{"id":1747,"date":"2023-03-27T11:08:21","date_gmt":"2023-03-26T22:08:21","guid":{"rendered":"https:\/\/marketingwebsite.afirmo.com\/nz\/?p=1747"},"modified":"2023-05-23T07:27:15","modified_gmt":"2023-05-22T19:27:15","slug":"tax-responsibilities-for-small-business-how-to-stay-cool-with-inland-revenue","status":"publish","type":"post","link":"https:\/\/www.afirmo.com\/nz\/resources\/tax-responsibilities-for-small-business-how-to-stay-cool-with-inland-revenue\/","title":{"rendered":"Tax responsibilities for small business &#8211; How to stay cool with Inland Revenue"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Whether you\u2019ve just started a company with a couple of employees or you\u2019re going it alone as a sole trader, here are the must-dos to help you build a healthy relationship with the IRD.\u00a0<\/span><\/p>\n<h3><b>Get an<\/b> IRD<b> number for your company or partnership<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If your self-employment is only about you \u2013 i.e. you\u2019re a contractor, freelancer or sole trader \u2013 you can use your personal IRD number for all things tax related. See Afirmo\u2019s guide to <\/span><a href=\"https:\/\/www.afirmo.com\/nz\/sole-trader-nz\/\"><span style=\"font-weight: 400;\">registering as a sole trader in New Zealand<\/span><\/a><span style=\"font-weight: 400;\">..\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, if you\u2019re setting up a company \u2013 which means registering with the Companies Office \u2013 your business will need its own IRD number. See our guide to <\/span><a href=\"https:\/\/www.afirmo.com\/nz\/company-registration\/\"><span style=\"font-weight: 400;\">setting up a company in New Zealand.\u00a0<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re going into partnership with someone else, the partnership needs its own IRD number. Additionally, each partner needs a personal IRD number.\u00a0<\/span><\/p>\n<h3><b>Be\u00a0 v<\/b>e<b>ry particular about recording and claiming business expenses<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">When you pay for something that\u2019s used for your work, keep the receipt or a record of the payment. There\u2019s a good chance you can <a href=\"https:\/\/marketingwebsite.afirmo.com\/nz\/resources\/how-to-claim-business-expenses\/\">claim it as a business expense<\/a>, which will reduce your taxable income. Inland Revenue lets you claim these work-related things:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vehicle expenses<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rent paid on business premises<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Business-related insurance premiums<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mobile and landline phones<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stationery and printing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Work uniforms<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Travel and accommodation<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reference material \u2013 magazines, books, subscriptions<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Memberships \u2013 professional associations etc<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Some entertainment expenses (this is a tricky area for claiming, so check out the Inland Revenue guidelines for clarity)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Home office expenses<\/span><\/li>\n<\/ul>\n<h3>Do your tax return on time<\/h3>\n<p><span style=\"font-weight: 400;\">When the end-of-financial-year (31 March) rolls around for the first time, getting your tax return filed before 7 July is important. The tax you owe for your first year of trading will be due on 7 February of the following year..\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the return shows you owe more than $5,000 worth of income tax, you\u2019ll need to start paying provisional tax in three equal installments to cover your second year in business. <\/span><span style=\"font-weight: 400;\">You\u2019ll pay your first installment of provisional tax on 28 August, the second on 15 January and the third on 7 May.\u00a0 <\/span><a href=\"https:\/\/www.afirmo.com\/nz\/resources\/what-is-provisional-tax-for-a-small-business\/\"><span style=\"font-weight: 400;\">More about provisional tax.<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3>Remember that assets are different to business expenses<\/h3>\n<p><span style=\"font-weight: 400;\">Keep records for the purchase of business assets worth more than $500. These might include office furniture, computers, vehicles and work-related equipment. Assets suffer wear and tear over time, so you\u2019re allowed to claim depreciation for them. Inland Revenue sets the depreciation rate based on the initial cost and the expected lifespan of the asset.