In Ghana, businesses may be subject to various types of income tax. Here’s a brief overview of these taxes. Personal Income Tax (PIT) Personal income tax is imposed on income earned by individuals, including salaries, wages, bonuses, and any other compensation for work performed. In Ghana, you must pay income tax if you are an employee, sole proprietor, or a…
Today, we are announcing a collaboration with Africa Skills Hub and the Norwegian Agency for Development Cooperation (NORAD) to get businesses on Built free website creation and 1 year domain and hosting. This has become very important becomes the ongoing pandemic has taken a heavy toll on small businesses and going digital is one of the ways businesses are opening…
There are broadly two sides of doing business: (1) bringing in cash and (2) managing the cash brought in. One important tool that assists businesses to bring in cash is marketing, especially advertising. In this article, we will look at some reasons why you should budget or make provision for marketing as you run your business. Awareness creation Goods and…
Most small business owners are fully aware of the standard business costs like office rent, marketing, payroll, etc but it is the hidden or unexpected costs that hit hardest. It’s about time you stopped playing hide and seek with these costs and got your cost- control game on. Here’s what you need to be on the guard for: Time Your…
Well, the new Value Added Tax (VAT) was brought into force last year but we still receive invoices from vendors of clients who used the old VAT rate. The old VAT system is at a rate of 17.5% which is made up of 12.5% for VAT revenue for Ghana Revenue Authority (GRA), and 5% paid into (National Health Insurance Levy)…
If you miss our last webinar on how to prepare for 2019, especially quarter 1, using some essential bookkeeping and finance practices, we have shared the slides below for you: Webinar on Accounting and Tax Checklist – Built Accounting from Built Accounting
Taxation remains one of the pain points of entrepreneurs, especially first time founders. This month, we partnered with the We partnered with Workshed Africa to create this infographic on taxes in Ghana. You can also find a PDF version here: Download
Managing a business’s assets as an entrepreneur can be needlessly overwhelming. This can be made easier all year round with a simple and well-organized asset register template. What’s an asset register? An asset register basically shows the asset the business owns. It details the value of assets, date of acquisition (and of disposal) and other details necessary to compute for…