Most people in business avoid calling their accountant. It’s a bit like going to the Dentist – you don’t know what they’re going to say but you presume that it’s not what you want to hear and you always get a big bill for the privilege. However, like going to the dentist, not checking with your accountant before making business decisions can often lead to more trouble down the line. Your accountant can often save you money by structuring things efficiently or avoiding pitfalls. It’s usually easier to start out the right way than trying to fix it after the fact.
IMPORTANT: This post is specific to New Zealand. If you are not a New Zealand business/taxpayer then it is probably not applicable to you.
Last month I wrote about things that you should do BEFORE 31 March that could save you time or tax. This month I will highlight things that you should be doing now to make the process of creating your year-end accounts easier.