Small Business BC (SBBC)’s Post

#TaxTipTuesday is upon us, and we've got to talk about deadline extensions. If you need breathing room to gather documents, ensure accuracy, and maximize deductions, here's what to keep in mind: 1. File From 7004 -ON TIME- For corporations, partnerships, and certain other entities, Form 7004 allows for an automatic six-month extension of time to file business tax returns. It must be submitted by the original due date of the tax return. 2. Continue to Pay Estimated Taxes While the deadline for filing may be extended, taxes owed are typically still due by the original filing deadline. Make estimated tax payments based on prior years’ tax liabilities to avoid penalties and interest. 3. File Electronically Even with an extension, aim to file your tax return electronically. This is faster, more secure, and can help expedite the processing of your return and any refunds owed. 4. Stay Organized for Next Year Use the extended deadline period as an opportunity to implement better record-keeping practices for the current tax year. 5. Consult With a Tax Professional Head over to www.CJBS.com to get in touch with our team.

Why having a reputable CPA firm matters - it's more than just taxes. Your firm should be a strategic partner in your success. Discover three key components to look for in an accountant: https://bit.ly/4dUs2Hp #LCWCPAs #SmallBusiness #TaxStrategy

Having a reputable CPA firm matters beyond taxes. Here are three key reasons why: https://bit.ly/4dUs2Hp 💡 Choose wisely. Your CPA should be a partner in your business's growth and success. #CPA #BusinessTips #SMB

Whenever a new budget lands it’s always so long that it’s hard to pinpoint the changes that will actually affect you – so we’ve done it for you! 💐 ANNA’s Accounting and Tax expert Aftab Hussain brings you the 7 key changes that will affect small businesses the most 😄 #springbudget #businessadmin #businessaccount #uksmallbusiness #UKBusiness #businessbanking

🔍 Why You Should Use An Accountant For Your Self-Assessment 🧾 Self-assessment tax returns can feel overwhelming, especially when you're balancing the demands of running a business or managing multiple income streams. With ever-changing tax laws, numerous deductions, and strict deadlines, it's no wonder many individuals and business owners find the process daunting. That's where a qualified accountant comes in - offering expertise, peace of mind, and financial benefits that far outweigh the cost of their services. Here's why: 1️⃣ Accuracy & Expertise: Accountants have in-depth knowledge of the tax system, ensuring your Self-Assessment is completed accurately and in compliance with the latest regulations. No more worrying about costly errors or missed deadlines. 2️⃣ Maximizing Deductions: An accountant can identify and maximize allowable expenses, spotting opportunities for savings that you might miss on your own. This can significantly reduce your tax liability. 3️⃣ Time-Saving: Preparing a Self-Assessment can be time-consuming. Let an accountant handle the paperwork so you can focus on what matters most - growing your business. 4️⃣ Peace of Mind: With an accountant managing your tax return, you can rest easy knowing your finances are in professional hands. They provide ongoing support and advice to help you stay on track. 5️⃣ Avoiding Penalties: An accountant ensures your Self-Assessment is submitted on time with the correct information, helping you avoid unnecessary fines from HMRC. 6️⃣ Support During HMRC Enquiries: If HMRC investigates your tax return, an accountant can represent you, handle communications, and provide the necessary documentation. 💼 Conclusion: Using an accountant for your Self-Assessment is more than just convenience - it's about accuracy, savings, and peace of mind. Whether you're self-employed, a landlord, or have multiple income streams, an accountant can provide the expertise and support you need to navigate the complexities of the tax system. Invest in an accountant today and take the stress out of your Self-Assessment. Your future self - and your bank account - will thank you! #selfassessment #taxplanning #accountancy #businessgrowth #financialadvice #HMRC #taxseason

Why it's important to stay on top of your finances? Are you a small business owner looking for expert advice on HMRC? We've covered you with these top 5 tips to navigate the tax process smoothly. - Keep Detailed Records: Maintaining accurate and up-to-date financial records for your business is essential. This includes keeping track of income, expenses, invoices, receipts, and other financial documents. Good record-keeping will help you stay compliant with HMRC rules and regulations. - Understand Your Tax Obligations: As a small business owner, it's crucial to understand your taxes and when they are due. This includes income tax, National Insurance contributions, VAT, and other applicable taxes. Ensure you know the deadlines and make timely payments to HMRC. - Stay Organised: A system to track your finances and tax obligations will make it easier to comply with HMRC requirements. Use accounting software or hire a professional to help you stay organised and meet all your tax obligations. -Seek Professional Advice When Needed: If you are unsure about your tax obligations or need help with your finances, don't hesitate to seek advice from a qualified accountant or tax professional. They can guide HMRC compliance and help you avoid costly mistakes. - Regularly Review Your Financial Statements: It's essential to review your financial statements regularly to ensure that your business is on track and compliant with HMRC regulations. This will help you identify potential issues or errors early on and take corrective action before they become problematic. Regular reviews will also help you make informed decisions about the financial health of your business. Stay informed and organised with expert guidance from our team. #SmallBusiness #HMRCCompliance #TaxAdvice #AccountingTips #FinancialManagement #TopTips #HMRC #SmallBusiness #LtdCompany #TaxAdvice #AccountingSupport #UKBusiness #FinancialPlanning #TaxCompliance #BusinessSuccess #AccountantAdvicece

