I have what some people would say is a lot of dogs at the moment.  A pack of five border collies ranging in age from the oldest at 17 ½ years old down to the youngest at 6-month-old.  Going for walks can be a very different experience each day depending on who I walk with who. The three middle dogs like to be off the lead, run ahead of me, ferret around in the bushes to see if they can flush out any rabbits to chase and coming back to check in with me to make sure we’re still all…

You’ll need to open a separate bank account to operate your business from.  This will need to be an account that is used solely for business.  Keep it separate from your personal accounts so that all your business income and expenses go in and out of it. If you need funds for your personal expenses, transfer the funds into your personal account and pay them from there, rather than using it to pay your personal bills.  This keeps it clean and tidy and draws a line in the sand between personal and business. You will need to keep all your…

You can register for PAYE at the same time as you register your business and register for GST.  But this will depend on whether you are planning on employing staff.  If you don’t have any plans to employ staff right at the beginning, then there is no point in registering.  If you are planning on employing staff, you will need to make a decision on what type of payroll system you will be using.  Gone are the days when you picked up a wage book from the stationery shop and calculated wages manually in the book. With IRD’s myIR system…

Getting the “stuff” ready for your accountant at the end of the financial year can be stressful for some business owners.  You can’t remember what they asked you for last year and you’d like to get it sorted so you know it’s under control sooner rather than later. Here’s list of the things most businesses will need to get ready: If you have used Xero throughout the year, a lot of this information could already be in Xero so check with your accountant if you are unsure.

Paying Accident Compensation Corporation levies is unfortunately something a profitable small business owner is unlikely to be able to avoid paying. Levies can go up and down depending on the type of year you’ve had. And just like provisional tax, if you have a profitable first year, you can end up being lumbered with two years of levies to pay after your first year of business. For salary and wage earners who pay their levies via PAYE, if they have an accident and get their claim accepted, ACC pay out based on 80% of their wage or salary after they…

If you are starting out in business and your turnover for 12 months is going to be above $60,000, then you will need to register for GST at the same time as you set your business up.  By “turnover”, we are talking about your total sales that you charge your customers or clients, not what is left after you take off the costs of running the business.  Turnover equals sales. If you’re not sure what your turnover is likely to be, this would be a great time to talk to your accountant about your plans and get some tailored advice…

What sort of entity should I be? Sole Trader, Partnership, Company or Trust? They type of entity you decide on will depend on your personal circumstances.  Being a sole trader, means that you are the only person running the business and you will be personally responsible for all business costs.  You’re solely responsible for any debt and that includes IRD for GST, PAYE & Kiwi Saver (if you employ staff).  At the end of the year, your net profit goes onto your personal tax return and you will be responsible for the tax payable. Operating as a sole trader means…

Running a business is like going out to Onepu Mountain Bike Park. If you haven’t done your research or been out there before, the temptation to go through the main track and head straight up past the sandpit to “The Ridge” to get up to the top is pretty high. For the uninitiated, the track straight up The Ridge is straight up and down. I think it would be safe to say you wouldn’t want to attempt it if you didn’t have a reasonable level of fitness, biking experience – or an e-bike. The first time I attempted it was with my…