Tax is probably the scariest word in the world of business. No business can continue if you do not pay tax. It is a must that you complete tax calculations very much in advance. Prepare yourself to pay your tax bills on time. It is a good habit to pay your business taxes within the given time, the more you delay, it can lead to other problems. A particular tax amount may never appear small to a business, unless you plan in advance.

Q. Aren’t you paying your taxes on time?

Here are some tips from Kuza Biashara, on how small is small when it comes to tax:

How to calculate tax

Don’t wait till the last minute; always make it a point to calculate your tax amount very much in advance. Once you calculate your tax, check your finances first. After you check, go to a tax consultant and check with them if you can reduce your taxes by any other way. For sure the tax consultant will help you in some way or the other. They will also tell you how you can pay your tax in installments as three to four quarters in a year. This will be a relief to you as you can handle your finances smoothly even if they are tight. No amount of business tax is small to any business, but completing tax calculations very much in advance will help the amount appear smaller.

Keep a track of expenditure and cash flow

In a business it is very crucial that you know your basics first. One should know every minute detail regarding the expenditure and cash flow. Understand where you are investing, how much you are gaining back and what are your profits. Before you get to know what your tax amount is, you need to know your earnings and profits. Business tax is based on the amount of money you make in an annual year. The more you make the more will be your taxes. The lesser you make, lesser will be your business taxes. Do not blow your profits, chalk out a plan and then use the money accordingly.

Maintenance of records

Apart from keeping a track of your expenses and cash flow, you need to maintain proof of every little detail. Proper records have to be maintained by your company, while you pay business taxes. These act as proof for your business. Every single receipt you give your customers should also be retained with you. Stack all your receipts separately and do not lose them. Maintain your data in computers as well as in books, it is a good way of having back up. It is a must that you maintain data without any errors and it should be updated every day to avoid confusions.

Entrepreneurial Learning

Tax plays a very vital role irrespective of the scalability of the business. A proper Tax Planning will ease your burden of paying huge tax amounts or penalties. Keeping a track of all the expenditures & cash flow, having your business accounts in place are all a part of proper tax planning.

Leave a Comment

Your email address will not be published.

You may also like

Growing a Business

Want Great Guidance ? Find yourself a Super Mentor


They are the gods of small businesses, those inspired individuals who have achieved the highest levels of success. They can be the shining beacons who light up the path of running your business with their vision, wisdom and wealth of resources and contacts. They are The Mentors.

If you are fired with the passion to take your business to great heights, the best thing to do is find yourself a super mentor. Here are some tips to help in your quest

Pinpoint your Need

Sit down and focus your thoughts on your business growth strategy. Which area of the business needs a lift. Is is staffing, is it the finances, is it the production, is it the your lack of customers or is it the business as a whole that needs a makeover. Once you’ve zoomed in on the sore spot, this is where you need…

Read More
Growing a Business

Dreaming Big? You can Move Mountains with these Business Productivty Tips


You may be full of admiration for some people who seem to manage themselves and their work so usefully and efficiently. They seem to fit in so much productive work into the same number of hours which everyone has.. Let’s look what makes them tick and take a few tips.

Learn to identify your most productive hours

Its true, most productive people know which time of the day they can be most creative and efficient. They identify and allot these hours for the best part of their work. This way they are able to give their 100% awareness to the job and business productivity.

Early to rise- A winning habit

Waking up early is a personal habit that has all the plusses on its side. You need not necessarily go to work that early. It’s a habit that gives you more time for personal care, like mediation, exercise, walking,…

Read More
Growing a Business

Leadership Qualities that can make you an Icon


You may have reached the leadership position through sheer dedication to performance and a do or die attitude . Now that you are at the top, your viewpoint needs to change. You have to now be a role model, one whom others will look up to and follow. Here are some tips that can shape your leadership and management skills

Be Competent: Employees will look up to a leader who has good industry knowledge and management skills. If you do not possess these skills you should surround yourself with knowledgeable people who can offer good counsel. Competence is a trait all employees will admire.

Be Trustworthy: No one will look up to a person they cannot trust. Your employees will want to rely on you and count on you. In difficult situations, leaders are expected to apprise their employees of the situations and find solutions on how to address…

Read More
Raising Money

Are You offering Your Services Using the Right Pricing Strategies?


In these times of fierce competition, business people , mostly those that offer services and belong to the service based industry, are finding it a challenge to implement the right pricing strategies. It is virtually a struggle to set the right business price that will retain and attract the customers, and not drive them away. Follow these tips, the crucial dos and don’t s and you may be in a much better position to offer your services at the best price.

Maintain your Business identity and Dignity

If you are offering a unique or special product or service, don’t underrate it just because you want to build a better relationship with the customer. This will just cheapen your offering as another run of the mill. If its something special you are offering the customer, then communicate this fact to the client and get the equation right with the most…

Read More
Raising Money

What is a Fair Wage? How Do you Assess Fair Wage?


How do you figure out a fair wage?

This is a very common question for startups and small businesses. They can’t seem to decide or understand how to set wages and manage reputations at a time. They are determined to pay well but they also have to think about encouraging their employees to stay with them for a long time. This is why there is a need to think strategically.

Listed below are a few expert tips to help you decide:

Don’t Focus Only on Money

Money should never be the main focus for you or for your employees. You should decide on the wages in such a way that your employees are tied to your business. When your business does well they should be able to taste that success and vice versa.

Also, think about additional perks such as exclusive benefits and time off. Many employees value this more than the overall…

Read More
Raising Money

Tips to Winning Hard Negotiations With Ease


While some negotiations are easy, others are quite hard to win. If you stumble you will lose.

Whether it is a potential client or an investor, negotiations can be very tough and frustrating. The problem is that the moment you let your frustration overwhelm you, you will lose the deal and you will give in to whatever is being offered to you. In order to avoid that, here are tips to overcome tough times and to win even the hard negotiations:


Know your opponent as well as possible. This is the rule no matter what you do. You should understand your opponent to the T. Who the person is, what his culture is, what he thinks, what he stands for, how is his network, etc. are the questions you should ask yourself and answer through research before meeting up for the negotiation. Understanding the opponent will give you a great advantage.


Read More