Tax is a puzzle that at times is tricky and confusing to solve, particularly tax returns.
You need to take responsibility to understand the basics of taxation.
In its simplest form, this means knowing when your various taxes are due for payment.
Next it means having a basic understanding how your provisional tax liabilities interact with your financial statements. This means you need to understand your financial statements – click here for more details. This is imperative to assist in your cashflow planning – click here for more details.
You then need to work with your accountant to ensure that you are correctly structured for tax purposes. Don’t assume that you know all the answers – the summary tax guide we use is 1400 pages long and that doesn’t have much detail in it. If you don’t already have one, why not take advantage of the tax accounting services offered by Accounting North. After all, it’s very easy to make common tax mistakes if you are unfamiliar with taxation law.
Structuring your affairs should always be seen as an investment rather than a cost. You want to ensure you pay the minimum amount of tax that is legally allowed. For example, that may mean taking advice as required to ensure the share ownership is correctly structured or that your loans are structured to allow interest to be deducted.
At Accounting North, we provide complete tax accounting services for all your business needs. Our team of professional tax consultants in Auckland have the skills and combined experience to help you overcome common tax mistakes, as well as obstacles that may hinder the growth of your business.
When you work with us, we’ll provide you the following:
- Record Keeping
- Tax preparation and filing of legal documents
- Interpreting financial statements
- Cash flow planning
Anytime you make a business decision, there will be a tax consequence. At the very least, you should ring us to find out if it’s simple and straightforward or whether the matter needs to be looked at further. It will give you peace of mind.
Read our white paper for more detail.