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A lot of hard work goes into running any kind of business. The founders are tasked with overseeing almost all of the tasks in the beginning. Networking, sales,service, administration, accounting, and financial management – all single handedly! Owners do have many responsibilities. Tax compliance is important, but it needn’t be a burden if you take the right steps throughout the year.

So, what can you do to make sure you’re compliant?

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Understand your obligations

First things first; to meet tax requirements, you need to know – and understand – what they are. You can find most of this information online on various government websites or contact VComply to know what applies to your business.

Keep timely, complete, and accurate records

To create accurate financial statements, you need accurate records. Tax compliance is required by law. Thus, precision is crucial if you want to avoid heavy penalties. Not only will thorough record-keeping make lodging your tax documents much simpler, it also makes tracking your business’s progress easier.

Prepare and lodge all mandatory returns, forms, and reports

Each financial year, small business owners are required to lodge various reports, and pay their business and income taxes. The income tax return reports your personal and business income, and deductions.

Surround yourself with reliable advisors

Who couldn’t benefit from a little extra support? At VComply, our knowledge partners hand-hold you towards a hassle free experience.

No-one expects you to have all the answers when it comes to the ins and outs of taxation! Hence, having a trusted resource you can turn to for guidance will make things that much simpler. If you’re new to small business taxes or simply looking for some help along the way, reach out to an expert for reassurance.

Stay up-to-date with changes in legislation

Tax legislation can change from year to year. To ensure compliance, small business owners need to stay abreast of any changes and update their processes and reporting as required. For example, new GST protocols have recently been introduced which call urgent action. The best way to ensure you’re up to speed with new obligations is by checking the CBEC website or other industry websites and blogs

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Tax compliance doesn’t have to be difficult. Surrounding yourself with the proper tools and the right advice will help you stay on the right side of the law.

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