Blogs

Let’s be honest.

Most entrepreneurs don’t start a business because they love taxes. They start because they’ve got a vision, a passion, a fire.

But the truth is… taxes can either fuel your growth or burn you out.

And I’ve seen it all in my 25+ years as a Chartered Accountant — brilliant businesses losing money, time, and even sleep because of simple mistakes that could’ve been avoided.

So today, I’m breaking it down.
Here are 5 common tax mistakes businesses STILL make… and how you can dodge them.

---

1. Mixing Personal and Business Expenses

Biggest rookie error.
You swipe the same card for dinner with friends AND for client meetings.

The result? A messy trail that makes your accounts look like spaghetti.

👉 Solution: Open a separate bank account for your business. Keep it clean. Keep it professional. It’ll save you headaches (and audits).

---

2. Forgetting GST/Tax Deadlines

Miss one filing, and suddenly you’re paying penalties that could’ve gone towards growing your business.

👉 Solution: Automate reminders. Use a tax calendar. Or better yet? Hand it off to a trusted accountant. Because missing deadlines isn’t a mistake — it’s a habit.

---

3. Not Keeping Proper Records

“No problem, I’ll find the invoice later.”
Famous last words.

When the tax officer comes calling, “later” turns into panic.

👉 Solution: Go digital. Use cloud accounting tools to store receipts, invoices, and records. Think of it like building a safety net under your tightrope.

---

4. Ignoring Advance Tax Payments

So many businesses wait until March to panic.
They forget that advance tax is like paying instalments — small bites instead of one massive chunk.

👉 Solution: Break it down. Pay quarterly. Your cash flow stays smooth, and you’ll never feel that “March Madness” stress again.

---

5. Trying to Do Everything Yourself

Listen. You’re a founder. A visionary. Your job is to grow the business, not wrestle with tax law at midnight.

👉 Solution: Delegate. Hire a pro. Invest in expertise. Because saving a small fee today could cost you BIG tomorrow.

---

Final Word

Mistakes aren’t failures. They’re lessons.

But if you’re smart, you’ll learn from other people’s mistakes — not your own.

The best part?
With a few smart systems and the right advice, taxes stop being a nightmare and start becoming a growth tool.

So here’s my challenge for you this weekend:
Look at these 5 mistakes. Pick one. Fix it.

Because everything you want?
It exists on the other side of clarity.

👉 And if you’d like help getting your taxes, systems, or finances in order — contact us at www.camalavsheth.com or drop me an email at malav@camalavsheth.com.