Continuing from our last article, today we will discuss the last 3 Business Accounting, Tax and Legal tips for any small business which may be used when getting your business finances in a gear during the year:
Business Structure - Proper Records.
It is important to keep a proper record of all your business activities. If you are an on-the-go entrepreneur, cloud-based accounting software such as Wave or QuickBooks may be a more practical approach for you. Above all remember, you must keep at least six years of business activities at any given time. For example: we are in 2019, you should have business records for 2013 to 2018 at your business premises.
You must know your Tax Obligation when you are in business.
A Sole Trader must pay a Business Levy which is now 0.6% and a Health Surcharge for employees and themselves. A Partnership must pay Green Fund Levy which is now 0.3% and a Health Surcharge for employees and partners. Limited Liability must pay a Business Levy which is now 0.6%, Green Fund Levy which is now 0.3% and health surcharge for employees and directors. Sole Traders must pay 25% on their profit earned while Limited Liability must pay 30% on their profit earned at the end of the business fiscal year. Tax return must be paid by April 30th but filed no later than October 31st to avoid penalty and interest.
If you have employees file TD4 remittance form on February 29th and give your employees their TD4 slips.
Limited Liability and Non-Profit companies please ensure you pay your company's annual return at the required time. "What is an Annual return? It is the Incorporation date of your organization. Late payment is calculated after the first thirty days which is three hundred dollars for every month or part thereof.