You’ve taken the plunge to become a contractor. How exciting to be self-employed! But first – find an accountant! You’ll need to talk to an accountant who has experience in start-ups and help you set the right path from the get-go. An accountant will help you with registrations, accounting, tax compliance and even business growth.
First things first, you need to choose the right trading structure for your new venture and situation. You and your accountant will figure out if it’s best to register a company or not. Find out if you need to register for GST and on what basis you should register GST for. Your accountant should walk you through the pros and cons of GST registration periods, tax law compliant contractor invoices, GST and withholding tax calculations, insurance and how you should keep accounting records… the list goes on!
A contractor accountant must be able to provide guidance on your claimable expenses and home office, vehicle usage, travel and entertainment expenses. Discuss with your accountant the best way to save tax and structure your bank accounts. He or she will explain how provisional and terminal tax works, calculate your Kiwisaver obligations and owner drawings, and make sure you avoid unnecessary IRD interest and penalties. Simply put, your accountant should make tax and accounting easy and hassle-free for you, so
you can focus on growing your venture!
Choosing a contractor accountant may seem daunting – your needs are unique and there are no one-size-fits-all checklists you can find out there. It’s best to choose the right accountant who will advise you on a myriad of complex financial issues and help you keep your hard-earned income in your pocket! You’ll have enough on your plate with running your business and the last thing you need is missing a tax deadline or making sure your tax submission is accurate. You also don’t want to miss the opportunity to maximise
tax allowances.
Speak to us and let’s see if we’re the right fit! Flick us a message and our team will be in touch.
Your Outside Team
Address: Level 2, 182 Vivian Street,
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