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What is a Tax Agent and what we can do for you

What is a Tax Agent and what we can do for you

What is a tax agent?
Certified public accountants, tax attorneys, and certain other types of professionals can act as tax agents. ...
tax agent may give advice about your liabilities, obligations and entitlements under taxation law and can deal with the Commissioner on your behalf in relation to tax matter.

Starting a new business?

Get the best structure for your business and get your IRD Number and GST Registration (if applicable) sorted by the professionals.
Making the right decisions from the start can save time, hassle and money. Speak to our specialist team today.

BOOK YOUR FREE FIRST CONSULTATION NOW

Understand your financial situation with a free consultation and find our where we help. Speak to us or email us today.

  • TEL:07 863 4438
  • EMAIL: aps.accounts@xtra.co.nz

INFORMATION FOLLOWS:
Business Taxation

Need Advice and Assistance with Tax Returns? Leave your personal and business tax to us

Let us help with your tax queries, offer planning and advice to manage your personal and business tax returns, assisting you right from when you register with the Inland Revenue Department. We will provide easy to understand, sensible advice on all your tax related questions. Leave all your accounting tasks to us and we promise to take care of things so you can focus on your business.

Professional Advice on all things Tax Related

● Easy to understand advice on all tax related questions
● Tax deadlines taken care of
● IRD dealt with on your behalf
● Personal and business tax returns completed
● Accurate, complete tax records held
● Accountants who can answer your tax questions at any time in our office, via Skype, or at your premises

New Business Tax and Accountancy Services

We have over 20 years experience assisting clients in all types of business start­ups. Minimising tax is always a priority for start­up businesses and we know the ins and outs.

New business discussions include:

● Trade as a sole trader, partnership or company
● Register for GST
● Salaried or contractors tax requirements - PAYE or Witholding Tax

Choose the tax accounting services you require:

● IRD requirements and tax planning
● Budgeting and forecasting
● Preparation and submission of GST Returns
● PAYE filing
● Advice about the Companies Office
● GST registration

End of Year Accounting

Fees are priced affordably
With our knowledge and expertise, your end of year accounts and business tax returns will be well prepared. We are familiar with the issues small business owners face and our tax advice we provide will prove invaluable to you.

Throughout the year-end process we will do as much as we can for you, keeping your input to a minimum and allowing you to get on with the important things, such as running your business.
Once we have acquired the small amount of information from you necessary to get the ball rolling, we will get on with things on your behalf with little work required from yourself.
You will find our pricing extremely competitive and affordable.
Why choose Glenfield Tax Accountants?

● Years of experience at providing reliable support to small businesses and start-up businesses
● Industry specialists
● Easy to understand, trustworthy advice
● The business relationship we build with you will become incredibly valuable
● We will handle requirements of the IRD and Companies Office on your behalf
● Tax advice explained simply, ensuring you are well prepared and educated
● We will ensure your tax requirements are met on time
● Important advice on taking financial control
● We help you plan for the future
● Professional service at a great price

Rental Property Tax

If you are thinking of buying a rental property as an investment you need a clear understanding of how the rental property business works and the tax implications involved. You need to make sound financial decisions and seek professional advice on having the right structures in place, including if you should have the property in your name, a trust or an LTC (Look Through Company).

Getting the most out of your Rental Property Investment

Forecasts are an important factor when investing in a residential property. They ensure you get the best return for your investment. Glenfield Tax Accountants provide help with forecasts on your property investment, revenue returns, financial position and potential growth, explained in an easy to understand manner. We work with people who want to make the most out of their rental property, maximising their profit.

Things You Need to Know about Rental Property Ownership

● Rental income has to be taxed the same year you receive it
● There are some expenses that you can claim for including maintenance & repairs and council rates & land tax
● There is no GST on residential rental property. However, if you own an investment apartment with a management agreement in place, there may be GST implications to consider
● If you decide to sell the property you may be liable for tax when you sell.

Income Tax on Rental Properties

The income you receive from your rental property is liable for income tax. This income can either be from renting out the property, land, buildings etc, or it could be income you receive from boarders or flatmates who reside with you.

Still unsure of your tax obligations? Call us for a free consultation.

