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❓ASK Should a business clear all due taxes timely?

Razor1911

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When any business starts to grow, the net profit also grows along. The more is the net profit, the higher will be the tax charged by the govt. In our country, the tax may go as high as 33% which is really very much considering the amount of it.

Do businesses consider to clear the taxes early? I would say, it is better to do it than later. The tax has to be paid, but when the stipulated time is elapsed for filing return, the interest will start charging upon the taxes. You have to pay extra money and also late penalty for repaying taxes lately. So it is always good to pay taxes early.
 
Postponing paying taxes is just looking for trouble because it piles up quite quickly and before you know it, you are neck deep in tax debts which is a criminal offence by the way.
When we surely have to pay now or later, it is better to pay it early. Other wise the tax department will start charging interest as well as penalty for late payment.
 
It is better for a business to always clear there tax on-time. Because when tax should pile up, it will become difficult to pay latter. Like we here some footballers that have been charged of tax fraud.
That's also a valid point, when the tax is piled up, it will be difficult to clear all balance at once. A regular payment will ensure timely payment and no addition late penalty is imposed.
 
There is also corruption involved. Sometimes there are deals between tax officers and the companies to reduce the tax. But at the end of it after many years the corrupt practice will be fish out. And then they will be forced to pay the tax. This will make some companies to go bankrupt.
Such corruption will be there always. You can't eliminate it. And for any business, I would advice not to get involved in such nasty things, better pay off your due in time.
 
When a company goes up, it's net worth or net revenue also goes up. And in that case you have to pay the taxes. You have to pay it now or later. If you take too long to pay the taxes, then they will take charges on your taxes. Then it may increase more. So, I think you should pay it timely
 
When a company goes up, it's net worth or net revenue also goes up. And in that case you have to pay the taxes. You have to pay it now or later. If you take too long to pay the taxes, then they will take charges on your taxes. Then it may increase more. So, I think you should pay it timely
Yes. Not only they will charge you for late payment, but also the stockpiling of tax money will become burden on the Exchequer, frequent clearance of taxes is really important for that reason.
 
Timely filing can result in a more accurate return, more time to pay a tax payment, and a lower risk of tax-related identity theft. Plus, there's no reason to wait for individuals with easy tax returns.
Yes these are the benefits of filing tax early. at least you will be free from any liability that can be imposed upon you for late payment. Since You have to pay today or tomorrow, then why not today.
 
The best thing is to pay and clear your tax on time before lately if you don't want to face the penalty of double pay. And then, paying lately can also make the amount much to affordable.
 
The best thing is to pay and clear your tax on time before lately if you don't want to face the penalty of double pay. And then, paying lately can also make the amount much to affordable.
 
I think taxes should be paid as at when due this is to prevent backlogs which can heave debt burden on the business, Also paying taxes timely help to keep a good record with the authorities and make one to enjoy the benefits of paying tax
 
I think taxes should be paid as at when due this is to prevent backlogs which can heave debt burden on the business, Also paying taxes timely help to keep a good record with the authorities and make one to enjoy the benefits of paying tax
since we have to pay the tax today or tomorrow, paying it earlier will surely help us in managing the funds. And it will also save us from any legal action which would be taken for delayed payments.
 
It is best to pay taxes early so you can focus more on how to grow the business to the level you want. Not paying taxes won't give you this sense of freedom and ease of doing business as you're always thinking about how to pay the taxes.
 
The tax on business here is paid every quarter (3 months) otherwise it may incur a penalty. At the end of the year would be the computation for the entire year to get the actual tax to be paid. It used to be once a year of payment but the quarterly payment is more convenient.
 
Businesses should endeavor to pay up their tax as at when due because this helps them to avoid being charged with tax envasion
 
Tax in my country is normally meant to be paid at the end of every month then the computation for the accounting year is done as at when it is being used in financial statement usually at the end of the year.
 
It is advisable for a business to clear her taxes as at when due. When you allow taxes to add up, it will become a serious burden for the company to pay everything at once. The company can also be sanction for not paying her taxes at the right time.
 
It is imperative for every business owners to oblige with every taxes given to them, because you skipping the taxes might warrant the governing body to take legal action against the company and at that time you will be paying more than the taxes issued to you at first
 
I agree with you that it is so much better to pay the taxes early rather than later. That way, you don't get into any penalties or get into trouble with the law. Paying taxes early saves you from many problems.
 

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