WHY IT IS IMPORTANT TO SEEK BUSINESS ADVICE

 Recently John's ( not real names ) shop was closed by tax authorities for evading taxes. He had done this practice for a long time .By the time of Uganda Revenue Authority(URA) assessment he had a huge debt to pay. As we speak he is really stressed and is seeking financial assistance to offset the URA payment. Uganda's business community is largely informal  and compliance to the law is always a hard task. Unfortunately paying tax is a necessary evil. Most of the businesses that have benefitted from big contracts are compliant with paying tax and are fully registered.

In the 5 years that I have spent as a finance and business coach I have appreciated the fact that Ugandans are very enterprising people. However when it comes to compliance with the law there is no option. Most businesses have also missed out on financial assistance from banks because they are not fully registered , have no records and fail to meet the tax obligations. The beauty is that in a bid to ease tax payment Uganda Revenue Authority has a tax education department that can assist the business community in tax matters. When it comes to registering businesses and filing returns, the Uganda Registration Services Bureau (URSB) assists startups and existing businesses to comply with the law. There was a recent report that over 10,000 businesses were to be deregistered due to failure to file returns and other obligations.

On the contrary Ruth(not real names ) sought the services of tax consultant who advised her to always keep records. When URA assessed her business the tax consultant had already done the homework and her shop was not closed. This is what happens to all tax abiding businesses, 

HOW TO IMPROVE YOUR BUSINESS

1.Seek business advice

2.Separate business funds from personal funds

3. Attend business seminars.

4.Register your business

5. Keep business records

6.Digitize your business processes

7.Hire qualified staff

8. Provide good customer care 

9.Learn from past mistakes

10. Bench mark with the best.


Micro, Small, and Medium Enterprises are the main stay of the economy. However they are faced with challenges such as lack of record keeping, challenges in accessing affordable finance. Just like in the example of John whose business was closed by tax authorities for not paying tax, it is important to hire business consultants to do the job for you. No person can be good at everything and that is why it is vital to seek business advice.


For individual and corporate financial literacy training contact :

Coach Phillip Kiryowa

Personal Finance Coach(CMA)

Master Trainer, Bank of Uganda 

Founder, Advanced Empowerment Link

For Financial Freedom and Sustainable Enterprises

+256752615916

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