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The Ultimate Tips for a Low Tax Burden for Businesses
Tip number 1 - Suitable company structure
The legal form of your company must be fitting. The private income is taxed at the place of residence, but the profits of the company are deducted for tax purposes at the registered office. The profit tax is always lower than the income tax, so here you can save with the right legal form.
Tip number 2 - Receive adjusted salary
As a managing director, you should receive a salary that allows you to build up your private assets while reducing the double burden of profit.
Tip number 3 - Taxes in the start-up phase
Already when you create your business plan, you have to deal with the topic of taxes. You need the business plan for your business planning, remember when choosing the company form that it decides what your tax return must look like. There are serious differences between corporations and partnerships or small entrepreneurs and regular taxation. It is very important that you meet your tax deadlines immediately after the foundation. A tax advisor can best help you with this.
Tip number 4 - Avoid errors in the calculation
Many restaurateurs are still of the opinion that they have to offer their goods as cheaply as possible in order to attract guests. They forget that they also have to include VAT in the price. The VAT reduces the profit and must be paid to the tax office. Be sure to include this amount in your calculation. We support you not only in the settlement of VAT, but also in tax consulting. Just ask us, we can do a lot for you.
Tip number 5 - Keeping a cash book
Not only young entrepreneurs neglect their cash book criminally. This also applies to catering entrepreneurs who have been in business for years. Formal regulations must also be complied with in the cash book. The legislator requires the preparation of a daily cash report, the regular cash balance determination at the end of the day and the stock must correspond to the cash book. During a tax check, your cash book is also checked. A tax audit can also come unexpectedly and suddenly. Therefore, make sure to keep your cash book and your cash registers always up to date.
Tip number 6 - From shoebox to POS system
POS systems that run through the tax consultant are very convenient, but also expensive. It is therefore better, especially in the early days, if you prepare your accounting at home. This also has the advantage for you that you get used to carrying out your archiving correctly right from the start and you recognize connections in practice. Collected works in the shoebox may be quite easy for you, but you will quickly realize how difficult it is to track business transactions. It is better if you regularly process your documents in the evening or at least once a week.
Tip number 7 - Tipping is tax-free
Unfortunately, this is not quite true, but causes a lot of confusion in accounting. You do not have to pay tax on tips that your employees receive. If, on the other hand, you as an entrepreneur receive tips from a guest, this is a completely normal income and must be recorded and taxed by you in the bookkeeping. If you forget to give your own tip, this can quickly be interpreted as tax evasion in the event of discrepancies. Tax evasion is not a trivial offence, but a criminal offence that can even be punished with imprisonment.
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