As we’re approaching the end of 2014 I thought it would be a good idea to touch upon that old favourite of ours taxes which play a big part in all of our lives. In particular, the small business owner who has them coming out of their ears. Sometimes to make things manageable and simple, all you need to do is start with a list of taxes.
As a business owner you need to understand every aspect of your business and taxes are no exception. It is important you know which taxes apply to you and why – I always say if you plan ahead and know what you’re dealing with it makes everything a lot clearer. Keep it simple and start with a list of taxes that are applicable to you and when they need to be paid and how much you are expected to pay – a bit like a shopping list. It is also a good idea to set aside some funds so that your cash flow stays healthy and isn’t dented – you do have other outgoings to consider.
So, simple really is best and you’ll understand your tax so much better.
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