If you fit into one of the following brackets, take note
- Provisional Tax payer,
- February Year-end Companies, and
- Sole Proprietors.
I know tax season strikes fear into most people, but it doesn’t have to be that way.
This is a time that most want to avoid, but let’s turn this year around and use the time for “good”.
If you don’t know what to do to get your Tax submission ready, we’re here to help you every step of the way.
Make sure you have your hand on the steering wheel of your business all year round.
REFLECT
Here are some questions you can ask while you work through your numbers to prepare the Tax return.
1. How were my Sales for March to now?
2. What did I do right in this area?
3. Where should I improve?
4. Expenses. Which of the expenses do I need, and which ones can I eliminate?
5. Do I still need to subscribe to my current monthly subscriptions? Think about which subscriptions you want to cancel.
PLAN
1. What Sales do I plan to make each month?
2. How and where am I going to achieve these Sales?
3. List any subscriptions to cancel & action
4. Note any expenses you should cut down.
And lastly, what Salary am I paying myself monthly?
SALARY TAX EFFICIENCY
Is my monthly Salary the best balance between my needs and Tax Efficiency for the year?
August is the time to think about and put plans in place for year-end.
Once you reach February you have no control to change/improve Tax Efficiency.
ACCOUNTING KNOW-HOW
Remember, outsourcing this area in your business means you don’t have to remember all the deadlines.
Make sure you engage an accountant that understand business.
You don’t want a “plug in numbers and submit” old-school Accountant unless you’re an accountant yourself.
Your Accountant is going to ask the above questions of you… IF you choose someone who is invested in your success,
Recent Comments