We’re back this week with another episode of Tax Talks! This was an incredible conversation with tax expert Tej Gill that I know is going to be super valuable for all of you. If you've ever found yourself scrambling at the end of the tax year or been hit with unexpected tax bills, this episode is for you. Tej breaks down the entire process of creating a proper tax and drawing strategy with such clarity – I was taking notes myself! One of the first things Tej emphasised was the importance of aligning your business year-end with the tax year. This simple adjustment creates so much more visibility for planning purposes. I've seen firsthand with my clients how this alignment can make a massive difference in their ability to make smart financial decisions throughout the year. We spent quite a bit of time discussing how to analyse your personal needs before diving into any tax strategy. Tej walked through a really practical approach to figuring out exactly how much you need to extract from your business, when you need it, and what you need it for. It sounds basic, but you'd be surprised how many business owners (myself included in the early days!) skip this crucial step. I particularly loved Tej's insights on leveraging your business for legitimate benefits – from company vehicles to relevant life insurance. These strategies can significantly reduce your personal expenditure needs while remaining fully compliant. The section on executing your drawing strategy was gold. Tej explained how to properly manage director's loan accounts, when to take salary versus dividends, and how to time everything for maximum tax efficiency. He even shared a few examples that illustrated how proper planning could save thousands in unnecessary tax. What really stood out to me throughout our conversation was Tej's emphasis on proactivity. As he pointed out, tax planning isn't something you do in March for the year that's ending – it's something you should be thinking about right now for 2025/26. This episode is packed with actionable advice that I know will help you take control of your tax situation rather than letting it control you. This is one you do not want to miss! Let’s dive in. UFD RESOURCES: 👉🏻 DOWNLOAD A COPY OF OUR BOOK SMALL BUSINESS BIG PROFIT FOR FREE: https://ultimate-fd.webflow.io/small-business-big-profit 👉🏻 HOW FINANCIALLY FIT IS YOUR BUSINESS? Take the Ultimate FD Acid test to find out and have a bespoke report in less than 5 minutes!!! Take the test here: https://josh-dtlqxm7w.scoreapp.com/

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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