22 Mar Contractor Work Flow vs Cash Flow Issues
I am a Fibreglasser and in the boom years have had plenty of work. Lately there are still jobs around but they are not consistent. ALthough I earn good money at times, there are also times where I earn nothing at all and with a family to support I find that I am using the funds that should have been set aside for GST to make ends meet on living costs.
We do not want to Bankcrupt and my wife and I will set up a seperate bank account so that the GST is not available by any card withdrawawl. That will help in the future as the money will be there for the quarterly payments as they fall due.
My accountant has helped me to streamline my business and shut down the company so that there is not a problem in the future with ongoing tax payments.
We have worked hard – but have not managed the money very well. We now believe we will be able to through the Debt Agreement and hope that our creditors will this repayment plan.