Accounting & Taxation for Sole Traders
Starting a business all alone in Browns Plains? We advise you to contact R&J Tax Accountants straight away before that! That’s because you will need us for a thousand reasons!
Technically speaking, sole trading is considered to be the most elementary form of business structure. It is a pretty inexpensive structure, and that is because very few tax and legal formalities are attached therewith.
However, if you are a sole trader in Brookwater, Springfield, Augustine Heights, Redbank Plains, Camira, Collingwood Park, Ripley, Ipswich and all nearby suburbs and trade on your own, you naturally have the responsibility of controlling and managing your business, no matter how minuscule it might be. You are solely responsible for every legal aspect of your business. This means you cannot share your debts and losses arising out of the business with anyone. This is why you need to put stakes on professional accountants for sole trader businesses in Browns Plains who will deal with the financial and legal aspects of your business. This is where H&T Accountants come into the picture. We have in our team, highly experienced professionals who are specialised in offering accounting services for sole traders.
As a sole trader, you have to use your individual Tax File Number (TFN) while lodging your income tax return.
The business income that you enjoy is considered as your individual income and you are the only one responsible for the payment of every payable tax. In other words, after you have claimed the deduction for all allowable expenses, you need to include all your business income with other income(s), if any, and report it while filing your individual tax return.
As a sole trading individual, you have to pay the same tax as an individual taxpayer.
Thus you see, you have an array of financial activities to deal with, all of which are not only pretty time consuming, but are quite complicated as well. However, when you hire us, our sole trader accountant will assist you in all your tax-related and associated activities, so that you can focus your business.
As your sole trader business accountant in Browns Plains the responsibilities that we at R&J Tax Accountants need to carry out, include:
Therefore, you see, when you put stakes on us, you are relieved of all these responsibilities, none of which is that easy. This itself says how beneficial hiring accountants for sole trader businesses in Browns Plains is, if you are a sole trader.
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