\u00a0<\/span><\/p>\n<h3>Don\u2019t forget your GST returns<\/h3>\n<p><span style=\"font-weight: 400;\">As soon as it becomes apparent that your business will earn more than $60,000 a year, <a href=\"https:\/\/marketingwebsite.afirmo.com\/nz\/resources\/how-to-register-for-gst-in-new-zealand\/\">you need to register for GST<\/a>. Even if you don\u2019t think you\u2019ll go over the $60k threshold, it might still be worthwhile registering for GST so that you can claim GST back on materials and suppliers you use.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During the registration process you need to choose whether to file <a href=\"https:\/\/marketingwebsite.afirmo.com\/nz\/resources\/what-is-gst-getting-your-head-around-gst-in-new-zealand\/\">GST returns <\/a>two-monthly or six-monthly. You also need to choose your accounting method \u2013 <a href=\"https:\/\/marketingwebsite.afirmo.com\/nz\/resources\/whats-the-difference-between-cash-and-accrual-accounting\/\">cash or accrual<\/a>. For simplicity, most small businesses choose cash accounting because it\u2019s more straightforward. R<a href=\"https:\/\/marketingwebsite.afirmo.com\/nz\/resources\/whats-the-difference-between-cash-and-accrual-accounting\/\">ead more about cash accounting vs accrual accounting<\/a>.\u00a0<\/span><\/p>\n<h3>Register as an employer if you have employees<\/h3>\n<p><span style=\"font-weight: 400;\">If you\u2019re going to hire people to help with your business and they\u2019re going to be employees, rather than freelancers who will invoice you, you need to register as an employer through myIR. To do this you will need your business IRD number, contact details, BIC (business industry classification) code and the date you start employing staff.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you\u2019re registered as an employer it\u2019s your responsibility to <a href=\"https:\/\/marketingwebsite.afirmo.com\/nz\/resources\/your-guide-to-paye-in-new-zealand\/\">deduct PAYE (pay as you earn) tax<\/a> from each employee\u2019s pay. Employees will need to complete a tax code declaration (IR33), so that you know how much tax to deduct. Tax codes are based on primary income, secondary income, student loan, Working for Families Tax Credits and income-tested benefits.\u00a0<\/span><\/p>\n<h3>Get sorted with KiwiSaver for your employees<\/h3>\n<p><span style=\"font-weight: 400;\">If you have employees you have to get organised with KiwiSaver, meaning checking if new employees are eligible to be automatically enrolled, enrolling them if they are, and making KiwiSaver deductions and contributions. Inland Revenue has a <\/span><a href=\"https:\/\/www.ird.govt.nz\/-\/media\/project\/ir\/home\/documents\/forms-and-guides\/ir1---ir99\/ks4\/ks4-2022.pdf?modified=20220330221040&amp;modified=20220330221040\"><span style=\"font-weight: 400;\">complete guide to KiwiSaver for employers.<\/span><\/a><span style=\"font-weight: 400;\"> We recommend you read it.\u00a0<\/span><\/p>\n<h3>Take care of essential financial reporting<\/h3>\n<p><span style=\"font-weight: 400;\">If you\u2019re a company, you need to provide a financial report at the end of each financial year. Minimum requirements are:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">a balance sheet setting out the assets, liabilities and net assets of your company at the end of the financial year<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">a profit and loss statement showing income derived and expenditure incurred for the year<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">a statement of accounting policies describing the basis on which the accounts have been prepared, and a description of any changes in accounting policies used since the previous income year<\/span><\/li>\n<\/ul>\n<h3>Remember to pay your ACC levies<\/h3>\n<p><span style=\"font-weight: 400;\">All New Zealanders pay ACC levies, including small businesses. As a business owner you\u2019re required to pay an ACC Work levy every year \u2013 this covers you and your employees. You also need to deduct the ACC Earner\u2019s levy from employees\u2019 salary or wages.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re a contractor, freelancer or sole trader, ACC will get information from<\/span><span style=\"font-weight: 400;\"> Inland Revenue <\/span><span style=\"font-weight: 400;\">after you\u2019ve <a href=\"https:\/\/marketingwebsite.afirmo.com\/nz\/resources\/tax-payment-due-dates\/\">filed your annual tax return<\/a>. There are two types of cover available \u2013 CoverPlus, the default option; and CoverPlus Extra. <\/span><a href=\"https:\/\/www.acc.co.nz\/for-business\/understanding-your-cover-options\/types-of-cover-for-self-employed\/\"><span style=\"font-weight: 400;\">Find out about ACC payments on the ACC site.