Five Easy Ways to Reduce Your Small Business Tax Burden


BANGALORE: Small businesses can’t usually afford to give money away to the government. If you deserve a refund, then you need to make sure you get it. It isn’t always easy, though, for small business owners to tell whether they have maximized their deductions.

Thousands of people worry about how much tax their business is due to pay each year, simply because they’re not sure if they have set everything up correctly in the first instance. Many small businesses also think they can get by and just do everything themselves, despite not being experts in accounting or tax. Often they can’t and it is just best to get an expert’s help.

The following tax tips will help your small business thrive by lowering your tax burden.

1. File on Time

Ensure that you file VAT accurately and on time. Tax returns filed late can lead the Revenue Commissioners to select your business for tax audit plus late filing and payment of tax returns incur interest charges by the Revenue commissioners.

When a business updates its records on a regular basis, filing of its tax returns on time should not be difficult. Updating business records on a monthly basis will also ensure that errors or omissions can be identified at an early stage.