Now you wouldn’t think that a blog would start off with how to pay more tax. But in fact I’m going to teach you exactly how you can pay more tax.
I bet this will be easy, becuase I would bet that you are already doing it. How do you pay more tax? Well, you do nothing except run your business. What exactly does that mean? Many business owners get into a place where they run their business. They have cash flow therefore they think they are successful. But what they don’t think about is how they take their money out of the business. After all, isn’t that why they got into business in the first place? If you are simply running your business and not planning how you are going to take your money out of the company, then it is very likely that you will end up paying more taxes at the end of the year.
Didn’t we get into business to make money? Then why, by simply running your business, you can actually pay more taxes?
It is very important that you plan how you, as the business owner, take your money out of your company. You have options. And you should look closely at those options to find out what the right combination is for you.
There is no right answer. You can take your money out as T4 income, T5 income, as a shareholder’s loan, or you could create a holding company. Or, you could just simply use a combination of all of the above. But what is the difference? This is where your bookkeeper comes in. They can look at your books, help you determine where you want to go and where you are today. They can help you lay the roadmap for the best way for you to move forward.
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