<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3>Keep your records for at least seven years<\/h3>\n<p><span style=\"font-weight: 400;\">Tidying up is okay, but be very careful about what you throw out. Inland Revenue requires you to keep records and receipts for seven years \u2013 both electronic and hard copy. In particular, keep invoices, receipts, wage books, petty cash records, banking records, vehicle log books, asset registers, depreciation schedules and emails that back-up expense claims for travel.\u00a0<\/span><\/p>\n<h3>Ask for help if you need it<\/h3>\n<p><span style=\"font-weight: 400;\">The whole income tax, GST, ACC, KiwiSaver challenge is so much easier if you have an expert to help. That\u2019s where joining Afirmo comes in. Created for the self-employed market &#8211; freelancers, contractors, sole traders and small businesses &#8211; Afirmo is an online toolkit that helps with all the important tasks, so that you do the right things at the right time.\u00a0<\/span><\/p>\n<p>Check out Afirmo&#8217;s suite of Smarten Up tools:<\/p>\n<ul>\n<li><a href=\"https:\/\/marketingwebsite.afirmo.com\/nz\/our-tools\/sales-tool\/\">Sales Tool:<\/a> A professional sales invoice shows you mean business. Add your logo and get that professional image in an instant.<\/li>\n<li><a href=\"https:\/\/marketingwebsite.afirmo.com\/nz\/our-tools\/marketing-toolkit\/\">Marketing Toolkit:<\/a> The Marketing Tools allows you to create a new brand, get a logo and cool domain name and get online in an instant.<\/li>\n<li><a href=\"https:\/\/marketingwebsite.afirmo.com\/nz\/our-tools\/money-tool\/\">Money Tools<\/a>: Securely link your bank accounts to Afirmo and see your business performance and insights presented. When you categorise your transactions and match them to your business expenses and sales invoices with Afirmo you well get a complete picture of your business.<\/li>\n<li><a href=\"https:\/\/marketingwebsite.afirmo.com\/nz\/our-tools\/tax-tool\/\">Tax Software Tool:<\/a> Afirmo&#8217;s Tax Tool makes calculating your GST and Income tax bills a breeze. Afirmo&#8217;s tax tool is suitable for sole traders, Partnerships and Limited Liability Companies.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Keeping on top of your tax and deductions obligations, as a business owner, is your responsibility, but these responsibilities do not need to keep you up at night with worry. You do not need to go it alone taking care of these obligations. There is help out there and Afirmo is designed as a one stop shop for supporting you in meeting these obligations. If you are a sole trader, in a partnership, or if your business is set up as a limited liability company, <a href=\"https:\/\/marketingwebsite.afirmo.com\/nz\/our-tools\/tax-tool\/\">Afirmo\u2019s automated tax software tool<\/a> will ensure your tax is sorted. But Afirmo offers more than just tax support, we are an online toolkit that will streamline your insurance, marketing, quotations and invoicing too.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whether you\u2019ve just started a company with a couple of<\/p>\n","protected":false},"author":3,"featured_media":1863,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-1747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-and-tax"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tax responsibilities for small business - How to stay cool with Inland Revenue | Afirmo NZ<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/marketingwebsite.afirmo.com\/nz\/resources\/tax-responsibilities-for-small-business-how-to-stay-cool-with-inland-revenue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax responsibilities for small business - How to stay cool with Inland Revenue | Afirmo NZ\" \/>\n<meta property=\"og:description\" content=\"Whether you\u2019ve just started a company with a couple of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/marketingwebsite.afirmo.com\/nz\/resources\/tax-responsibilities-for-small-business-how-to-stay-cool-with-inland-revenue\/\" \/>\n<meta property=\"og:site_name\" content=\"Afirmo NZ\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-26T22:08:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-22T19:27:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/marketingwebsite.afirmo.com\/nz\/wp-content\/uploads\/2023\/03\/15-tax-responsibilities-for-small-business.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1067\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Brendan Wilde\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brendan Wilde\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/marketingwebsite.afirmo.com\/nz\/resources\/tax-responsibilities-for-small-business-how-to-stay-cool-with-inland-revenue\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/marketingwebsite.afirmo.com\/nz\/resources\/tax-responsibilities-for-small-business-how-to-stay-cool-with-inland-revenue\/\"},\"author\":{\"name\":\"Brendan Wilde\",\"@id\":\"https:\/\/marketingwebsite.afirmo.com\/nz\/#\/schema\/person\/7296591f4ef3162522de4fc3ef08730a\"},\"headline\":\"Tax responsibilities for small business &#8211; 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