When doing business, it will not always be about making profits, somehow the government will also have to have its share, unless of course it would be an illegal business but that is another story. As defined, tax would mean a sum of money that is demanded by the government for its support or for services or facilities. For as long as you are doing business or earning something, tax would always be demanded from you.
Needless to say that if we pay tax, there would always be ways that we can save and pay lesser tax. Let us take the case of having small or medium business ventures. Before you can pay for your tax, make sure that you have a very systematic, functional and organized accounting of the cash flow of your business.
A systematic way of handling accounting for your business is free payroll software guideline; first, keep the receipts of all the expenditures that are associated with the business or at least has something to do with the business. In doing so, when tax season comes it will be easy for you to make the accounting for. Another would be keep track of your business expenses, keep notes and list all expenses. You can do a 12 Pay system wherein you have a logbook that you can list down your expenses. One of the best tips is to have 12 envelopes that would be marked every month of the year, and that is where you put all the receipts pertaining to a specific month. At the end of the current month, you can add up all the receipts as expenditures.
The reason to do this is to support your expenses; earnings less expenses would also reduce your tax payment as they would be contributed to liabilities or simply expenses.
Visit here to find official website http://www.12pay.co.uk/