I hunted through the message Board Topics and ended up back here. We still have a small business running and due to health reasons and lack of work etc some times things area bit lean, if you know what i mean.,,, Now we employ an accountant and every year we get a bill, last one was $3000, and they all about that amount.,,, So do we need an accountant to do our books each year or can we do it our selves, I know we need to pay tax, so how do we go about it if it is possible.
poco2hatch,
Feb 1, 5:18pm
If you contact IRD and ask for a meeting with a community relationship officer they will teach you what you need to know to do it yourself.
Very very helpful. You can go to them or they can come to you and they do evenings etc.
bitsy_boffin,
Feb 1, 5:30pm
No, you do not need an accountant.
But, if you're asking that question, I'd propose you at least need an accountant to check your figures.
What software are you using!
Are you GST reg'd!
What is the business structure!
Do you have employees!
petermcg,
Feb 1, 5:42pm
bitsy_boffin wrote: No, you do not need an accountant.
But, if you're asking that question, I'd propose you at least need an accountant to check your figures.
What software are you using!. Khan software
Are you GST reg'd!.Yes
What is the business structure!.Building
Do you have employees!.sometimes
mechnificent,
Feb 1, 7:06pm
Keep all your receipts, and at the end of the year either open a new book for the next year or add up all the invoices and then take the income record(book or list of invoices and amounts), and go see a tax consultant. I bet it will cost less then five hundred, they get the same extension on getting the file in as accountants do(which means you get more time too), and the IRD doesn't seem to question your end of year file if the tax consultant put the tax forms in.
zephyrheaven,
Feb 1, 7:09pm
3 grand is heaps - mines 1500 , does a great job
clark20,
Feb 1, 7:22pm
The really good ones have a loophole named after them and yes, they should pay for themselves, shop around for another and you may find his fees will drop.
big.b-lil.c,
Feb 2, 2:09am
get a diffrent accountant! my end of year is less than 1/2 that. do you do your own gst!
sr2,
Feb 2, 6:54am
+1. My accountant saves me money by having me do all the easy stuff (GST returns, sorting expenses.etc) and then preparing the returns. You need to find one that is enthusiastic about small businesses, easier said than done!
mechnificent,
Feb 2, 10:40am
If it's only the taxes that you need sorting then find a tax consultant. they are way cheaper than a accountant. Accountants are fine if you want all aspects of your business taken care of, and advice given about cashflow, equity etc, but they are bloody dear fellahs to do your taxes for you.
elect70,
Feb 2, 1:09pm
Use taxaccountantsway cheaper ( at least 50%) thanchartered accountants , & dont try to tell you how to run your buiness . They linkup to IRD so they dont get any comebacks or investigationslike if you try doing it yourself . Trust me been self employed 30 years & soon had gutsfull of chartered accoutants .
superdave0_13,
Mar 1, 12:54pm
For the sake of your health, time and piece of mind don't try and do it yourself, get an accountant to sort it for you. Preferably the same one because they will already understand your businessIf it's any consolation my accountants bill is around 40k a year!.
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