Freelancing becomes a real business when you know your numbers and deal with tax properly. Good records help you price, settle disputes, apply for loans or contracts, and file tax returns. This lesson explains simple record keeping and what the Ghana Revenue Authority (GRA) says on its website. Tax rules and thresholds change, so always confirm current details on the GRA website or at a GRA office.
Keep simple records
You do not need accounting software. A spreadsheet or notebook is enough if you update it every time money moves. Record:
- Income: date, client, job, invoice number, amount, payment method and transaction reference.
- Costs: date, what it was for (data, power, transport, printing, software, equipment), amount and a receipt or reference if you have one.
- Invoices sent and whether they are paid.
Keep copies of invoices, receipts and agreements in a folder for each year, in cloud storage so they are not lost with your device. At the end of each month, total your income and costs. You will quickly see which services and clients are worth your time.
What the GRA says about registering
According to the GRA's tax registration page, individuals with taxable income, including employees, self employed individuals and professionals, must register. The same page says all businesses, including sole proprietorships, must register too. For individuals, your Ghana Card Personal Identification Number is your Taxpayer Identification Number (TIN). ECOWAS Card holders use that card's number.