I was always advised to save at least a third of my income for taxes when money comes into my business. It was repeated to me over and over again by family members and educated advisors. The message was clear when it comes to money: to receive what they are owed, governments are unforgiving and even ruthless. So stay on top of your taxes and indeed all financial aspects of business and personal dealings. I feel that I have been extremely lucky to have so many knowledgeable individuals in my corner, cementing these necessary fundamentals into my psyche, but I am also very aware that not everybody is as lucky as I am when it comes to the knowledge I have attained. That awareness leads me to write this passage, helping and advising readers on the best foot forward to secure their tax and other financial needs being taken care of in time.
Tax compliance is very important and should be prioritised at the forefront of every business’s accounting agenda. Although the laws may vary from nation to nation, it boils down to a simple fact. That being said, no matter what country you are doing business in, you must pay your taxes. Nobody is exempt!
Tax Compliance in Indonesia
So many foreigners and indeed natives chose to set up companies in tropical countries such as Indonesia and other Asia paradises. There is absolutely nothing wrong with that fact as long as each and every business stays on top of Tax compliance! Many have the best intentions of doing so, yet tend to fall behind as they are unaware of the fine details, such as deadlines and other nuances, which are understandably neglected by foreigners, especially. This is why services that take care of it all are thriving there and on the increase. They take care of every minute detail for you from start to finish, providing peace of mind and relief worth its weight in gold. There is nothing worse than getting an unexpected late notice or fine for missing a scheduled filing. The benefits of using fantastic bank account and company savings services like these are that you only file once, then your information is saved and stored forever, meaning a lot less work and hassle for you. Not only do we stay on top of hugely important deadlines when dealing with these efficient labourers, but we also avail ourselves of strategic accounting and tax advisory information worth hundreds of thousands, even millions of dollars. Areas taken care of are registration of tax licenses, monthly tax compliance services, annual corporate income tax returns, changes in taxpayer details, and VAT centralisation. Of course, personal tax matters also, and that can also be taken care of for you with a quick online visit or phone call. I wish you all the biggest, best, and longest-lasting success you can have.
Living Through What You Love Doing
A quote that inspired me as a teenager was from a very popular rapper called Jay Z. That phrase he coined in an interview was I think the meaning of life is finding what you are passionate about in life and figuring out how to live through it. Those wise words alone inspired me to embrace what I loved to do as a hobby and try my best to monetise it with the hopes of one day being able to live solely from that. Presently, I am still figuring out how to make money from it, but I will tell you this: I would much rather be figuring this out than figuring out how to quit a job I hate going into! Doing the things we love for money, profession vs hobby, is a very interesting concept. Many of us consider our hobbies fun and our profession or work boring, as it is what we do for money, and money doesn’t come easily, as we are taught since youth. I suggest that those very beliefs about money are a huge part of what prevents it from flowing into our lives via our extracurricular activities. You just have to believe it is possible in order to be 90percent of the way there, the remaining 10 per cent required is actually effort. In order to efficiently turn a hobby into a profession, one concrete belief is deep within we must follow certain steps. Firstly, we must become extremely good and professional at what we do; nothing else can cut it. Develop a focus on the parts of your hobbies that can be monetised and incorporate them into your creativity as you are creating from the place you love, your heart. Be prepared to work extremely hard, stay long hours, and endless nights without any gratification; that is the harsh reality of turning what you love doing into your job. Have patience and get ready for failures; achieving the ultimate goal of transforming your hobby into your job is somewhat of a magic trick that takes learning through trial and error. Success will be yours if you follow one important rule, which is never to give up; you will get it eventually! Try and try and try again!
It is also very good to note that changing a hobby into a cool new profession can come with the sadness of completely losing the profession you were in. It may have been that you loved your passion more than you hated your job, but in general, you didn’t really hate it; it was just on the short end of the stick, so to speak. Keeping a little investment in your old profession is still good for you and your interests, and maybe even your investments. It is also wise, as you are allowing secondary income options to still exist, with valuable fallback career options available. A great safety net in short.
Rules and Regulations
It is of the utmost importance to abide by the rules and regulations in place for the industry we decide to embark on a journey in.
Conclusion
In conclusion, there are no safe places throughout the world where you can be free from the taxman! For foreign business owners in Asia, it is very dangerous to be out of the loop regarding taxes, as the penalties can be much fiercer than in their home countries. It’s best to stay safe and avail yourself of the professionals with years of expertise ready and waiting to assist you with every financial need. Our business will thank us for the help. Something our heart will thank us for is turning our hobbies and passions into our business, although it is far from easy to do, it is well worth it when following the golden advice laid out for you in the above article. It is indeed a topic close to my heart as I am currently navigating the transition personally. We only live once, so we should make it worthwhile and give it our all! I firmly believe we can do the things we can do and love doing for a good reason, that reason being bringing them to the masses, earning from them, and inspiring others to do the very same. Peace and love, guys, I wish you all the very best of luck on your journeys.
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