Tax Deductions

There are certain expenses relating to maintaining and renting out your property that you are eligible to claim for. These may include:
● Interest payments and loan fees
● Council rates and land tax
● Advertising for tenants
● Depreciation of white ware and furniture
● Property inspection travel costs
● Maintenance, repairs, gardening, pest control

For more information on what you can claim for, give us a call. Capital Gains Tax There is no capital gains tax in New Zealand. However, if you were to sell the property for a profit, that profit is taxable. For a more in depth review on the above, please call us for a consultation.

Starting a Business

If you’re looking at starting your own company it’s wise to get specialist advice from professionals:

● What to do next and why it’s beneficial to you
● How a Limited Company works
● Checking your business structure to ensure it’s working best for you
● Knowing the requirements of Inland Revenue and the Companies Office
● Making sure everything is in order and nothing is left undone

Take Control of your of Meeting your Tax Obligations

Starting out in business can be a daunting prospect and meeting your tax obligations should be top priority. With the right back-up and professional advice you’ll be left with a sense of understanding, confidence and total control over your tax obligations.

Understand your Business Performance

Our highly skilled team can help perfect your business plan and assist with budgeting and cash flow by making informed decisions about your spending, advising on how to stay on top of your tax payments and ensuring you have enough money in your bank account to pay the people you need to, when you need to.

So how can we help?

For a small fee we can help you on your way to forming a successful business by providing the following services:

● Company Incorporated (we pay the Companies Office fees)
● All requirements of the Companies office met
● First minutes
● No auditor document
● Company register
● Resolution memo
● All requirement of IRD met
● IRD number
● GST registration if required
● Employer registration if required
● One hour interview to answer all your questions

We also provide a free 30 minute consultation via email or phone after your company is formed to answer any questions that perhaps didn’t arise during the initial stages of setting up your business.

Call us now to book your free, no obligation appointment to discuss any questions or queries you may have.

Sole Traders

Setting up as a sole trader is a quick and easy way to start up in business and requires the least cost, as there are no legal or formal processes in getting started. This means that you’re in complete control of your business and the profits you make are yours. This also means you’re solely responsible for debts and liabilities. Glenfield Tax Accountants can show you the best way to manage your income and offer advice on protecting your business.

Filing your first Tax Return

In your first year of trading, you don’t file an income tax return until after the end of the tax year. However you will need to take advice on managing your cash flow and ensuring you have funds available to pay your first tax bill when it arrives, easing cash flow in your second year.

Why is a Business Plan Important?

Glenfield Tax Accountants can put a simple business plan together for you, which eliminates the stress of having to think about your tax obligations. Very few successful small businesses function without a professional accounting firm guiding them. On your own, you’re unlikely to be aware of all aspects of the tax system. It is definitely beneficial to choose an accounting firm that deals primarily with small to medium businesses, and has the understanding of what’s involved in starting out as a sole trader. Give our friendly team a to discuss your business requirements.

Unpaid Taxes – How Serious Is It?

Leaving taxes unpaid is serious business and can result in costing you a lot of money. It is crucial that you resolve the issue as quickly as possible to avoid penalties and interest on late tax payments and tax returns. It only takes a short amount of time for tax debt to get completely out of control.

Are Issues around Unpaid Tax Payments Solvable with IRD?

In most cases they definitely are. The resolutions we bring about almost invariably bring huge relief to our clients and are resolutions our clients would not have thought were in the realm of possibility. Without a doubt, the penalties and interest IRD imposes on late payments of tax arrears are vicious. However if IRD did not enforce these penalties, large numbers of people would not pay their taxes, and if they did not charge interest that was higher than the banks, people would use IRD as a bank. For instance, if people like property developers could have the use of money they should have paid to IRD for overdue taxes, at a lower rate than what the bank would charge them, then they would use IRD’s money. If you need advice on sorting any overdue payments, call our team for a free assessment.

Problems with the IRD?

Are IRD Problems Over Tax Payments Solvable?

