How to choose an accounting year for your business
Businesses must prepare business accounts for different reasons. These might include: To find out how the business has performed; To allow it to file for taxes. And to enable them to do that effectively, business owners must choose an accounting year for their business. What…
Important Tax Law Changes
Tax Law Amendments, Applicable from 1st August 2018 Presenting to the Ghanaian Parliament, the Finance Minister put forward proposals for the review and introduction of the following taxes and levies: Income Tax rates for resident and non-resident individuals Value Added Tax Luxury Vehicle Levy Parliament…
The Effects of the Proposed Changes in VAT in Ghana
The Government of Ghana has, in its mid-year review of the budget, proposed changes to VAT. The changes will convert portions of the existing VAT into levies. The proposed changes are as follows: Pre-budget Budget proposal VAT 15% VAT 12.5% NHIL 2.5% GET Levy 2.5%…
Building A Career Is Like Building A Skyscraper
Looking back on my 38 years as an accountant, the years I’ve spent building my career is a little like building a skyscraper. Today, I am the result of choices, experiences, and the trials of life. I – and my career – didn’t just happen….
Online banking saves you money! Use it!
Are you worried about using online banking in your business? Not sure if it’s safe? Like you, we had concerns. We hesitated in using online banking tools, even though they’ve improved considerably over the years and are available across Ghana. Instead, we persisted with “traditional…
How to Get a Tax Clearance Certificate (TCC) Without Any Hassle
Do you know that, at some point, you’ll need a tax clearance certificate to carry out certain transactions? Don’t leave it too late! To avoid the hassle of getting a Tax Clearance Certificate when you need it, prepare well ahead of time. So, what do…
Need To Open A Bank Account? Or Register A Car? You Need A Tax Identification Number!
From 1st April 2018, you can no longer open a bank account, register a vehicle or do business with the Ghana Government if you do not have a Tax Identification Number (TIN). A Tax Identification Number is required for carrying out business transactions, but this…
7 Simple Steps To Improve Control Over Petty Cash
Petty cash, also known as petty cash fund, is a small amount of cash on hand that is used for paying small, everyday business expenses. Examples of petty cash use includes payment for postage, phone cards, and reimbursing travel expenses. The amount in a petty…
Records To Keep For Ghana Value Added Tax Purposes
It’s a saying often attributed to one of the Founding Fathers of the United States, Benjamin Franklin, that in this world nothing is certain, except death and taxes. And Value Added Tax (VAT) is a tax that can certainly impact both individuals and businesses alike….
Written Employment Contracts Are There To Protect You. Use Them!
When you hire a new employee, it is good business practice to offer them a contract. A contract of employment can be verbal, or it can be written. Where most small businesses run into trouble is in their reliance on verbal agreements, opting not to…
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