Tradesman or Small Business Owner – Tradie Tax Warwick
Author │ Simon Liddicoat – MAS Tax Accountants Duncraig-Warwick
So, you’ve finished your apprenticeship and worked a few years for your boss, and then decided to get out there on your own. You have the professional skill sets, but you didn’t know there would be so much extra paperwork involved! Welcome to the world of being a small business owner. Tradesman by day and bookkeeper by night. To help you stay one step ahead, we’ve put together Tradie Tax Warwick and surrounds tips, for tradesmen who are starting their own small business.
When it comes to running the accounting side of your business, most of tradies that I work with fall into one of two categories:
1. They don’t want the hassle of completing the required compliance, accounting and tax work; and would rather be on the tools and growing their wealth.
2. They don’t want to be stuck in the office doing the accounting and tax work; and would prefer to be meeting with clients, quoting jobs and building their business.
Either way, the accounting, tax and compliance work still needs to be done! To help you keep your business moving in the right direction without the unnecessary stress, here are a few hints to help you achieve your goals.
Tips and Tricks – Tradie Tax Warwick:
1. Find a good Accountant and ask for their help. Even superheros need sidekicks to help manage the work and keep business running smoothly. Your Accountant will ensure that the business is correctly structured, and help you to avoid having to pay more than your fair share of tax. They can help you to setup your business, so the back-of-office tasks are efficient and don’t take more time away from growing your business. They can also assist with a variety of regular or annual tasks, such as preparing the BAS, tax return, payroll, bookkeeping, reporting and accounting.
2. Start using a bookkeeping tool that’s right for you. Bookkeeping is an essential part of your business. Not only is it a legal requirement, it can help you to track and monitor your business activities. They are several software options and while I usually work with Xero; I know others who prefer to work with QuickBooks, MYOB and many other smaller systems available. Cloud-based accounting systems have changed the industry and simplified your responsibilities. If you have done so already, consider your options or speak with your Accountant.
3. Don’t be afraid to grow. You will not be on the tools forever, so you will need to grow your business to the point that you are able to step away from the tools. There are many factors to consider and plan for, so be sure you speak with your Accountant.
Find out more about our Duncraig-Warwick office, including the Tax, Accounting and Business services that we provide.
For more information or to make an appointment, please contact us below or call us on 0409 683 469