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Guidelines for Startup Business about Tax

A businessman’s life can be overwhelming at times especially in terms of tax matters like corporate tax filings and accounting. If you’re currently an owner of a startup business, perhaps you are wondering whether you are excessively paying for tax or you have missed any deductions. For you to know more about that, check out the tax tips for startup businesses from the trusted and certified NW Melbourne accountants

A lot of owners of startup businesses does not know that they can claim a part of their household costs once they operate from home and meet any of the conditions below: 

  • You utilize the work area just to know to accumulate your employment income. Apart from that, you need to utilize it continually and regularly for customers, clients, or other people during your employment duties.  
  • Your workspace is where you basically do your work (more than 50 percent of the time). 

Such household costs involve mortgage interest, home insurance, property tax, utilities, and rent. Though you cannot entirely claim such expenses, claiming a portion can still help you save tons when tax time comes.  

Take advantage of tax credits 

Startup brands can be operating business normally without even realizing that they can access tax credits that can actually aid the business to reduce their taxes. At times, such credits are just available when an election is filed. If you don’t know about this, make sure to ask your trusted accountant and know how you can take advantage of this.  

Split income with family members 

Paying children or spouses a reasonable wage or salary from startup businesses is deductible. Reasonable is the keyword here—the salary paid needs to compensate the family member equally for the number of services or work given to the startup business. This can minimize the tax bill of the household if compared to paying all the salary to the owner of the startup business.  

Have your dividend/salary mix correct 

The owner of small businesses can be reimbursed by getting a dividend, being paid a salary, or a combination of both. All options have their own disadvantages and disadvantages. The solution for this would be to know what combination can maximize the earnings of an individual shareholder. Knowing the right mix could be complex and puzzling. Hence, it would be best to consult a certified accountant to let you know how to have the right mix balance of your dividend/salary.  

Buy capital assets at year-end 

Businesses will need capital assets like leasehold improvements, computer software, and hardware, equipment, furniture. When equipment requires to be bought, or when you need to improve your business leasehold, these need to be done towards the year-end as much as possible. If you do this, the business can request a depreciation for the entire year even if the assets were still utilized for a few months or weeks.  

If you’re still starting with your business, this is a great guideline you can consider practicing and see yourself later on as a successful businessman.  

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Things to do Before Opening up a Restaurant

There are now so many restaurant businesses all over the country. Many people are now trying to invest and put up a restaurant since it is a common knowledge that food is something that is necessary for a person to survive and the fact is food is loved by many including me and especially you. We all love to dine outside of our homes because we love the convenience that restaurants could bring to us; we do not need to prepare the ingredients, we do not need to perform the cooking process, we do not need to wash the dishes after and things like that.  

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Restaurants now are very creative in terms of the style and the design of the interior of the restaurant and people are also going to restaurants because of that. If you make your restaurant even more interesting, a lot of people will be encouraged to dine and enjoy.  Plus, many restaurants serve so many good things on their menu like burgers, pizza, fish and chips and many more. It is up to you to plan and make everything better before you decide on opening one and starting the process of the business.  

To give you a guide on the things that you should do in order to keep your restaurant business afloat, we have created this article for you. We truly hope that you would read this article up until the end so that you will get some good advice on putting up a restaurant business.  

  • CREATE A CONCEPT 

A great concept is needed in order for you to have a successful restaurant. Your concept needs to match your target market. If you would want to cater to mostly millennial or younger people, you should go for a more modern concept and this should even translate to the food that you are going to serve. The concept should bind everything together and in every aspect of the restaurant, it should always be according to the concept to where it is going to be made out of. 

  • CHEF 

A chef is a person that will be your best friend in this restaurant business. You should find someone who is good what he does and is willing to follow orders and create recipes according to your concept. You should find a chef who is patient, creative, resourceful, skilled and honest so that you will get along just fine and so that your business will be successful because it is really up to the skills of the chef.  

  • BUDGET 

Money is something that you need to fuel any business. You could not put up a restaurant with a small amount of money. You have to be sure that you have enough money to see everything through. You have to prepare with a larger amount of money since this is really worth something big at the beginning.  

If you do all of the three things on top, you will not have a problem in having a restaurant of your own. You should make sure to add beautiful qualities and traits such as accountability, honesty and perseverance to complete everything you need.