With the End of Financial Year just around the corner, it’s a busy time for business owners filled with sales, stocktake and completing accounts to meet the March 31 deadline. If you own a small business, fewer resources and limited support can add extra pressure and make it feel like all the responsibility is on your shoulders. Although we all read about tax tips from seasoned experts sharing invaluable advice, many people aren’t aware of the advantages and additional opportunities available to Bartercard members.
The following tips from Bartercard highlight some of the main ways to reduce taxable income which can be applied to businesses in virtually any industry.
Shift slow-moving stock
For retailers, a stocktake is the best way to write off any lost, damaged or outdated stock to reduce taxable income, and a stocktake sale can be an effective way to sell last season’s stock to make the task easier. Almost all retailers have a stocktake sale in the lead up to tax time, but for smaller businesses with tighter advertising budgets, attracting the crowds can a challenge. Instead of solely relying on discounting to shift slow-moving stock, smaller business owners have the option to sell on Bartercard to move it quickly.
Clear outstanding debt – use Bartercard as a clearinghouse
Being a member of Bartercard, you can accept goods and services in place of cash, and sell them through the Bartercard network so you can make further capital purchases and reduce your taxable income.
Get your finances in order for 2016/2017
Use an accountant on Bartercard to lodge this financial year’s paperwork and then work with them or a financial planner (on Bartercard) to help you plan and make financial decisions for the next financial year. The more business spending you can do on Bartercard, the greater the deductions at tax time. To find your nearest Bartercard accountant, log into Bartercard Search.
Bartercard members can conserve cash flow across a diverse mix of products and services readily available on Bartercard to make significant savings and enjoy higher expense deductions.
Bartercard does not provide any financial advice and it is recommended clients consult a Chartered Accountant from the Bartercard directory or their own tax specialist before acting on this information.