So, how does it work? Most businesses start off making losses, and small businesses and home-based businesses are not exempt from this. The total revenue or income is usually low. It is often below thresholds where business has to register for GST or VAT, so that business owner may be tempted to not register for GST or VAT, thereby saving on administration (in filing returns) or accounting costs.

If business owner contacts their local taxation authority, they will be correctly advised of income thresholds for registration and decision will be left to them to make. It would not be appropriate for a taxation officer to advise business owner on how to manage their taxation affairs, and there is a case of Privy Council (UK) that confirms Inland Revenue cannot tell a business owner how to run their business. It is certainly not obligatory on taxation authority to advise a business owner on a course of action that would contravene their charter of “protecting revenue” of State.

This is why a business owner should seek advice of a suitably qualified accountant who is experienced in taxation and business advice. A proactive accountant is more likely to provide this advice than a compliance accountant. The compliance accountant’s role is more likely to involve complying with tax laws, rather than optimising tax situations. The compliance accountant’s mind is so attuned to complying with tax laws that they often do not see opportunities for optimising a client’s tax position. Once business owner has been convinced that it is in their interests to register for GST or VAT, next question is for what filing period to opt? The more regular a filing period, sooner GST or VAT refunds will improve business cash flow. So they may decide to opt for monthly or two-monthly GST or VAT returns. There will be an administration or accounting cost that needs to be weighed against benefit of a quicker cash flow.

The income tax refund is an annual event that cannot be changed, except for where business owner is leaving country before end of tax year and applies to have a tax return processed sooner. There will be extra forms to complete and information to provide, and it usually means that business is closing down. Even that income tax return should be lodged as early as possible after tax year ends, rather than being left to be filed with other taxpaying business owners, so income tax refund is received soon rather than later.

6. Reconnect with friends and family. Spend time with your kids, be available for them. Take your spouse out for a date. Invite friends over for dinner.

7. Go back to school. Now is time to finish that degree or start graduate school. Don't have time to get to school? Try distance education. Take classes in comfort of your home at your pace. For a list of schools offering distance education, visit www.classesusa.com.

8. Don't bad-mouth your former employer. It's a small world. No matter how you feel about your former employer, never disclose any important information or say anything negative about them.

9. Surround yourself with positive and motivated people. Part of your grief process might be to find other people in your situation to help you cope. Beware of any chat rooms or discussion boards that are outlets for people to vent and complain. Now is time to be effective and optimistic.

10. Relish in present and look to future. You can not undo past. Accept reality and change in your life. Ask yourself "What's next?" It may not seem like it now, but this might be best thing that has happened to you.