In most cases they certainly are. Not only that, the resolutions we bring about almost invariably (1) bring huge relief to our clients and (2) are resolutions our clients would not have thought were in the realm of possibility. Without a doubt the penalties and interest IRD imposes on late payments of tax arrears are vicious. However if IRD did not ‘overcharge’ large numbers of people would not pay their taxes. For instance if IRD did not charge interest that was higher than the banks people would use IRD as a bank. For instance, if people like property developers could have the use of money they should have paid to IRD for overdue taxes, at a lower rate than what the bank would charge them, then they would use IRD’s money.

The problem is that people like you who are not deliberately evading paying their overdue taxes are caught in their net. There are most probably genuine reasons why you haven’t paid your tax arrears – these could range from health reasons, downturn in the economy, bad business decisions, broken relationships, money you haven’t received for work you have done, loss of a close relative etc etc.

If you are in trouble with IRD over unpaid taxes it is VERY serious. It is important that you resolve the issue as quickly as possible. As explained above it doesn’t take long for the tax debt to get completely out of hand due to IRD’s penalties and interest on late tax payments and late tax returns. There are different penalties and interest charged on overdue Income Tax Debt, overdue GST Debt and overdue PAYE debt. There also different additional penalties for late filing of Income Tax Returns, GST returns and PAYE Returns.

Why Can’t I Just Ring IRD About My Tax Problems – Tell Them My Plight and Ask Them to Please Make It All Go Away?

It would be good if you could just ring IRD about your tax problems and tell them the particular reasons why you have unpaid taxes and persuade them to let you off your tax debt. For obvious reasons it doesn’t work like that. Otherwise every Tom, Dick and Harry would be ringing IRD to explain why they shouldn’t have to pay their tax arrears. Your problem with overdue taxes which you have no way of paying is actually a legal problem. IRD is not allowed to let you off in this manner even if they wanted to or because they feel sorry for you because Tax Legislation will not allow them to do this (except for very small amounts). For this reason you need a Tax Specialist experienced in dealing with your type of Tax Problem. There is a whole series of procedures that must be followed otherwise the result you are hoping for will not happen – the only result you will get is what you are getting now – pain!

GST

You must register for GST if your annual turnover exceeds $60,000. You may be charged penalties if you fail to do so.

Goods and service tax (GST) is a tax that applies to most goods and services in New Zealand. You charge GST in your sales and income and claim it back for your purchases and expenses. The difference in your GST return is then calculated to see if you need to make a GST payment to IRD or receive a refund from them.

Save time and ensure you claim on all the business expenses you can claim back by employing Glenfield Tax Accountants can do your GST returns for you.

We will help you decide which accounting basis is best for your business, and also which taxable period is most suitable. Please see the options outlined below.

When do I need to submit my GST returns?

You also need to decide on an appropriate taxable period. You have 3 options for this: monthly, two-monthly or six-monthly. The standard taxable period is two-monthly. Only small businesses may apply for the six-monthly option.

Give our friendly team a call to discuss your requirements.

Payments Basis

GST is accounted for in the taxable period in which you make or receive payment. This option is suitable for small businesses as it means you usually only account for GST when payment is received from the customer. This is to your benefit if your payment terms are lengthy. However, this also means you can only claim GST on purchases and expenses after making payment to your supplier.

Invoice Basis

GST is claimed when you receive or issue an invoice, or receive and make a payment – whichever comes first. Adjustments are made at the end of the taxable period for creditors and debtors. GST claims are made on purchases and expenses before making payment to the supplier, except for second-hand goods. A potential disadvantage of this option is that you may have to account for GST prior to receiving payment. You will also need to produce a list of all your creditors and debtors at the end of the tax period to account for the items you have received or issued an invoice for but aren’t recorded in your cashbook.

Hybrid Basis

This option incorporates the ‘payments basis’ and the ‘invoice basis’. You claim GST on your purchases and expenses using the payments basis, and you account for GST on your sales and income using the invoice basis. No adjustment is needed for creditors. However, you will be required to keep a list of your debtors at the end of the tax period to account for the items that don’t appear in your cashbook.


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PO Box 25 Waihi Beach 3642, Western Bay of Plenty, New Zealand.
AccountingPayrollSolutions.co.nz
E-Mail:  aps.accounts@xtra.co.nz