We offer a Xero-based monthly accounting service which includes your end-of-year tax returns and your Companies Office returns for one low monthly fee through our sister company iccountant.co.nz. 

www.howtolaw.co.nz is a New Zealand self help legal site presented in a "How To" format.

Find out about Court Procedure, Employment Issues, Intellectual Property, Personal Rights, Buying and Selling Property, Trusts and much more!

How much should I put aside for tax?
Generally speaking you should put aside 25-30% of your net income (net income is income minus cost of sales).  This will generally give you money to pay your tax plus some aside for ACC invoices and a little bit extra for unexpected things.

Should I register for GST?
There are advantages and disadvantages.  Being GST registered means you can claim back the GST portion of all business-related purchases.  A disadvantage is increased paperwork, as you will have to file GST returns.  GST registration is obligatory if the business is turning over more than $60,000 per anum.

How do I register for GST?
This can be done online at www.ird.govt.nz or by phone.  EpsomTax.com Ltd are happy to help you if you need assistance.

Should I form a company?
You don't have to - you can run your business as a sole trader or partnership.  However, this also means that you are personally liable for all the costs and also if anything goes wrong.  Forming a limited liability company does just that - it limits your liability to the money you have put into the company.  You can form a company online at www.companies.govt.nz or contact us for help.

Do I need separate bank accounts for my business?
We recommend it.  If you are being paid by cheque in the name of your business, you will need to either change the name of your existing account or open one in that name.

I've got LOTS of other questions!
Don't panic!  Feel free to contact us - we're happy to help.  There are also many online resources.  Click here to download a list of these (PDF Reader required)