5 steps you can take to immediately minimise tax

1. Review of business structure

2. Claim all business expenses. A lot of business are not aware of the expenses permitted to be claimed in their tax returns. Some commonly missed out expenses are listed below

  • Travel costs for business purposes
  • Depreciation
  • Entertainment and client gifts
  • Income protection insurance premiums
  • Home Office expenses
  • Donations

3. Maintain good records – Use an accounting software to ensure all bills are captured.

4. Plan for tax, file tax returns and make payments on time otherwise you will pay unnecessary interest and penalties

5. Get a professional to help with tax