Slater Chartered Accountants Blog — Self-employed

QUESTION: I’m a contractor or consultant but I'm now employed. Should I deregister from GST?

ANSWER: The short answer is NO. At least not yet.

Registering and de-registering from GST add time and/or costs, so you don’t want to be jumping in and out of this decision on a whim. Give it some time. A new job as a contractor or consultant and the paid holidays, public holidays and sick days look good and regular. But the trouble with the grass being greener is that someone still has to mow and fertilise the lawns, and most times that gardener is you!  Being your own boss does give you freedom and control. However it's important to let the dust settle and decide what your long term views and wants are. As long as you're technically available to take contract work or unsure of the long-term then its fine to stay registered for GST and keep filing returns.

What size business are you? What size accounting firm should you be with? This is important stuff.

If you're an SME (small to medium enterprise) you'll benefit from being with an SME accounting firm that matches you in size, approach and issues. Why? An SME Chartered Accounting firm faces the same daily worries you face. There are tax challenges, staff issues, cashflow, and sales and marketing matters to deal with.

Hot off the IRD Press. On 1 April 2015 changes to the tax treatment of employee allowances will take effect. Allowances are payments made to an employee in addition to their salary or wage and can include payments for accommodation, food or clothing. The changes clarify the tax treatment of employer-provided accommodation, accommodation payments and other allowances or payments made by employers to cover employee expenditure. It's worth checking out the IRD website every so often to see whether any of their recent "news" updates apply to you. That being said, Slaters tends to keep abreast of the developments and if there are any major changes or developments, (such as the recent verification requirements due o the Money Laundering Bill) we will notify our clients and let you know. Employee wages and costs are often one of the greatest outlays for any business and it's important to remember that good team members are often worth hanging on to. When you find the right people for your business who work in with your goals and expectations as seamlessly as is possible, it's important to treat them accordingly. This can involve a number of strategies that maintain workplace happiness and high productivity.

Christmas is just about here but the good news is Slater Chartered Accountants will operate with a skeleton staff throughout January. Our doors will reopen on the 6th January, so if you need us, we'll be available. Where other firms shut down entirely, we've always had the view that keeping a few people on improves service. So if you're a client or in need of financial advice or accounting help, there's someone to take the load off your shoulders and help you through. The office doors close on the 20th but Brett and Brad are both available via email. All...

If you’re under 25 and own a handheld, you’ll know all about Instagram. It’s become the main pic sharing avenue over the past couple of years. So much so that small business has also been taking a closer look to see if there’s any advantage in joining the process to boost their business sales. Those businesses that can benefit from showing customers pictures of their business products and services in action have found Intsagram one of the most successful new marketing trials since email. They can also just use images as a kind of service point of enjoyment with no...