Here is a post which I did on Facebook to expand my knowledge and to remind my self of important information:
"Sometimes we may view ourselves as Sole traders, Individuals, Partners and we may never see ourselves as part of a Company or operating in the form and structure of a company.
I would suggest that to get ourselves to an understanding of where the other side is, that as far as possible, get something such as a blank corporation tax return or a partnership tax return and examine it.
Look at the differences.. As an individual, what do I do differently? I pay rent, now where would I put that in the company's tax return if I had to report on that? What would be the information which I would need to complete a receipt if I had to track my information correctly? Can I flip my understanding, my knowledge if I had to receive rent instead of pay it?
Have a look at the forms and see if we can spot the information and all of the spaces which may be required?
I am now laughing at myself....
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