Suppose you are new to the Transport business as a sole trader or a Company. You are bound to pay taxes as per your business structure. If you hire an employee/s, you are responsible for managing their payrolls as well.
Most of our clients need financial support to start their business which a bank or their party can help. However, banks and other financial parties ask for cash flow projections which we can help you with so that you get funding to start your business. You would need a contract with the transport company.
GST
Most transportation business incomes are subject to GST because of their income threshold. You can choose the filing frequency from Monthly, Two Monthly, and Six Monthly. Similarly, we can also decide on the method of filing from payment, Hybrid, or invoices.
Income Tax
There are many deductions we can claim in the transport business. Some of them are mentioned below are but are not limited to
- Insurances
- Fuel
- Vehicle Maintenance & Servicing
- Employee Salary
- Transport Technology fee
- Telephone & Internet Fee
- Acc Levy Fee
- Consulting & Accountant
- Staff meal expenses
- Road user charges
- Assets Depreciation, like Truck
- Home office expenses.
- Licencing cost
- Training cost
