Many problems that I encounter stem from ignorance of basic tax obligations. Initially, business owners ignore tax because it seems too complicated and they are too busy tackling other problems. But the longer it takes to tackle tax, the more difficult it becomes. Eventually the problem becomes so big that it can’t be ignored but by then the problem may be too big to solve. I have come across situations where business owners have been forced to liquidate the business to pay mounting tax liabilities – a situation that could have been avoided if tax had been tackled earlier.
This article describes the basic taxes that business owners encounter and outlines how business should deal with them.
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