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Playing by the rules

With the holidays approaching, many homeowners are wanting to finish odd jobs around the house and garden. In Canterbury in particular, with thousands of homes still needing repairs, tradespeople and contractors may be asked to squeeze in extra weekend work to get jobs done before the break.

 

A small number of business owners may forget to declare all or part of their income from "on the side" or "cash" jobs. Self-employed people are legally required to declare their taxable income. Keeping accurate records of all transactions and declaring all income not only meets your obligations but is good business practice.

What may feel like a shortcut at a busy time of year may be illegal. In addition, the more complete and accurate your income records are, the more value there is in your business.

If you find you’re being called on for out of hours work and don’t feel you have enough time for the admin let alone the job, you can always keep a note of the details so there’s an accurate record to make invoicing quick and easy in the new year. Ideally, invoice as you go so your clients can pay you before they go on holiday.

Find out more about paying tax and record keeping.

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