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| Thread ID: 77971 | 2007-03-29 07:24:00 | Should I run it as a business | george12 (7) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 536762 | 2007-03-31 20:57:00 | So, I will start saving/paying income tax from my laptop sales from today..... George, this may not be a very good idea. If you're trading through TradeMe or any other online outlet, I'd lay money on you already being in the IRD computers as an active dealer and they will have no problem tracking your sales history I'm sure. You might consider declaring your profits from the date your sales stopped being a "hobby" and became a "business". . ... I won't see an accountant, but I might give the IRD themselves a call, they have always been very helpful. I have no personal experience of GST, but we operated a small B&B for years and never had an accountant....just simple "Money In" and "Money Out" columns plus the odd item that had to be depreciated, in a notebook that was photocopied and sent to them with our return every year. It's quit surprising the number of expenses that can be legitimately claimed when working from home...in our case, a %age of running the home itself was a business expense IRD never queried anything ever and I visited them a number of times for general advice and got the same answer.....we were too small and as long as we kept and returned accurate records we would have no problems. I have no idea what their threshhold for being designated as "too small" is. Good luck with your venture. |
brig (1359) | ||
| 536763 | 2007-03-31 22:18:00 | Mine were always $500. I've never paid $500 GST in my life. I guess you're right about their motives for it. I have had many 'fines' and never had to pay one, only to ring up and sort it out. It was $250 for not sending in a return I thought I'd done, and I just rang them and told them I owed nothing for the return (which was true) and they said they'd take care of it and the fine would disappear, and I didn't have to do the return. The letter that had the $250 fine before painted a rather more drastic picture to get me to call. I could talk to my accounting teacher I suppose, she used to be an accountant. That would at least be free. Oh and thanks Chilling Silence. This is how I'm saving to go to America next year (not permanently, don't worry, just for 8 months). Maybe I'll bump into SurferJoe while I'm over there. as a gst registered trader I think you can also claim back gst you have paid worth researching george. |
beama (111) | ||
| 536764 | 2007-04-01 05:03:00 | Well I'm about to do a new thing. Neither of our various enterprises amounts to a lot separately and its becoming a headache keeping track of it all. I don't want to be a company but I figured there was a way to bundle them all together. Turns out you can, its a partnership. Just a fnacy IRD term for bundling the lot together but it will mak my accounting easier. |
pctek (84) | ||
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