Tax Tips for Small Business Owners and Start-ups
As tax time has well and truly arrived we have decided to share our best tax tips for small business owners and start-ups, helping you get the best out of your return and avoid the stress tax season can bring.
Firstly, one of the most important things is to keep all your receipts for any business-related expenses made. Keeping your receipts can ensure you can get the best out of your tax return, even if the receipt is for a small amount it all adds up at the end of the day! One tip that we have, is to spend 5 – 10 minutes each week gathering up any copies of receipts that have been made during the week. This way you can keep all your receipts together in a safe place and making sure you keep on top of this will help minimise stress during tax time. There are apps allowing you to keep digital copies of receipts or another option is to even scan copies of receipts and save them onto your computer. Whichever method you choose, just make sure you keep all your receipts!
When it comes to lodging your tax return, it can be a stressful time! Why not save yourself the time and stress and leave it to a professional to handle your tax return. As a small business owner or start-up, having a professional help you with your tax return can ensure that you make the most out of your return and you can rest easy knowing that a professional can take care of your return. Relieve the stress and pressure and know that your return has been done by a qualified professional.
Do you work from home? If you are a small business owner or start-up working from home, you can claim home and office expenses. Many small businesses run their offices from home, so knowing what you can claim is very important. Wi-Fi, laptop, stationery, office furniture and cleaning are some of the common expenses that are claimable. You can even claim a percentage of your phone bills as well. A qualified tax accountant will help you take out the stress of what you can claim and help you get the most out return for at-home business expenses. Knowing the basics about what home offices expenses you can claim helps you when it comes to lodging your return.
Our last tip for getting the most out of your return is Travel! Make those work trips count! Sometimes when it comes to working, travel is unavoidable. However, the good news is those small business owners are able to claim back a percentage of travel expenses. Keeping a logbook of your travel makes it easier when it comes to log your tax return. This way all your work-related journeys have been processed and you can show this to your accountant.
As a small business or start-up tax time can be stressful and confusing. Hopefully, these tips have helped you to ease the confusions and stress related to taxes. We have designed these tips to help educate you about what things you can claim and how to stay organised with your taxes.