An Introduction To Fringe Benefits Tax: 3 FAQs
Taxes are often a nightmare for many start-up entrepreneurs. Unfortunately, there are no two ways about it if you intend to remain in business legally.. The Fringe Benefits Tax (FBT) is a category of taxes that you'll be required to pay on fringe benefits you provide to your employees. It's important to understand this category of taxes as you work on your business activity statement. Below is a brief introduction in question and answer format.
Avoid These Mistakes When Starting a Freelance Business
Starting your own freelance business allows you to set your own schedule, be your own boss, and control what work you do and when. While there are many benefits, you also need to plan carefully for this type of career path. Make sure you avoid the following mistakes people tend to make when first starting their freelance business. Not Planning For Deductions When you run a freelance business, you are responsible for all taxes.
Beyond Tax Time: Five Ways Accountants Can Help Your Growing Business Throughout the Rest of the Year
Instead of contacting an accountant right before your taxes are due, you may want to consider working with these professionals throughout the year. This is especially important if your business is growing and you have more financial elements to track than you did before. Here are five ways an accountant can help your company throughout the year: 1. Setting up bookkeeping and accounting systems As your business grows, it becomes increasingly important to have a reliable way to track income and expenditures.
Avoid These Common Small Business Tax Mistakes
When you run your own business, it is important that you have all your affairs in order, including your taxes. If you aren't doing your taxes properly, it could be costing you money and increase the risk of getting an audit done later down the road. Here are some common small business tax mistakes people tend to make that you need to try and avoid. Failing to List All Your Deductions
Financial Planning For Your Kids' University Fees - What Are Your Options?
If you have kids, it's wise to begin planning many years in advance for the cost of their further education. And it's not just the university fees alone that you'll have to pay for; there are other items to consider, such as books, exam fees, stationery, and specialist trips and equipment. There are a number of different savings plans that are designed to help parents fund their children's future educational aspirations.
When Should You Have an Accountant Handle Your Taxes?
It's typically legal for an individual and even a business owner to prepare and file their own tax returns, and for many persons, they can handle this on their own. However, there are times when it's good to have a qualified accountant take care of your taxes for you, as things might be more difficult and involved than you realize and there may be details that complicate your return overall. Note a few times when you might want to consider having an accountant handle your taxes versus going it alone.
Why Your Business Should Outsource Payroll As Soon As You Hire New Workers
When you start hiring employees, you must either sort out their wages yourself or hire a payroll service. While outsourcing this seemingly simple task may seem like another unnecessary expense – especially when your overheads are increasing – it could be well worth the investment. Here are five reasons why. Accountants Know the Law Inside Out If you aren't particularly well-versed in payroll tax laws, you are placing yourself and your business at risk.