June is the month to review your income/expenses
30 May 2018
Tomorrow is 1 June. If you haven’t done it already, you now have the next four weeks to:
- Work out your tax liability for 2017/18, expected expenses over the next couple of months, and expected earnings in June 2018 and in the 2018/19 financial year – or ask your accountant to do this for you.
- If it makes tax/financial sense to have a lower profit this financial year, you can bring forward some of your expenses so they fall within the 2017/18 financial year (not next financial year) – i.e. pay them prior to 30 June.
- If it makes tax/financial sense to have a higher profit this financial year, put off any expenses that you can until after 30 June so they fall within the 2018/18 financial year instead of this financial year.
- ONLY bring forward expected 2018/19 expenses into this financial year to reduce your profit/tax liability in 2017/18 if you expect next financial year to have the lower earnings than this one.
Note: I am not an accountant; in fact, I am terrible at numbers. If any of the above does not make sense to you, let me know!