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Showing posts with the label minimise taxes.

Do you know anyone who enjoys taxes? Do we all pay too much tax? How can you minimise your tax commitment? Doesn't the accountant do it all?

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  Do you worry about taxes?  Considering Benjamin Franklin came up with this beautiful quote in 1789, you are not alone if you do.  People have been "freaking out" about tax for the longest possible time.  There are a few things that I can broadly advise you in this space that may just help.  I have had the most spectacular week helping people understand taxes, there are a lot of dos and don'ts but once you understand you can make tax work for you.   Here are a few examples: GST, most of us are happy not to register for GST until we earn a lot of money, at that stage we have to.  However, when you are building your business, chances are you are spending far more than you are earning, therefore you are running at a loss.  A lot of the time during this stage, you are also working elsewhere and having PAYE deducted from your wages, as your business is not earning enough to keep you going YET! Declaring income from a "side hustle", if accounted f...