SOLE PROPRIETOR ( The tips and tricks thread )

[HavocXphere]

Thanks for the replies. What kind of expenses can you legally claim as an individual ?

eh....thats kinda like asking what are the contents of the income tax act. I can link to it if you like? Though you need a bunch of court caselaw to get it right too so even that might not be enough.

I'd recommend talking to a tax specialist *before* you start. The trick with tax is to structure it correctly in advance. If you approach a tax specialist at the end & ask him to fix it then its too late...you already did everything wrong and no amount of tax knowledge can fix it retrospectively.

 

[bromster]

Will do so, thanks. What is an average hourly rate for consultation anyone?

 

[DJ...]

I have tried to stay out of this for as long as possible but I really do need to reiterate the pty suggestion. Additionally, I know that you are against the audited books based on the cost aspect, but it is one of the single best investments that you will make in your business if you take on an accountant, in whatever capacity. Really, don't make amateurs' mistakes and pretend as if you're capable f doing the books. It is not as simple as debit/credit, especially when it comes to advice.

Register a company, and employ an accountant - he doesn't have to work full time...