If you run a business, how to calculate payroll taxes is a key skill to have. Even if you have no employees, you will still need to calculate how much payroll tax you’ll have to pay as an individual.
Here we take an in-depth look at payroll tax, including information on what it is, different methods of calculating payroll taxes and how feasible it is to manage your payroll tax calculations in-house.
If you’re a young entrepreneur with a growing business, you are probably aware of the need for basic bookkeeping to ensure all of your financial transactions are recorded and your cash flow remains steady.
Indeed, even simple bookkeeping practices can help you complete a whole host of tasks with relative ease including planning for growth, complying with government regulations, filing tax returns, and much more. Conscientious bookkeeping also gives business owners an advantage when it comes to qualifying for loans.
As a small business, you most likely have a lot on your plate. Trying to manage your products, services, employees, customers and finances can seem like an impossible juggling act. Often, in the day-to-day operations of a small business, payroll can become a forgotten and rushed task. Below we outline common payroll mistakes your small business could be making.
Having gone through a tumultuous period, you would have realised by now the importance of staying on top of your finances. Ostensibly businesses that have prevailed to date possessed the financial resources to see them through the latter half of the current financial year.