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Claiming on Meetings at Cafes & Restaurants

January 31, 2018

Sometimes you might take employees, clients or prospective clients out for breakfast, lunch, dinner or a coffee and muffin to discuss work related matters and pay for it all. IRD allow you to claim 50% of these costs as an entertainment expense. If you are GST registered you can only claim 50% of the total cost for GST and also 50% for your annual …

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What Do I Pay Income Tax On When I’m In Business?

When you operate a business, each year you are required to prepare financial reports showing all of the business income and expenditure incurred which will result in an overall net profit or loss for the year. If your business makes a profit you will pay income tax on this profit in your income tax return – if you’ve got wages income as well the …

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Business Trading Structures

Sole Trader A Sole Trader is basically when you go out and do something for money but are not actually employed as an employee by a business or person. You use your own IRD number for invoicing and all profits are declared in your personal tax return. Being a Sole Trader is a good choice in that it’s easy and inexpensive to get started …

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Should You Register Your Business For GST?

If your expected annual turnover (sales) will be $60 000 or more you’ll need to be GST registered. This basically means you’ll need to charge your customers 15% more on your pricing for GST – then account for and pass this on to Inland Revenue with your GST return each 1,2 or 6 months. If your turnover is expected or is less than the …

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Can I Be An Employee Of My Own Company?

Yes your company can become an employer and employ you via the payroll. This means that each pay day PAYE is deducted from your wages and on the 20th of each month the PAYE get’s paid to IRD. Your wages become a cost to your business. You need to keep a wage book/record of each person’s pay each week – software that does this …

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