Hopefully, things are in full swing by now with the festive season over! We’ve been back at work and going hard at it with the team to try and produce more great and unique content for you while also trying to run a professional services business too (it’s tricky!).
Let’s get into this month’s tips:
When To Setup a Company For Your Business
This is probably in the top 3 most asked questions I get asked and the answer is..
There are key factors to consider to find out if it’s the right option for you:
1. Cost to maintain a company structure
2. Tax rates
3. Asset protection
4. Business reputation
I’ve created a video that delves into the comparison between maintaining being a sole trader vs. setting up a company.
How to Claim Tax back for Motor Vehicle Expenses
Almost everyone who uses their vehicle for work can claim motor vehicle expenses but how do you work out if you’re able to claim? How do you calculate this? And which is the best way?
I did a quick Instagram video explaining just that.
Is Your Business Healthy?
Just like when you visit a doctor for a general health check, doing a regular business health check is important to ensure you’re not running your business into the ground.
But what do we need to check?
1. Do you know your P&L (profit and loss)?
2. Are your bookkeeping and accounting records up to date?
3. Do you have any working capital?
4. Are your employees happy?
5. Have you set any KPIs?
I elaborate on each point in another quick Instagram video on exactly what you should know in order to establish a healthy baseline for your business.
Important Upcoming Dates
21 February: January Monthly BAS Due
28 February: December Quarterly BAS Due
28 February: December Quarter PAYG Instalment Due
What’s Happening at Box AS
The “Knowing Your Numbers” workshop was a fantastic opportunity to meet a lot of you and I hope you all enjoyed it. This is a first for me and needless to say, I was a nervous wreck, but seeing all the great feedback afterwards meant a lot and I’m glad a lot of you got some value out of it.
For those who are interested, here’s a short 1.5-minute highlights video.
Until next time..