Don't be afraid of the tax man

Today is corporation tax day here in the UK. Personal tax is due at the end of January. This year the galloping housewife has quite a big bill for the first, not so much for the second. It’s beside the point for this post but she can’t quite get over the fact that it seems like a stupid time of year for tax to be due, as it’s usually a ridiculously expensive time of year for everyone – in business or not, Covid + Brexit or not. 

Nevertheless, she is happy to be paying tax this year. Happy, because not having to pay tax would be worse and happy because it’s just a matter of pressing a few buttons and transferring the money to the government account. There is no scrabbling about, wondering where she can rob Peter to pay Paul. The galloping housewife has a separate tax bank account and every two weeks, when she sorts her money and pays her bills, she puts a portion of the funds she has collected into that account. She calls the account ‘Queen’ partly because she’d rather live under the delusion that the Queen gets to spend it and also because she feels like a Queen for having control over her financial health.  

It’s not very long ago that the galloping housewife was scrabbling around to pay the grocery bill, let alone the tax bill. Yeah, it’s taken hard work, refocussing, astute business strategy and not a little bit of luck to turn things around, but just as much it’s been about taking a good hard look at the finances and taking control of her own destiny for once. As difficult and stressful as that was, restoring financial stability is the most empowering thing the galloping housewife has ever done. Ever.

This is why the galloping housewife is beginning to work on ‘cracking the rich bitch code’. The easy and painless way to having your job or your business work for you, not the other way around.

In the meantime, if you are one of the many people who dreads the 20th of December or the 31st of January, the galloping housewife has two book recommendations for you – books that helped her out of an incredible amount of debt and anxiety. The first is particularly relevant if you have or are considering starting your own business, the second is more for you if personal and family finances are causing you worry. They are written by and for Americans and Australians respectively, so there is some localised advice, but the systems and approaches within are global. 

The books are ‘Profit First’ by Mike Michalowicz and ‘The Barefoot Investor’ by Scott Pape. Pop them under the tree. They might be the best Christmas present you ever buy yourself.

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