SOLE TRADER TAX TIPS FOR THE NEW FINANCIAL YEAR

Navigating the new financial year as a sole trader can be smoother with the right tax strategies. Start by organizing your financial records meticulously, keeping receipts and invoices up to date. Consider taking advantage of tax deductions available to sole traders, such as home office expenses, vehicle costs, and equipment purchases. Be diligent about setting aside a portion of your income for taxes throughout the year to avoid a hefty bill later. Consult a tax professional or use accounting software to maximize your deductions and ensure compliance with tax regulations. Staying proactive and informed can help you minimize your tax liability and keep your sole trader business financially healthy in the new financial year.