When you become a small business owner, you have to carry out certain tasks to keep your company up and running. Luckily, some tasks only need to be carried out on an annual basis, so there’s no excuse to ignore or forget them – you have plenty of time to sort them out. Here are just a couple that you need to consider and incorporate into your business plan well in advance of their deadlines.
File an Annual Report
An annual report is a report that is filed to the state, so that the state can keep up to date with your business’ vital information. This report is likely to require information about company directors, company officers, and the registered office address. You may have to pay a small fee to file the report, but this is just part and parcel of being a small business owner!
File a Tax Return
It is a legal necessity for your business to file a tax return at the end of every fiscal year. Familiarise yourself with your country’s tax return dates to ensure that you do not miss deadlines and incur fines. You have two options when it comes to filing a return: you can hire the help of a professional accountant or file the return yourself. If you are filing your return yourself, don’t forget to incorporate tax deductible expenses. The infographic by Triplog below should help to give you some ideas of common tax deductions you may be able to add to your return.
Infographic Design By Triplog