What are the relevant laws and regulations a business must comply with?

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As with anything in life you have the freedom of choice however also be aware that with every choice you make there is a consequence.  In this instance you have the choice to either take care of your business compliance responsibilities yourself or to engage the services of a professional such as ourselves.

Let’s take a look at each option.

DIY

When anyone goes into business there are a number of compliance considerations they need to understand. Whether they are tax or employment related, health and safety for your staff, or Companies Office reporting requirements, it’s important to understand and manage your compliance. Non-compliance can have an impact on your business and in some cases penalties may be imposed if you fail to meet your obligations.

There many compliance considerations however let’s talk tax compliance for a minute.

  • There has been talk recently on how the penalties mount up increasing the debt far beyond the original amount of GST, PAYE and Income Tax owing.
  • Believe me when I say that through experience in dealing with clients, who have come to me as a result of not addressing their unpaid Taxes, I have seen the financial hardship they have endured due to IRD Late Payment Penalties. I have also seen the health issues e.g. emotional, stress related and depression etc. not to mention the effect it has on the person’s relationships.
  • I personally am at the point now that I am reluctant to take on a case where a person has ignored the advice above, because if you can’t pay the IR what’s due how can you pay me to address your situation which can take a considerable length of time.
    •    Information available for the DIY: –
      • There is a an IR article titled tool for Business
      • Business.govt has a handy tool to help you find, understand and manage your government compliance obligations. “Compliance Matters” allow you to select a compliance topic relevant to your business and create your own action list of compliance tasks to manage when it suits you.

Engaging a professional

As can be seen from searching the DIY option there is a very real risk of getting the compliance wrong. One way to minimise that risk is to engage the services of a professional such as ourselves. Not only have we been in business for a considerable time, belong to various professional organisations, are Registered Tax Agents. We also have Professional Indemnity Insurance.

When you do engage us it is like you are paying for an insurance policy to minimise the risk of you getting it wrong. We will manage all of the compliance for you, for a negotiated monthly fee. You will find that our Focus Package is ideally suited for Small Businesses and self-employed contractor’s registered for GST.

Thank you for taking the time to read this. I trust that the above has been informative and if there is any aspect that you wish to discuss further please contact us.

Disclaimer: This publication has been carefully prepared, but it has been written in general terms only. The publication should not be relied upon to provide specific information without also obtaining appropriate professional advice after detailed examination of your particular situation.

 

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