Accounting for Small Business | Advice | Blog | Beany - Part 12
The Beany Blog

Tax Refunds & Their Seductive Power

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Who doesn’t love a tax refund?  Even I get excited at the thought of getting some money back from the government – it feels like ‘free money’.

So when we see all the ads on the TV for the wahoo moment, of course we sign up to get our money back in the form of a tax refund!

However, here’s some additional things to think about: Continue reading “Tax Refunds & Their Seductive Power”

All You Need To Know About GST Registration

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What Does GST Registration Mean?

Goods and Services Tax (GST) is a tax on most goods and services in New Zealand, most imported goods, and certain imported services. GST is added to the price of taxable goods and services at a rate of 15%.

How Does GST Work?

GST is a tax that you collect on behalf of the government. You charge GST in your sales and income and claim it back for your purchases and expenses. You then calculate the difference in your GST return to work out if you have to make a GST payment to the IRD or if you are to receive a GST refund from the IRD. Continue reading “All You Need To Know About GST Registration”

Claimable Expenses Fact Guide

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Our Claimable Expenses Fact Guide outlines what exactly is a claimable expense.

PRO TIP: If you can relate the expense to the production of income, it can be claimed.  

What this means in practice is that anything which helps you earn money is claimable.

However you do have to exercise some judgment about this.  A lot of clients think that their gym fees are a claimable expense as they need to keep fit and healthy – er, No.  That’s a personal expense. Likewise doctor fees and health insurance. Continue reading “Claimable Expenses Fact Guide”

Business Structures Part 2 – Extra Things To Think About

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Welcome to the second part of our Business Structures help guide (see part one here), where we focus on helping those interested in starting a business, but unsure of which business structure to go with.

When setting up a new business there are more things to think about than just the company structure. Continue reading “Business Structures Part 2 – Extra Things To Think About”

Business Structures Part 1 – What Is Best For You?

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Making the right decision regarding your business structure can save you money and aggravation, and this document is designed to give you some background information on the options, if you are thinking of starting a company.

You will probably have heard most of the common types of business structures, and there are some general considerations to think about, but everyone will have a different situation.

We advise that if you are trying to make a decision, give our accounting team a quick call on 0800 755 333. We are happy to help.

There are various types of business structure, and they include: Continue reading “Business Structures Part 1 – What Is Best For You?”