Understanding Tax

Tax can be extremely confusing

Tax can be extremely confusing. For some, it can be very straight forward if there is very little coming in or going out, but usually there will be numerous payments coming in, plenty of money going out and a wide range of tax-deductable items that can potentially save companies plenty.

But understanding how best to tie these up, both legally and in a way that will see you make the most profit you can, is often not too clear cut.

For instance, in November Nestle announced it would be changing its sales reporting policy, which would reduce revenue figures but boost profit margins. Therefore it is clear that collating data in a different way can have a major effect on your final profit margins.

However, for contractors and the like, doing this doesnt have to be (dare I use the pun?) too taxing. Employing accounting services may seem like an expenditure you dont need, but with the expertise they have, and in turn the money (and also your time) that they will be saving you, using accounting services may well end up saving you a rather large sum of money.

Not only that, but understanding how to present sales figures properly will mean that you may also find yourself much more bankable as you will often appear to be much more financially viable whilst not paying any further tax.

Ultimately, the different solutions and the effect they have on profit and potential tax will be different for everybody, but trying to do it on your own rather than using a contractor accountant will usually be much less effective and much more time consuming.

So if you want to give yourself one less problem and potentially increase your profit in the process, why not see if talking to a contractor accountant can start you off in the right direction.

by: Lee Malcolm

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