| Accounting ~ for small business |
Financial statements are an important part of any business, not only helping you track your profitability for tax purposes but also essential for helping you track your business growth.
Financial statements are structured records of your business and it's financial activity; reporting your profit/loss and equity all in one place. In addition to this they have also been used for banks and finance companies when applying for finance, so getting them right is essential to your growth and future.
INCOME TAX RETURNS
Tax returns are unfortunately a compulsory part of a business, they are the reporting of financial results to the Inland Revenue Department.
These income tax returns must be completed on an annual basis and generally, result in penalties (which can accumulate and become hefty) if not completed.
Thankfully AMTax Solutions can ensure these are completed on time; giving you back your time and ensuring your business doesn’t pay more than it needs to.
XERO TRAINING & SUPPORT
Xero is a user friendly, cloud based accounting software system geared for small business’s.
Multiple Xero packages are available, assisted by skilled support and training, you will have the ability to choose what best fits your business needs.
Accurate financial information is at your fingertips with this system. Accountants are also able to produce financial statements directly from Xero; saving your business time and money.
if your business income exceeds $60,000 it is compulsory to become GST registered with Inland Revenue Department; you can however elect to register voluntarily if your business income is under $60,000.
Goods & Services Tax (GST) is an additional 15% tax on most business income & expenditure, with some exceptions.
When you register for GST you are agreeing to file regular GST returns, you can elect to file these on a one, two or six monthly basis.
It is important to ensure you register for GST before you reach the $60,000 threshold; this ensures you don’t have backdated GST returns to file and your business avoids unnecessary penalties.
Payroll processing is the regular recording of employee hours and calculation of wages, excluding the Human Resource area.
Increasing regulations are being placed around ensuring employees are, under any circumstances, paid correctly. Also, with many different types of deduction calculations and reporting may be challenging for your business. So, letting us take care of your payroll lets you spend more time on other areas of your business
In 2019 “payday reporting” will become compulsory which means your PAYE returns need to be filed every time you pay your employees.
PAYE returns are becoming ever more complex with the various deductions (Kiwisaver, Student Loan, Child Support etc) that now need to be included, at the same time it is vital you get them right as they directly impact your employees.
PAYE Returns are compulsory records that must currently be completed on a monthly basis reporting to Inland Revenue how much you have paid your employees and how much tax etc you have deducted.
If you have any doubts or questions in this area then assistance is advised. If you find this area tricky then AMTax Solutions can ensure your returns are filed on time and accurately; leaving you more time and less stress.
With work life balance being in the forefront of most proprietor’s minds, and the need to ensure your business books are up-to-date and accurate, we offer bookkeeping services leaving you more time to spend doing the things you enjoy.