There are various allowances and reliefs available which can help minimize tax liabilities arising on earnings, profits of trade but understanding what they are and which ones you are entitled to can be a daunting task. If you are looking to make tax savings but do not want to attempt to interpret detailed tax legislation, you should seek professional advice. We offer all clients tax planning reviews and try to ensure that our clients only pay as much tax as they are legally obliged to and no more. Whatever your tax planning needs we will endeavor to find a tax saving scheme to suit your circumstances so make sure you contact us, especially as there may be more specific tax planning tips and tax advice available for your business sector. We have included a series of tax tips below which provide general guidance on various tax saving strategies and should answer some of your tax questions. Employing your Wife Husband in the business
If you are self-employed and your spouse helps out with general administration, or any other role, it is quite legitimate to pay your spouse a salary. However, there are a few rules that need to be followed, such as how much to pay your spouse and have evidence that the payments were made during the year. Sole traders with higher rate tax liabilities will benefit significantly from this arrangement and further tax savings could be made by setting up an employer pension scheme.
Every limited company in Ghana is subject to corporate tax on its profits.
The first thing limited companies must do is register your company with Ghana Revenue Authority. There are strict penalties for filing late returns and interest is charged on tax paid late, so it is important that the deadlines are adhered to. We can assist with the preparation of company accounts, company tax returns and tax computations and will also be able to provide advice on any tax planning areas that may benefit you and your company.
Salary negotiations can be intimidating, but we can guide you through the processes, costs, calculations or take care of everything for you. Meeting your obligations as an employer can be incredibly daunting especially with the recent aggressive revenue mobilization by the Ghana Revenue Authority and the continuous changes in tax laws on employment income. More Tax Consulting is fully aware of the changes and the challenges and fully prepared and well experienced to handle your payroll. We will also help you set up a tax efficient payroll salary structure that will benefit both the employee and the employer and deal with the relevant forms/ submissions for you. Throughout the year, we will calculate your employees' net pay, report the figures and information to GRA and provide you with pay slips to pass on to your staff. Late payments or underpayments of employers' deductions can lead to hefty penalties, so we can help you avoid incurring these. Benefits and expenses can be a very complicated area and knowing what is taxable or not can be tricky, but we can relieve you of the burden. The responsibilities faced by employers can be intimidating, but we can guide you through the processes, costs, calculations and deadlines and take care of everything for you.
Accounting & Bookkeeping
As your business grows your bookkeeping and accounting requirements also grow with it. We are always able to prepare your year-end accounts which will form the basis of your Tax return. The year-end accounts provide invaluable information about your business and are particularly useful if, for example, you wish to make a mortgage application or raise finance. We can advise you on how to strengthen your record keeping procedures which in turn will help you run your business more effectively. Having accurate, timely management information can assist you in managing your stock levels, your customer balances owed, your supplier balances due and your cash flow. Your accounts will be prepared in accordance with International Accounting Standards and we will ensure that you are claiming everything you are entitled to. Whether you are a sole trader, partnership or limited company, letting us prepare your year-end accounts will relieve you of what can be an extremely stressful and time-consuming exercise.
We provide functional expertise and local knowledge. More Tax Consulting focuses its advisory and consulting strengths with particular emphasis in:
Tax planning and risk management
Transaction advisory, structuring and support
International tax and offshore tax planning
Strategic tax planning, including risk and opportunity evaluation and implementation
Direct and indirect tax management, Employment taxes
Tax investigations management
Tax recovery, Resolution of disputes with the revenue authorities
Whether you’re just starting out or have been in business for a long time, we can help you meet your VAT responsibilities. If you’re just starting out, we can help you decide whether you need to be VAT registered from the onset or not. We will also continue to monitor your situation, so that should it become obligatory for you to register for VAT, we can deal with all of the paperwork for you. Whether you are a new or existing business, we will also look at the VAT schemes you are eligible for and establish whether you would be better off adopting one or a mixture of them. Some VAT schemes can lead to tax savings and a reduction in bookkeeping responsibilities. We can prepare your VAT return and we will try to ensure that you claim as much VAT as possible; particularly on contentious items such as mixed-use expenditure and motor running costs. As with other areas of tax, we can act as your Agent for VAT purposes and therefore correspond with Ghana Revenue Authority on your behalf. Needless to say, late VAT registration, errors, late VAT returns and late VAT payments can all lead to penalties and possibly interest being charged. So allowing us to take care of your VAT affairs, not only gives you peace of mind, but it should also avoid you wasting your hard-earned cash on penalties and interest.