E7: The Importance of Tax in Entrepreneurship with Michael Donnelly

The Real Wealth Podcast

In this episode, we sit down with Michael Donnelly the Managing Director of AD plus accounting services. We speak about all of the Entrepreneurs he meets in his profession, common traits and the importance of tax in Entrepreneurship.
Key points:
- Michael runs a large successful accounting practice in Central Scotland
- The importance of network to help accelerate you financial knowledge and ultimate financial success.
- The challenges of taking over an existing family business.
- Organic growth of his business through a focus on a core Ethos. Putting the Client first.
- The difficulties in recruiting good staff
- Work Ethic, commitment, resilience core commonalities of successful Entrepreneurs.
- Businesses doing well during hard economic times, are based on the leadership and focusing on what they can control and not the things they cant.
- Advice for those starting out - Get it right, rather than do it in a rush. Patience is key in starting out. Continually invest in your own education.
- Incredible Artificial intelligence advancements and how quickly this will change the world.
- The tax system is rigged so employees have no understanding of tax. Up to 70% of what you earn goes back in tax.
- Entrepreneurs must understand the basics of tax to ensure they provide for their obligations
- Managing budgets and your finances are key to building wealth
- Getting this key financial knowledge is critical early in your life, but school wont cover this so you need to educate your children yourself.
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Alex Robertson is a self-made property investor and businessman. He comes from a financial background, gaining a degree in Accounting and Finance and then going on to qualify as a chartered management accountant. Alex is one of Co-Founders of Real Estate Wealth Development, a group of companies in the property industry, with over 200 buy to let properties, training company, construction company and development business. He is also the co-author of the book Fast Track to Property Millions.
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