For small business owners, understanding the intricate web of United States tax regulations can seem overwhelming. From deciphering complex regulations to staying abreast of ever-changing tax codes, the challenges abound. Yet, it’s crucial for your small business’s financial health to master the intricacies of the US tax system. Read the full article bellow 👇 https://lnkd.in/efWZYVQn . . . #SmallBusinessOwner #SmallBusiness #Accounting #TaxSeason #FinancialAdvisor #TaxTips #SmallBizFinance #Audit #FinancialPlanning #WorkLifeBalance #TaxPreparation #Bookkeeping #TaxConsultant #FinancialServices #CPAlife #TaxHelp #TaxDeadLine #TaxReturns

ESSENTIAL TAX TIPS FOR SMALL BUSINESS OWNERS

🌟 Own or control more than one company? You do know It will affect your tax rate, right?🌟 Hey there, fellow business owners! If you're juggling more than one company – say, your main business and a property company – this one's for you. Let's break down the hideously complex area of Associated Companies and how they impact your Corporation Tax Marginal Relief. 🚀 Associated Companies are companies under "common control". The simplest example is where you own 100% of the shares in two separate companies. Slightly more complicated is where you own 51% in two companies - they, too would be associated as that are both controlled by you There are a whole load of rules like this but increasing in complexity (eg - your Dad owns a company which loaned your company some money - guess what - they could be associated! Bonkers!) Why this matters - basically its about the rate of corporation tax you pay and the size of the bands. For example corporation tax is 19% on profits up to £50k. However, if there is an associated company that £50k band is split between your company and the associated company (£25k each). If there are two associated companies its split three ways, and so on... So the more associated companies, the smaller the band on which you pay a lower level of corporation tax. They are horrible horrible rules and are drafted really really widely often catching businesses that should be caught. We can guide you through it. In fact we created a process to make this as pain free but robust as possible. Every company needs to be assessed for associated companies to make sure they are paying the correct rate of tax. It's a pain, but a necessary one... #SmallBusiness #TheAccountingStudio ---- I'm Gareth Atkinson, Chartered Accountant helping small business owners navigate the complexities of owning and running a company ♻️Repost if you found this helpful 👀 Follow me to make sure you never miss an update 📫DM me if you feel like you need support with your accounting and tax for your small business

Own a small business in Brandon or Riverview? Does the word “taxes” strike immediate fear and dread into your heart? Want to spend time during the holidays with family and NOT be dreading upcoming taxes? Money. It will make or break your business, and it’s really the heart of owning a business. That and the freedom that comes with ownership. But if your taxes suck, you don’t have money, and you’re not free. Kamish and Associates CPA Firm helps small businesses in Brandon and Riverview with tax preparation so that you can access that peace of mind, knowing that experienced professionals are on top of it for you. Here’s how Kamish and Associates CPA Firm can help you with tax preparation so you can be more efficient and productive in your small business, especially if you’re in Brandon or Riverview: **Expertise: We have years of experience in handling a wide range of tax situations, from millionaires to mom and pop. We understand the core challenges and how to handle them. **Deduction optimization: We'll help you identify and claim all eligible deductions to maximize your tax savings, without sacrificing your integrity or leaving you fearful of audits. **IRS audit support: If you do face an IRS audit, we'll be there to guide you and walk through the process with you. **Accuracy: We help prevent errors and ensure the accuracy of your financial data. The only thing worse than doing something tedious that you hate doing, is having to do it twice. We’ve got you covered. By choosing Kamish & Associates CPA Firm for your small business tax preparation in Brandon, you can focus on earning money and enjoy the freedom that comes with ownership. Let us handle the tedious tasks while you concentrate on growing your company. #taxplanning #smallbusinessowner #accounting #bookkeeping #accountant #cpa #KamishAndAssociates #BrandonCPA #RiverviewAccountant #taxprep