No Tax Refund For You

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Starting a new business? We need a business plan first. That is the norm, but can we tweak it a bit, put the cart before the horse?

We need an accountant first, not a business plan. I know it’s heresy but the accountant has valuable information that is not in the standard business plan. We will prepare a one-page synopsis of what the business is all about, and ask her to tax, what we have in mind. Let’s give our business a name, Angry Horse.

What do you mean, tax it? It’s 2024, and the greedy government is licking its fingers because we are going to do the 2023 taxes. Our accountant will sit down with us with copies of a business tax form. We can view it online using our laptops, but sometimes paper forms are the best. It’s easier to turn pages. Our accountant will explain every point, every box, every question on that form. The government likes to hide things in legal words. She will unpack them for us. She will tell us whether a certain requirement applies to Angry Horse or not. She might even get personal. Are you married? No, just business partners. She is helping us because type of ownership has tax implications.

We can get all the answers online, but face-to-face interaction is more effective, because there is bound to be fuzzy areas of tax law because we are rookie entrepreneurs. Our accountant will also come in handy with provincial or state tax law. The tax form might make say: Does your company receive the Quebec Kick Start benefit? The accountant will explain what it is.

Angry Horse will pay taxes. That is why we are putting the cart (tax form) before the horse (business plan). After talking to her, we might even decide not to start the business. Tax time is about broken cups on the floor. Lots of regret. If only we had known about the tax implications.

Nonqaba waka Msimang

Executive Blogger

 

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