Hi guys, first post here but I'm hoping to pick someones brain about taxes as a small business. I'm from Ireland so all I know about taxes, doesn't apply here in Canada. To be clear, I'm not trying to avoid paying or hide cash. I just want to be sure I'm not shorting myself and ultimately my business.
Needing some advice on taxes as a small business.
- Thread starter Adamsb
- Start date
Do yourself a big favor and get a qualified accountant that can provide the accurate info on this issue.
Will save you time and likely a ton of money
Will save you time and likely a ton of money
Totally agree that a sharp accountant is well worth the time and money to source out, you're going to need one to prepare the proper statements for year end anyways. The benefit of having someone "in the trade" is that they are up on the latest changes, a real bonus in times of changing governments. More often than not, a good accountant will pay for him/her self in tax savings alone.
First off, where from in Ireland?
Second, I am a lawyer in America, and I can guarantee you that I would have charged you $850 for the advice that Captain Morgan gave you free for nothing. Get a certified accountant, by whatever name they use in Canada, and follow her advice. It's your best course.
Second, I am a lawyer in America, and I can guarantee you that I would have charged you $850 for the advice that Captain Morgan gave you free for nothing. Get a certified accountant, by whatever name they use in Canada, and follow her advice. It's your best course.
I've considered going down the accountant route, but as a a small starting company I just can't afford it right now. Although maybe I'm expecting to be charged way more than I actually would.
Just a little background, I've been in business for 6 months, I have a full time job so the business isn't my sole income. With that being said I've only taken in approximately 2000 dollars in those y months. I picked a niche market of marine aquarium installation and care. Of that money I've taken in, I've had way more expenses. Website, business license, all the things you guys already know about. So far I'm in the red, which I was planning for so it's not a huge issue.
I'd like to try and figure out a way to get by for this year without an accountant if possible just so I'm not digging any further into the red.
Just a little background, I've been in business for 6 months, I have a full time job so the business isn't my sole income. With that being said I've only taken in approximately 2000 dollars in those y months. I picked a niche market of marine aquarium installation and care. Of that money I've taken in, I've had way more expenses. Website, business license, all the things you guys already know about. So far I'm in the red, which I was planning for so it's not a huge issue.
I'd like to try and figure out a way to get by for this year without an accountant if possible just so I'm not digging any further into the red.
These days, mostly I consult on international telecommunications issues and aviation law. Spectrum allocations, cross-border interference issues, telephone long-distance termination fees, drone law, privacy, aviation fees and taxes, and suchlike.
In the past I've done business law, corporate law, contracts, and a bit of criminal law. I also worked on the Cobell case on mining rights and the Indian Mineral Trust Fund.
I know it well. No insult intended to Dundalk, but not exactly the most picturesque part of Ireland. Then again, neither is Miami, Oklahoma (not nearly as nice as the other Miami).
Mile cead failte. If you feel like hanging around and enjoying the. . . um. . . colorful people you'll meet here, be glad to have you.
If you only came for advice, Captain Morgan gave you the best advice you're likely to ever get. The internet can give you a number of reputable accountants in Canada.
An income statement and balance sheet is necessary to file a return for business income so unless you possess those skills yourself you're going to be stuck with the expense. When I had my business running I dealt with an accountant who gave me the whole package for around $400.00, depending on the amount of bookkeeping required to go from the box of receipts and cheque stubs I gave him to the preparation of statements and actual completion of the return. Not a bad deal from what I understand, but then again I wasn't exactly large scale. One person operation, much like you. The $400.00 was recovered a couple of times over in savings I never would have found on my own.
Captain Hadley In the movie classic Shawshank Redemption says lawyers are a bunch of ball washing bastards.
.
Captain Hadley was clearly a man of great perception and wisdom.Captain Hadley In the movie classic Shawshank Redemption says lawyers are a bunch of ball washing bastards.
Appreciate the overview of your practice.
Although I shouldn't be surprised at the level and degree of specialization in your field, holy crap, that is quite a niche area of practice.
Yeah, well. Being ex-Air Force, the aviation stuff pretty much comes naturally. I was working corporate when the U.S. liberalized telecommunications law, so I pivoted from general corporate to telecommunications. Even did a few years at the FCC (the American communications authority). What I found is that most Americans have no concept of the world beyond the borders, so international was a pretty vacant niche. It's served me well.
First and foremost, never, ever, ever seek out tax advice on the internet. It's just a bad idea.
Most cities across the country will have a small business center, usually you can obtain at least a few hours free of charge general advice (legal, accounting). They may have some basic templates you can use to track revenue and expenses. Most will go prior to starting up, it's not just income taxes you need to concern yourself about although you don't need to worry about other things just yet if you're operating at a loss right now. You may eventually need to register for GST/HST and there could be other legislative requirements depending on your business.
What you should probably do is take everything down to H&R Block. Cheaper than an accountant and should be sufficient for a first year.