If you’re in business you’ll need to complete an income tax return every year whether or not you made a profit.

Getting it wrong can be costly

Apart from the obvious reason of having a professional do your tax preparation of minimising your tax liability, should you get it wrong the penalties are quite high and with interest it can add up quickly.

 

We can help if you’re late or made a mistake

If you know you’re going to be late with a payment, have made a mistake or going to have trouble paying we can open discussions with the IRD and negotiate and propose repayment terms or the correction of an error. Remember voluntary disclosure is always best – go to them before they have to come to you!

 

Different business structures need to file different tax returns and we can assist with all of these:

  • sole trader/individual tax return
  • company income tax return
  • estate or trust income tax return: Estate or trust.
  • partnership or look-through company (LTC).
  • club or society Income tax return
  • Individual (with rental property, investment or other income) returns

There are a number of acceptable expenses that businesses can claim to reduce your tax liability subject to proper record keeping, some of these are:

  • Using your own vehicle in the business
  • Travel expenses
  • Using your home for the business
  • Business entertainment expenses
  • Research and development (R&D) loss tax credit
  • Environmental expenditure

Another deduction that can be claimed is Depreciation, this is the reducing value of your business assets due to wear and tear over time and/or use. This can be quite complicated and there are various methods of calculating accepted by the IRD and the method and application often depends on the asset, you may have various assets yet they may all be suit a different method of depreciation calculation.

 

Contact us to discuss what we can do for you and we are happy to quote on a no cost no obligation basis.