Overheads.

[Mark Wileman]

If you keep 20% aside of your turnover you will have enough to pay your tax and some spare. Remember the first year you will basically get a double tax bill though. You will have to pay your first year in full plus the following year in advance

 

 

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How can I pay upfront for a year I don't know how much I'll earn/purchase tax offset able items? Do they just anticipate it will be the same?

[Steve Bullman]

If you pay 4K tax this year you will prepay 4K for next year. They base it on the previous year.

 

 

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[Mark Wileman]

Ah okay, makes sense. Thanks for the replies, this won't be up and running until Novemberish anyway so just at the planning stages.

Thanks!