Have you set your goals for the new year?
15 January, 2023 BY Bibek Nepal, CPA

Have you set your goals for the new year?

 
Happy New Year! It’s that time of the year to muse on what you hope to accomplish over the next 12 months.
 
You may have already set your goals for your business for the New Year.
 
One of the challenging goals for most business owners could be minimising their tax exposure.
 
This could be achieved by implementing several strategies one of which could be restructuring the existing structure both at business level as well as at personal level so that appropriate tax minimisation strategies could be implemented across multiple entities.
 
To achieve this, you need to estimate your income, tax liabilities, and have an appropriate plan well before the end of financial year. NOW IS THE BEST TIME TO PLAN!
 
It is also worthy to note that businesses are continuously evolving over time because the industry is constantly evolving as well. It is, therefore, critical for business owners to stay on top of the financial information of the business to make an appropriate decision when needed.

Ask yourself, the following questions to assess if you are on top of your accounts and finance:

⦿ Are you able to get up-to-date financial information of your business so that you can focus on what matters most in your business?

⦿ Do you prepare budget and cash flow projection for your business to align with your business goal you have set for the new year? Do you conduct variance analysis to reveal where your business exceeded expectations and where it came up short?

⦿ Do you have appropriate structures to legally minimise tax as well as enhance your asset protection?

⦿ Have you estimated your tax liability for the current financial year? Have you already implemented strategies to minimise your tax exposure?

⦿ Are your tax obligations being met on time?

⦿ Are you able to make the most of technology and software?

⦿ Are you getting proactive advice from your Accountant?

⦿ Has your business outgrown your Accountant?

⦿ Are you getting the value for money?

If you need help to achieve any or all above, we are here to help you so that you get the most value out of your business or investments.

Disclaimer: This article is provided as general information only and does not consider your specific situation, objectives, or needs. It does not represent accounting or tax advice upon which any person may act. Implementation and suitability require a detailed analysis of your specific circumstances. Before taking any action, consider your own circumstances and seek professional advice.

About the Author

Bibek Nepal

Director & Consultant

Bibek is passionate about helping his clients to save their taxes, manage their finances and help them grow their wealth. He has extensive knowledge, experience, and skills in individual taxation, small business accounting, taxation, and advisory services. He is a qualified Chartered Accountant from overseas and a member of the CPA Australia. Learn more at www.linkedin.com/in/nepalb

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