The taxation laws are quite complicated, one must be aware of any legal tax reductions that they can make. For the average wage and salary earner, taxation is straight forward however there are deductions that many people can make according to the industry that they work in.
Unfortunately, taxation becomes a little more difficult to keep up with for people with small or large businesses.
The business must calculate many types of tax and some of them are ongoing tax payments throughout the year, not a payment only at the end of the financial year. Once again, businesses have the opportunity to claim certain deduction (Legal). Taxation for businesses can include, depending on the size and income of the business:
- Company Tax
- Payroll Tax
- Fringe Benefit Tax
- Goods & Service Tax
- PAYE Tax
For more information regarding Personal Income tax or taxation on small businesses, please contact our office or keep in touch with the web page and read our monthly newsletters.