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Apr
Newbie Business Owners – Are You Ready For The Tax Man?
Are You Ready For The Tax Man?
As a home business entrepreneur and with more and more people joining the online home business revolution, I realise how important it is to keep accurate business accounts.
Many people starting out in an online home business however do not even give this a thought. All they are interested in is getting their business up and running and generating an income – an income which will undoubtedly sooner or later, attract the tax man.
When that day comes – and it will, are you ready? Have you kept a record of all your income and expenditure?
This should be a major consideration from the outset, not just because the tax man will want his cut, but because you need to keep track of where your business is heading. Keeping an eye on your budget.
The advantages of keeping accurate records mean that if you start keeping records from the outset, you will be able to offset a lot of the costs associated with start up businesses against your income. You may well be running at a loss in your first year, but you need to be able to prove it to the tax man and maybe even get a tax refund.
Newbie Business Owners unsure of how to keep accounts now have a solution at hand……and it’s totally free!
I have set up an accounting spreadsheet especially for newbie Business owners with the emphasis on keeping within budget. The spreadsheet has been set up using “Open Office” which is a Free open source software. You can download a copy of Open Office here.
To take advantage of the Free spreadsheet, follow this link.
Update: By popular request, there is now an XL 97/2000 version – Just follow the same link and make your choice.
Don’t get caught out by the Tax man, start keeping accounts now!
Wishing you great success.
Graham Maddison
Thanks for posting the article, was certainly a great read!
April 12th, 2009 at 8:58 pmGraham,
This is one very important consideration when first organizing your new business venture. If you plan on making extra money online with your website you simply HAVE to keep records of the expenses and income just like you would for any other business. I have been self-employed in my offline business since 1991 and have learned the value of accurate record keeping which has carried over to my online business. It really isn’t hard to track, but very important to be aware of your responsibility in tax preparation. Good and timely article to deliver to your readers!
Bob W.
April 16th, 2009 at 10:22 pmMake extra money online at Our-Success.com