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Money - Where Does it all go?
(source: business.govt.nz)
Tax and finance are essential parts of being in business. Getting them right can save you time and money, and ensure you comply with the law.
After talking to small businesses like yours to understand where we can support you, we’ve created a new section called tax and finance.
Our new content covers everything from payroll deductions to GST, with tips and advice on topics such as how to reduce your tax bill, setting budgets and getting paid on time.
We know you’re interested in tax – page views for our tax section have quadrupled in the past three years, from an average of 5,000 a month to 22,000.
“As with everything we do, we want to make tax and finance easier for small business owners, managers and advisors so they can get on with running, and growing, their businesses,” says Matt Kennedy-Good, manager of Business.govt.nz.
“We’ve focused on the areas that small businesses told us they care most about, like how to get your tax types right, figuring our tax when you have employees and of course how to reduce your tax bill.”
Knowing when and what to do when it comes to tax is important, so there’s a guide to making tax time easier. Key steps involve getting your records in order, using the right systems, planning (and saving) ahead, and getting help when you need it.
Real business owners offer their experiences of setting up a business, and share their tips to help your business.
Vicky Ha of House of Dumplings understands that part of running a successful business is knowing what you’re good at and where you need help.
“I hate numbers and details. I had to find the right people to do that stuff for me. If that means paying people, that’s necessary because you need to concentrate on what you’re good at.”
All the basics are covered, including income tax and GST, as well as best practices for record-keeping, how to get paid, and payroll deductions.
Common pitfalls are highlighted, including spending money rather than setting some aside for tax bills, and forgetting to let Inland Revenue know about changes to your business circumstances.
And there’s helpful tips on how to legally reduce your tax bill. Filing on time and claiming for valid expenses can go a long way to cutting that bill.
When it comes to finances, it’s essential to keep a handle on what money goes into your business and what goes out.
Cash flow, budget, profit and loss statements, balance sheets – these all help you understand how your business is performing. We’ve outlined the big issues in our Introduction to business finance.
Check back as new visual guides will be added later this year, including one on making tax simpler and another on how to reduce your tax bill.
If you have any feedback on the content please let us know via the Contact Us page. Or if you’d like to help shape our tools and content for small businesses like yours, join our Customer Group.