
It is sometimes possible to put in place a Time to Pay arrangement so that you are not hit with penalties, increasing your tax bill even more,
Need tax advice? Email Katie to see if we can help.