Hold onto your hats, guys. I’m going to lay my neck on the line and stand up for something which can’t defend itself. That ‘something’ has been hideously misrepresented for years and I think it’s time for an image rehabilitation.
What can it be, I hear you cry?
We’ve all been there with feeling as if paying tax is a dark cloud hanging over you. You could be working an exhausting day job support the business you’re building on the side, and seeing tax deducted from your payslip every month which you’d rather spend on your nascent empire. Or, you’re working on your business 8-8 but every year you have a soul-sucking sensation that it’s time to pay away 20-30% of your profits to the taxman.
Don’t worry, I get it. I know that tax can be complicated and that seeing your hard-earned money paid away can be disheartening. I fully understand the shoulder-shrugging sighs that accompany any discussions about how to pay tax.
But do you know what? I started this blog because I wanted to bring a revolutionary spirit to business. I want to help people build strong and passionate world-changing businesses. With that kind of mantra, it’s my duty to give tax a long overdue makeover.
So, before you can whip away to a website which doesn’t want to talk about tax, please clamber onto the rollercoaster and cling on tightly. I’m going to whisk you away from the world of ‘there are only 2 certainties in life, death and taxes’, and teach you how to pay tax like a rockstar*.
*By rockstar, I mean one which pays the right amount of tax on time, and doesn’t go and get sloshed with Playboy Bunnies instead before the IRS come knocking.
Read on and we’ll have you feeling like you’ve just bagged a bootful of Grammy Awards every time you make a tax payment.
1. Paying tax means you’ve gone platinum.
Do you know how few businesses even make it to the point of being able to pay tax? Around half of businesses fail within their first 5 years. They don’t turn a profit and go out of business before they can turn it around. This means they don’t ever get the opportunity to hand a portion of their money to the taxman, as they never had it in the first place.
If you’re making money from your business which means that you’ve got to pay tax, then you’ve done the equivalent of a previously-struggling rockstar going platinum. Others may look at you and think you’ve found all this easy as you’re there scooping up your Grammy (= making your tax payment), but they won’t see the struggle you’ve gone through to get there.
We both know that it isn’t luck that’s got you to a position where you’re making enough money to pay tax; it’s your hard work and dedication. Like any rockstar work their salt, you’ve worked stonking hard for your success so stop for a second and appreciate how well you’ve been doing.
2. You’re giving back to your fans
This one is less rockstar and more Taylor Swift or Selena Gomez, but the reality is that by paying tax you’re giving back to your fans. Lots of big music stars support a roster of charities who allow them to exercise some influence for causes in which they believe, and when there is a natural catastrophe these same stars dig deep into their pockets to make donations.
While I totally appreciate that by paying tax you’re giving control over your money to the government, the government will then spend it on causes which help society in many different ways. Schools, hospitals, roads, the environment, training doctors and nurses. This means there are people being funded by the government who will teach children skills which set them up for future life, and who train future doctors and nurses to assist people who are ill.
In the payment of a lump sum to the tax authority, it’s easy to forget that the money isn’t lost or thrown onto a bonfire; it’s being used for other good causes.
Think of the ultimate rockstar award acceptance speech, where the triumphant winner stands on the podium and thanks everyone who has supported them to get to this point. When you pay your taxes, you’re that person on the podium thanking everyone for supporting getting you to this point. Your thanks is expressed in your tax payments, which mean you are giving back to the society which has helped get you to where you are today.
3. You’re setting a legacy
In case you haven’t noticed from the last few posts, here at Boss Foundry I’m all about making your business into a revolution to help change the world for the better. I want every business to be a change for good in the world, to stand for strong values and support one another. By paying your fair share of tax, you’re helping live up to those values.
The secret of how to pay tax while feeling glad about it is to feel as if you’re doing something positive in the world. Rockstars go on tour with their music to spread joy across the world, and try to think of your tax payments as similar. I know it can be hard when you make the payment but finding the positivity in it will make it so much easier.
4. Celebrate like a rockstar
Now, I’m not exactly unconventional. The fact I’m a qualified accountant should tell you all you need to know about my conformity. This means I’m not going to throw in any witty comments about how you can celebrate like a rockstar by partying till dawn in an opiod-fueled haze.
However, I am going to tell you that when you pay tax you should celebrate by partying like a (law-abiding) rockstar. You’ve done a tax return, made the payment (on time, right?) and you’ve got through it for another year. Hurray
I refuse to believe that taxes are only negative. I’m unwilling to treat anything as a dark cloud in your life, and you should take the same view. Thinking of taxes and allowing them to become a black mark against your business does a disservice to you and your work. Instead, embrace the positivity of being so damn successful that you’re in a position to pay tax, and celebrate it.
By the way, total apologies if you clicked on this post because you wanted tips about how to organise your files in a coloiur-coordinated way, or to have an accountant lined up so you pay the right amount. These are clearly all very important elements, but odds are if you clicked on an article called ‘how to pay taxes like a rockstar’, filing advice isn’t really what you’re looking for.
What do you think about taxes? How do you they make YOU feel like a rockstar? Tell me in the comments!
Here’s to businesses that make waves. The world needs you.
YOUR BUSINESS IS YOUR REVOLUTION.
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