Let Us Handle Your Taxes With Our Accountants for Digital Nomads

One of the most common aspirations of modern society is to be able to work remotely and support oneself while travelling the world as a “digital nomad. But if you’ve established yourself as a digital nomad, don’t let unforeseen tax issues derail your aspirations for permanent wandering.

Due to their nomadic lifestyle, digital nomads should be mindful of potential changes to their tax obligations. Even if you’re enjoying the time of your life on a beach in Bali, you still need to be careful with your paperwork and make sure you’re paying tax where you need to.

Leave the tedious paperwork to us as you take care of the worldwide navigating.

Schedule a call with us.

What You Need To Know

Separate Yourself from the Office

One of the first steps to being a digital nomad is leaving the confines of an office, whether by starting your own firm or taking a position that allows you to work from anywhere.

A respectable living doesn’t require sitting in an office at a specific location. It is not too late to do beautiful things without confining yourself to a seat every day.

Prepare the Groundwork

Unless you’re at the very beginning of your profession, you likely have some sort of logistical planning to do.

How will your kids do their schooling? As in, what are your plans for the house? What’s the deal with the dog? Can’t you bring it along? So, what will they do while you’re off at the office?

Everything mentioned above, and more, will have to be dealt with, but you shouldn’t look at them as roadblocks.

Instead, list out everything that is anchoring you in one place, and begin developing solutions for each one of them. Once you get started on your “escape” plan, you’ll see how simple it is.

You should also think ahead and devise a strategy for travel, medical insurance and other necessities. There’s more to travel preparations than deciding which beachwear you want to pack!

‍Plan Your Next Move

Long-term relocation and establishing one’s professional life in a new location are not usually simple tasks.

Actually, many immigration regulations make it illegal for tourists to work at all. But regulations in many nations are being relaxed to make it easier for remote employees to set up shop there for a year or longer.

If you do an internet search for “digital nomad visas,” you’ll find various results from which to choose.

Plan ahead as it usually takes a long time to process the necessary visas. The applications are not prohibitively expensive or time-consuming, but they do require a financial investment.

‍Purchase the Appropriate Hardware

Moving away from a traditional office environment yet needing to maintain a high level of productivity? You’ll want to invest in some suitable hardware.

A high-powered laptop, smartphone, and tablet are required pieces of equipment; a decent pair of wireless headphones or headset can help conduct calls and participate in video conferences with ease.

If you occasionally need physical copies of papers, a compact printer and scanner are excellent pieces of technology to keep on hand.

‍Examine Wi-Fi

No matter the destination – be it a stunning beach in Belize or a magnificent treehouse in Costa Rica, the most important thing to do is to verify that you have access to quality Internet in the area.

You should restrict your plans as a digital nomad to locations with sufficient Internet access for you to keep working. Your clients will still expect the assigned work to be done on time, and they won’t want to hear about poor Internet being a problem.

Tech and Programs

Making sure your business can easily be moved from one location to another is the next step after deciding on a final destination, organising the necessary logistics, and learning about available Wi-Fi networks in your temporary residence.

The good news is that you may accomplish this goal with various readily available programmes and applications.

Maintain Consistency in Procedures

Standardising procedures and automating them using different technologies will become increasingly important when you are not in the exact location of your clients.

Plan out your workflow in advance to educate new clients on your approach throughout the onboarding phase.

To position yourself for expansion, you should know that most clients are more than glad to allow their accountant or bookkeeper to provide them with a procedure that works because more work can be accomplished daily when tasks are simplified and streamlined.

Customer Acquisition

If you’re not working remotely for a firm as a digital nomad, you’ll need to maintain a steady stream of clients. Many options exist for accomplishing this.

You may use LinkedIn’s sales capabilities to identify businesses needing your services to locate potential clients.
Browse remote employment listings on sites like Flex Jobs or Indeed.
Reach out to businesses needing your services using freelancing platforms like Guru or Upwork.

Writing and publishing an ebook on accounting or bookkeeping, building an online video community, and selling training courses are all examples of non-accounting businesses.

In many cases, those who have chosen to live as digital nomads can earn as much, if not more, as they did in their previous 9-to-5 jobs.

Tech and Programs

The good news is that you may accomplish this goal with various readily available programmes and applications.

FAQs

What do accountants for construction do?

Construction accountants manage, analyse, and keep up-to-date with the financial information of a construction company.

Since these companies usually work on projects, the accounting team spends a lot of time on job costing tasks needed to estimate, track, and analyse project costs.

Accountants in the construction industry also help companies use the most suitable methods for recognising revenue. Construction accounting is a specialised skill because the construction industry’s accounting needs differ from those of other industries.

How does bookkeeping work for construction?

Most construction companies’ bookkeeping is based on projects. Bookkeepers have to enter all of the costs for each project.

Usually, they have to ensure that each entry is coded correctly so it can be categorised and given to the right project. Among the other tasks is writing down information about invoices and payments.

Is it necessary to open a new bank account to receive a PPP loan?

Tracking as much information as possible is the most important thing. It would be best if you placed the highest priority on this. When it comes to loan forgiveness for the PPP loan, the more records you keep, your business will be better off.

You should separate your business income and the money from your PPP loan. It might be hard to open a new bank account quickly if you work from home and the bank doesn’t have many people to help you.

If you can, keeping your PPP funds in a separate bank account is a great way to keep them separate from your business funds and keep track of your PPP expenses.

If you can’t or don’t want to open a new bank account, you should use your accounting software to the fullest to keep track of and separate PPP income and expenses.

How much will this cost me?

At Pearl Lemon Accountants, we recognise that a firm can’t obtain all of the benefits of hiring our accounting services from a standard service package. Every service you pick for your business or account may be tailor-made precisely for you.

Because of our high regard for diversity and uniqueness in every company we partner with, your financial statements will seem different from those of our other clients. Our prices will depend on whatever services you pick.

Contact us today for more information regarding this matter.

When you allow us to keep track of your finances, you give yourself more time to do your work and please more clients. It's a win-win situation for everyone. Aside from that, you'll also gain financial stability because your assets and liabilities are managed well enough not to cause any trouble for you in the future.

So let our experts work for you, and you won't regret it even a bit.

Book a call today to get started.

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