FINANCE

Greenlion Will Guide You Through the Wilderness of Tax

Wednesday 30 October 2019, 1:41PM
By Beckie Wright
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Tax can be complex, and Greenlion’s expert team guides their clients through this complexity, allowing them to achieve their goals without undue obligations. As they say, “Let us guide you through the wilderness of tax”, starting with Tax Minimisation.

Your tax bill is calculated on your net profit, and you can reduce your tax bill by claiming as many valid business expenses as you can. You’ll need to keep good records, eg receipts and log books, and hold onto them for seven years — Inland Revenue will need to see these records if you’re audited.

The best way to manage your tax is to hire a tax agent, and Greenlion’s knowledge could save you time and money, thus avoiding any risk of having to paying interest or penalties.

Greenlion will tell you any of the costs involved in running a business can be claimed, and you might be able to claim some household expenses if you work from home, so again, keep all expense receipts and invoices you receive – you have to keep these records for seven years. Try to pay for anything that could be a claimable business expense through your business account, so you've got a paper (and electronic) trail.

Greenlion’s tax experts can help you develop the best plan and outcome to manage the wilderness that is tax for your business, so for more information on accounting firms Auckland, tax agents and business advisory services please visit the website at https://www.greenlion.co.nz .