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.
● 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.
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.
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.
