As an entrepreneur, is it important to always take care of the financial well-being of your company and take advantage of all the legal opportunities that can help you reduce costs and increase business performance?
Fortunately, there are numerous tax benefits that you can enjoy, if you are well-informed and make the right choices.
Let’s talk about how these benefits can simplify your life as an entrepreneur and how you can use them to your advantage!
Financial bonuses for employees with tax deductibility for you and your company
A great way to motivate and retain employees is to offer them financial bonuses or extra-salary benefits. It is important to know that you have these expenses that can be tax deductible, which means that you can integrate them into the company’s budget without a significant impact on the net profit.
For example, you know that if you choose to offer your employees vacation vouchers, gym memberships, these expenses can be deductible within the limits of certain ceilings provided by the legislation. Thus, you will not only motivate them to stay with you in the long term, but you will also optimize the company’s tax costs. It is a double advantage: you have a happier and more productive team, while your company also reduces its financial obligations to the state.
What can you offer your employees from the range of financial services so that you benefit from corporate tax exemption or tax deductibility?
Health insurance
Health insurance provides a financial plus for your employees and this expense is established in your company that allows you to reduce your corporate tax. For every 100 lei you offer for health insurance, the employee receives 300 lei. With 100 lei, he has access to private medical services at most clinics in the country worth 300 lei.
Health insurance also benefits from the tax deductibility ceiling of 400 euros / year / employee, which offers you a substantial reduction in employee contributions.
The benefits of corporate health insurance involved for your employee also aim at quality treatment and services at top private clinics, a package appropriate to his needs and at a much reduced price for his family members, expensive investigations covered by insurance, access to birth services, screenings, but also the inclusion of treatment or interventions for re-existing diseases.
Private voluntary pensions
Private voluntary pensions, Pillar 3, again provide the same type of expense in the company and tax deductibility, so your employee receives some money that ensures financial peace of mind at the time of his retirement from activity; money that he otherwise, with all the monthly expenses, cannot afford to save and invest for his future.
Together with a financial advisor, you can choose the health insurance package according to the needs of your employees and a pension fund with good returns, over 5-6% / year.
Investments in the company with profit tax exemptions
As an entrepreneur, smart businesses and investments are the key to success. Certain investments made in the company can bring you significant profit tax exemptions. For example, if you decide to buy equipment or software necessary for your business, the value of these purchases can be fully deducted or amortized over a specified period, depending on the type of asset purchased. Thus, instead of paying profit tax on this amount, the money can be reinvested in other areas of the business. Another relevant example is the purchase of vehicles or buildings used exclusively for business purposes. These not only increase the value of your company’s assets, but can also bring considerable tax deductions.
Unit-linked insurance and tax advantages
Investing in unit-linked insurance can be another effective strategy to reduce your tax burden. These insurance products combine the financial protection offered by an insurance policy with the opportunity to invest in various funds.
A major advantage for you, as an entrepreneur, is that the premiums paid for these insurances are considered company expenses. This not only protects your business and family in unforeseen cases, but also allows you to optimize your company’s tax costs. This type of contract represents an asset of the company, the one that weighs heavily in the situation of your company’s bonus when taking out a company loan, an asset that allows you to co-finance when accessing a European fund.
In the long term, investing in unit-linked insurance can bring returns that improve your company’s financial situation, making it more resilient to challenges. The returns received through such an investment are on average 10-12%/year, exempt from paying corporate tax. The money made from this alternative investment for your business will return to the company, which allows you to develop in any direction you want: opening a new workplace, new employees, developing new services/products, digitizing your business or getting through a financial impasse (see the Covid crisis).
How can you take advantage of these benefits?
To enjoy all the tax advantages available, it is essential to be well informed and to collaborate with specialists. A good accountant or an experienced financial consultant can help you identify the right opportunities for your business and avoid potential legislative traps. The team of expert financial consultants at Psicologiei banilor provide you with financial plans suitable for your business, within a personalized meeting that you can access online, here: https://www.e-learning.psihologiabanilor.ro/consultanta-financiara/
It is also important to familiarize yourself with the tax legislation in force and to keep a clear record of the expenses and investments you make. If you act strategically, you will notice that these tax benefits are not only a way to save money, but also a way to invest in the development of your business.
So, take advantage of these tax facilities to improve your company’s cash flow and build a stronger business. By choosing to invest smartly and provide benefits to your employees, you will lay the foundation for a prosperous and sustainable business. The key is always to think long-term and utilize all the tools the law provides.
Good luck with your money awareness!
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