Now that we know Bill Gates, Elon Musk and Mark Zuckerberg dropped out off university to build Microsoft, Paypal, Tesla or Meta, the businesses that made them billionaires, we all have noticed a massive shift within society; whereas education used to be aspired and pursued, now people are leaving the school benches to build businesses as well. Nowadays, people even become high-school dropouts to start a business, and it’s becoming a movement, this is what we call startup culture. But starting a business isn’t as easy as it seems. There are a few factors you have to consider.

Choose The Right Business Form

Research which business form is most appropriate for your venture, such as sole proprietorship, general partnership, limited liability company or sole proprietorship with limited liability. Each business form has different tax implications.

Keep Your Records

Make sure you keep accurate records of all your income, expenses, invoices and receipts. This is essential not only for filing your tax returns, but also for monitoring the financial health of your business.

Tax Returns

Make sure you file your tax return on time and accurately. Depending on your form of business and turnover, there are several taxes to consider, including income tax, sales tax (VAT), corporate income tax and any local taxes.

Deductible Expenses

Take advantage of all possible deductions and tax benefits to which you are entitled. These can be expenses directly related to your business, such as office expenses, travel expenses, business meals, …

Investments

Think about what investments you art making to gain tax advantages, such as using investment tax credits or the Small Scale Investment Allowance (KIA).

Consult A Tax Advisor

Consider hiring a tax advisor to help you optimize your tax return, identify tax advantages and comply with all tax laws and regulations.