Ten Great Tax Tips

Here are 10 tax tips that every business owner should look at to reduce costs and increase income.
  1. Reduce all stock to levels and cut costs. 
    Never carry excess stock because that is money that is sitting on the shelves and not in your bank.

  2. Clear out stock that is slow. 
    Clear stocks and turn them into cash. If necessary reduce your prices and turn stock into cash rather than have it sitting on the shelves or in the warehouse.  Best to cut your losses and use the cash to buy in stock that does sell.

  3. Reduce rental costs. 
    Cut your rental cost by letting out or letting go space that are excess to your requirements. Talk to your landlord about what you can do. It may be that you can obtain approval to rent out areas that you don’t need. 

  4. Pay your bills on time but not before the due date. 
    Do not pay your bills too early because having the money sitting in your bank will reduce your bank fees and interest costs.  Make use of any early payment discounts offered and, where necessary, if the funds are short...

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