Navigating through the intricacies of tax as a small business owner can be a headache.
Colin Timmis – Xero Country Manager shares simple tax compliance tips to help SMEs get benefits and incentives.in 2023/24, there are still many businesses missing out on tax benefits and incentives due to mistakes that can be avoidable.“While 1.2 million businesses submit tax returns, only 130,000 registered for Small Business Corporation tax.
“It is however a good idea to try and be aware of any changes by reading the news and make sure to keep in regular communication with your accountant so you can ask questions about these changes and stay organised.”It is advisable to keep your processes organised for collecting and recording financial information. “It is also a good idea to regularly update your books and keep track of expenses to avoid last-minute scrambles.
“Having all your financial data in a cloud-based system provides small businesses with real-time insights that enable them to make more informed business decisions and collaborate more easily with their accountant.”