InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

Should I Spend More Money to Save Tax?

January 31, 2018

People often ask us if it’s a good idea to spend money to save tax. The idea is by creating additional expense the business can claim the cost as an expense in the business income tax return. This does work but it depends on a few factors. The key thing to understand is that when a business buys something it doesn’t “get back” the …

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How Can I Pay Myself From My Business?

There are a couple of ways to pay owners of a business and to account for the income tax on these. The most common way is the owner taking drawings – drawings are withdrawals from the business for personal use. The alternative is wages – the owner will become an employee of the business and PAYE will be deducted each payday like any other …

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First Year in Business Do I Pay Income Tax?

A common myth people often share is that “you don’t have to pay income tax for the first year in business”. The fact is any profit earned will require income tax to be paid to Inland Revenue, it’s more a case of when you have to pay. In the first year of trading you don’t make any income tax payments to IRD. After the …

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End of Financial Year – A Quick To Do List

With the end of the financial year coming up (on 31 March) now’s a good time to do a bit of preparation work towards having your annual financial reports and tax returns prepared. By doing these few things now it can save a lot of back tracking later. Over the next week or so please take action with… Debtors – make a list of …

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Understanding Current Accounts

One topic clients are often confused about is current accounts and we’re often asked to explain how these work. What are current accounts? They are how accountants record and report a business owner’s investment in their business (and / or rental property). When a business first begins the owner usually invests some money to buy assets and stock, pay rent, spend on advertising and …

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