Why paying more tax is a good thing. EP #214 - Blake Jenkins

Send us Fan MailToday... Den talks to tax expert Blake Jenkins. Blake is the senior account manager at Count Out Loud - an accounting firm that serves the film, media, and creative sectors. If you're a video freelancer or owner of a video production company, this could very well be the most profitable episode you ever hear.Here's a sneak peek at what you'll hear:Why paying more tax is a good thing. - 0:45Why Tax accountants shake their heads and roll their eyes when small business owners spend money to save on tax. - 2:203 critical questions to ask before making a business purchase. (Spending your business dollars without knowing the answer to these three things is almost like throwing your money off a cliff. - 3:00)A dopey thing many business owners do when seeking tax advice. - 3:30The dunderhead's guide to managing your tax. - 4:00A sneaky (and 100% legal) way to reduce your tax bill that probably 95% 0f business owners aren't taking advantage of. - 4:10The laymen's guide to understanding the difference between sole trading, trusts, and Pty Ltd. - 7:00Important things nobody told you about going from a sole trader to a company structure. - 8:10When exactly to consider becoming a company. - 8:50A caveman explanation of running your business through a trust. - 10:00A sweet little business “tax break” most people don't know about. - 12:00Clever ways to structure your business that can reduce your overall tax and can help you start creating your own personal wealth. - 13:20A hardly-talked-about advantage of having effective bookkeeping. - 14:30Absurdly good advice for hiring an accountant for your business. - 15:30Still collecting your receipts in a shoebox to give your accountant? (Then you'll want to hear Blake's clever advice at 18:30)Cash flow secrets. (What savvy accountants look for, and strategies they use to improve cash flow. - 21:00)More insider tax secrets. - 24:45About Blake JenkinsBlake is a Chartered Accountant and has over 8 years experience working in business advisory and tax. His career started in boutique corporate firms and quickly discovered that his passion is helping small and medium businesses grow into their potential. Utilising his skill set, technology and applying these to the entertainment and creative industries, Blake works with businesses along their journey to help them achieve their personal and professional goals. Blake has worked across numerous productions in a range of financial capacities. From production accountant to structuring, he particularly enjoys working with developing professionals to navigate business complexities.Connect with Den on LinkedIn https://www.linkedin.com/in/denlennie/Get more great resources over at https://www.denlennie.com/Mentoring options : www.denlennie.comConnect with Den on Instagram: https://www.instagram.com/den_lennie