Keeping Your Taxes Up To Date + Filed On Time
- January 28, 2021
- Posted by: admin
- Category: Finance & accounting
Choosing the best accounting companies in the Tauranga area for your tax returns is your first step to a freer, stress-free financial end of year period! Some questions and answers for the business owner.
- What does a tax accountant do?
Accountants are proficient in many aspects of financial accounting, and tax returns are a huge part of their business services. While lots of people opt to do their personal tax returns on their own instead of hiring a tax accountant, for businesses, that can become a lot more complicated. Accountants have to consolidate every expense receipt from the financial year, every payroll payment, every piece of withheld tax, every invoice (ingoing and outgoing) and prepare a tax return that is clear, accurate and filed on time. All this while taking into account the current tax laws in regards to businesses, or personal tax, and applying the correct brackets and percentages to every single aspect of the return.It can sound complicated to someone who isn’t a trained tax accountant, but for the accountant – it’s another day in the office. You can alleviate your stress of trying to do it all by yourself and let a professional take care of your financial end of year for you. No more headaches!
- If I hired a tax accountant, what would I need to do?
Hold onto your claimable expense receipts and make them available to your accountant. They won’t have instant access to everything you have, so make sure they gain access to everything they need from your financial records to make an accurate tax return.
- Is an accountant a necessary investment?
Many Tauranga businesses consider good accountancy services a necessary investment to keep their financial affairs clear and organised. Having a run-in with IRD over incorrect tax returns or missing tax bills is a frustrating process, and one business owners do not have time for. Therefore, an accountant is seen as just an essential part of the running of a successful business. While accountants are fantastic with tax, they are also great with payroll. This means that you could employ the services of an accountant and save yourself a dedicated yearly wage to hire a payroll officer. If you have a fair few staff, you would eventually have to hire a payroll officer to keep the payments flowing smoothly, but with an accountant, you can hire them for just the services you want and not have to worry about a yearly wage. Thistle Fern offers confidential and comprehensive payroll services and can even implement an easy-to-use system such as MYOB or XERO, with ongoing training for the staff who will be using it.
When seeking an accountant, you want to be sure you are securing the very best accountant businesses in the Tauranga region. Thistle Fern offers comprehensive services businesses love and regularly use to keep their financial operations from becoming an afterthought.
- What industries can Thistle Fern provide accountancy services for?
In a nutshell? Any and all of them. Our client base includes businesses involved in (but not limited to):
- Real Estate
- Transport & Trucking
- Importers & Exporters
- Professional Service Providers
- Tradespeople & Developers
Any business that is selling a service, or goods, or handles finances in any way – will need to file tax returns at the end of every financial year. This is so Inland Revenue can be clear about the business, its operations and what the business is worth. You may think that if you are making a loss that you don’t have to file a tax return, and that isn’t true. Regardless of profit, if you are trading in any industry at all, you can benefit from the services of a tax accountant.
- Is an accountant a necessary investment?
Absolutely! If your end of year expenses VS. income gives you a headache, then we are here to help. If you do not work on a PAYE basis, where your employer withholds tax from your wage themselves, then you probably are having to do your own taxes every year. This applies to freelancers, contractors, odd-jobs careers and the like. If you want all of your taxes from properties, budgeting, personal taxes and any other form of income organised and taken care of – we are 100% qualified to handle any and all financial consolidation – no matter how complicated it may appear on paper. Find out more here!