Introduction As a Ghanaian SME owner, managing your company’s payroll can be difficult, especially given the complexities of regulations and tax laws. However, keeping employees happy while remaining legally compliant requires accurate and timely payroll processing. This guide will walk you through the fundamentals of payroll services, providing valuable insights to help you streamline your payroll processes and keep your…
The Income Tax (Amendment) Act, passed by Ghana’s Parliament in April 2023, amended the Income Tax Act. The act introduced revised income tax rates for individuals, a withholding tax rate on the realization of assets and liabilities, and an additional income tax bracket. The amendment also included the introduction of minimum chargeable income, which could be linked to the increase…
General perception Most small business owners do not see the importance of paying themselves at the end of the month because they have the perception that they own the monies in the business and also, they can pay themselves at any time. Yes, you can pay yourself at any time because you do not report to shareholders or stockholders. You…
What is Payroll accounting? Payroll accounting is generally about properly accounting for salaries and wages of workers, taking into consideration the statutory obligations that arise and then making payments for them within the required time and with the right documentation. It hinges on 3 pillars: the terms of employment, the policies of the company, and the laws of the land.…
As a small business entrepreneur, you are encouraged to sign on to the compulsory Social Security contribution of 5.5% of employees’ salary and 13% of business income. Although it is a retirement plan, it is also a smart way to reduce taxes for both your workers and your business while motivating your workers too. Retirement plans reduce an individual’s taxable…
One of the areas that is of great importance to the leadership of every state or country is the social well-being of the citizenry. The situation is the same for Ghana. As part of efforts to safeguard the social prosperity of the people of Ghana, there has been the institution of a scheme that requires payments towards the social well-being…
Starting one’s own business is a huge milestone for every entrepreneur. After getting the courage to transfer the idea into reality, the next thought is to make the business grow and be highly sustainable and successful. Only few business owners develop the habit of keeping their accounts up-to-date and tax records in order. The focus is usually on making more…