Running your own business and making a profit can be quite the balancing act. We often hear business owners complain of how minuscule a profit they make after all the tax-cutting. Nobody wants to part with a major chunk of their hard earned money in the form of taxes. This needn’t be the case! Let’s talk about some simple tips that can help you save money on taxes.
The Small, Medium and Micro Enterprises (SME’s) industry in the country is teeming with a multitude of businesses. The government has introduced a number of schemes to empower this sector and encourage indigenous products. However, these businesses are often oblivious to the variety of schemes running and lose out on substantial benefits. One such scheme that helps with tax saving is the R&D Tax Credit Scheme that was introduced to encourage small businesses to take risks and invest in research and development (R&D).