Are you a tradesperson managing your own business or assisting others in bookkeeping for their trade-related work? While you excel in your craft, it’s equally essential to manage your tax responsibilities effectively. That’s where our accounting services come in handy.
Record-keeping is crucial for accurately tracking income, expenses, and meeting tax obligations. It’s imperative to maintain precise records in English or Māori for at least seven years.
Here’s a quick rundown of essential tax tasks:
Keep detailed records of income, expenses, and GST if applicable.
Understand what business expenses you can claim to optimize your tax situation.
Ensure you report all income earned and meet your tax obligations promptly.
File the appropriate tax return based on your business structure, whether you’re a sole trader, a company, part of a partnership, or operating under a trust.
Address any outstanding debts promptly to avoid penalties and further complications.
Consider paying income tax in installments throughout the year to manage cash flow effectively.
If your turnover exceeds $60,000 annually, register for GST, file returns, and manage payments accordingly.
If you employ staff, ensure compliance with PAYE deductions and other employer responsibilities.
Understand withholding tax requirements for payments made to independent contractors.
Regularly review your financial position, manage cash flow, and stay on top of job workflows to avoid surprises.
Our services are designed to streamline these processes and help you navigate tax responsibilities efficiently. From record-keeping to managing payroll, we’ve got you covered. Don’t let tax obligations become a headache—let us simplify the process so you can focus on growing your business.
Ready to optimize your tax management? Get in touch with us to explore how we can support your business’s financial success.
Your Outside Team
Need a bit of assistance with your business? Contact an Outside Accounting team member today and learn more about our fixed fees. You won’t regret it.
Aside from business consultation, we are business accountants Wellington who offer accounting, bookkeeping, payroll services designed to help you achieve greater financial success.
You can click here to speak to a business, accounting and bookkeeping firm. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
Address: Level 2, 182 Vivian Street,
Te Aro, Wellington 6011, New Zealand
Mail: PO Box 24-457, Wellington 6142
Phone: 04 889 2975
Did you know that 95% of New Zealand small businesses experience at least one month of negative cash flow each year? This means that even profitable businesses can find themselves struggling to pay bills if they’re not actively managing their cash flow.
At Outside Accounting, we understand that staying compliant with tax obligations can be complex, especially with recent Inland Revenue initiatives targeting various sectors and financial activities. From hidden economy audits to cryptocurrency monitoring, the tax landscape is evolving, and businesses must stay ahead to avoid penalties and ensure smooth operations.
Hiring a reliable tradesperson may seem straightforward, but finding the right fit takes careful planning. You want to ensure you’re confident in your decision, and the tradesperson feels capable of meeting your expectations. Effective research and clear communication are crucial for making this happen.
In today’s fast-paced business environment, making the right decisions is critical for achieving sustained growth and success. At Outside Accounting, we’ve seen firsthand how businesses can thrive when they avoid common pitfalls. Here are three major business mistakes and actionable tips to help you stay on the right path:
Evaluating a franchise opportunity requires careful analysis of various factors to ensure long-term success. Here are 11 essential points to consider before purchasing a franchise:
Steering a small business through economic downturns can be challenging, but these moments also present opportunities for growth, innovation, and strategic change. Deciding whether to pivot, grow, or leave the business depends on factors such as market conditions, financial stability, and personal aspirations. Here’s a guide to help you navigate tough times:
ALL POSTS
NEWSLETTER SUBSCRIPTION