How to Reduce Taxes for your Business

If you’ve managed to accumulate a huge net-worth in the past few years, then you would be aware of the taxes that one has to pay as they run a business. With entrepreneurs starting new businesses everyday, there’s a need for good accountants that can analyze the finer details of tax regulations to come up with the best solution.

Have you just started your small business? If you’ve managed to generate a considerable revenue this year, then chances are you’re probably looking for some tax relief one way or the other. Lucky for you, GCG’s Structuring department knows exactly how to find the tax break that you so desperately need in order to save you a significant amount of money in the long run.

Tips for Reducing Taxes

Small businesses are generally unaware of tax regulations within the United States. They usually end up paying more than they need to. GCG’s Accountants provide advice on financial structuring to their respective clients on how to minimize tax liability. 

We go over your balance sheet, your receipts, business expenses and other factors to determine how we can best help to reduce taxes.

Keep Receipts for Everything

Make sure to keep a receipt for everything that you buy. Your accountant can probably use it for write-offs. Anything from office supplies to insurance can help you to lower your taxes.

Retirement Funds

If your business has started to make a considerable amount of capital gain, then it might be time to invest into retirement plans for your staff members. Retirement plans are tax-deductible, and they will reduce income.

GCG’s Accountants can give you the professional advice you need to determine the best retirement plan that you can offer to your administrators.

An Ideal Business Structure

Selecting the right business structure can do wonders for your tax liability. You can claim tax advantages depending on the structure of your business.

Tax Advantages

Making a deduction of your entire cost in one instance can significantly add to your tax. What would be ideal is that you spread out your purchase across different tax years. This means you won’t have to deduct the entirety of the price in one fiscal year.

Carryovers

You can write certain deductions off to the next year. Expenses like office expenses, capital, charitable deductions can often be pushed over to the coming years.

Consult your Accounting and Finances with GCG

If you’re unsure on how to handle your books, and need the best business structure to get the best tax advantages; then you might want to book a call with our accounting professionals. We’ll go over the numbers of your business to help you minimize your tax.

businessmen working on strategic planning

Free-Zone Companies in the UAE; What’s the Appeal?

A lot of people wish that they knew about UAE’s Zero Tax Jurisdiction earlier, because of the tax advantages it offers to be an offshore company within the UAE.

Considering you are planning to register your business in one of UAE’s free-zone and enjoy the tax-free haven for yourself, it’s best that we walk you through the entirety of the benefits that come from being a free-zone company in the UAE.

Free-zones in Dubai will give you operating licenses for establishing a business within that region and internationally as well, and give you the one thing you’ve been waiting for so long; financial and tax exclusions.

Forming a company isn’t exactly an easy process. While most of it is hassle-free, there’s generally a lot of paperwork involved. But nonetheless, a lot of people want to move their operations to the UAE. 

GCG Structuring has been helping a lot of its clients to set up their businesses in various Zero Tax Jurisdictions spread across the UAE.

We tend to usually take the reins from our clients, and help them to set up all the necessary legal and corporate structuring along with banking in the UAE. And once our clients are ready to start their work as a newly realized business in Dubai, they’ll find the following benefits waiting for them:

No Currency Regulations

UAE Free-zones have no currency regulations in place by the government. This makes financial transactions significantly easier.

Imports/Exports Duty Exemption

No duties are applied on anything that’s imported or exported from and to the UAE free zones. International trade has never been easier!

Tax Exclusion

As a free-zone company, you are excluded from income and corporate tax entirely.

Hiring Workers

You can easily get visas for anyone you want to hire full-time for your company in the UAE. Bring them over to your location of work and get started; it’s cost-effective and the recruitment formalities are fairly easy to deal with!

Finding a Workspace is Easy

As it turns out, workspaces are abundantly available in free-zones. This makes these locations within the UAE absolutely ideal for any new start-ups. Rent out a place, and start your operations alongside your employees!