Year: 2019

Tax Planning Vs Tax ManagementIt’s critical that you understand the difference between the two! What techniques your business is currently utilising? Is it Tax Planning techniques, Tax Management techniques or even both! Knowing the Comparable differences will have a major impact on your Business profitability.Below are our view on Tax Planning vs Tax Management from the Accounting & Advisory Team at Robley Baynes Tax & Accounting Services.Tax Planning Vs Tax ManagementTax Planning is all about planning of taxable income and planning of investments of the Tax Payer. As against, Tax Management deals with the proper maintenance of financial records, audit of accounts, timely filing of the return, payment of taxes and appearing before the appellate authority, whenever required. Some of the major comparisons includes:TAX PLANNINGTAX MANAGEMENTThe objective of tax planning is…

What Is Tax Planning?If you fail to plan, then plan to fail!!!! The success of your business depends on it!Below are our view on Tax Planning from the Accounting & Advisory Team at Robley Baynes Tax & Accounting ServicesTax PlanningTax Planning is a broad term that is used to describe the Process utilised by Individuals and businesses to pay the taxes due to the Tax authorities e.g. Board of Inland Revenue.The process includes such elements as Managing Tax implications, understanding what type of expenses are Tax-Deductible under current regulations. In general planning for Taxes in a manner that ensures that the amount of tax due will be paid in a timely manner.Thus, Planning for Taxes involves knowing:Income that currently Qualify for TaxationIncome That currently Exempt from TaxationTypes of expenses that…

What Is Tax Management?No one likes to pay taxes. But taxes are the law.Below are our view on Tax Planning from the Accounting & Advisory Team at Robley Baynes Tax & Accounting ServicesTax ManagementTax Management means dealing with the Tax matters of a Company with the view to maximising the after-tax rate of return on Investments after ensuring voluntary Tax Compliance:To ensure an effective Tax Management System and Process within your Company as a Business owner you must ensure the following:Ensure that it keeps proper books and records.Deduct Tax at source where it is necessary e.g. VAT, PAYE etcFile all Returns on time e.g. Monthly, Bi-Monthly, Quarterly and AnnuallyRemit all Taxes Contributions on time to the Board of Inland Revenue in Time, If applicableComply with all notices received from the…