Whether you’re a sole trader, contractor or employer, there are a number of important tax changes you need to know about. Check out how they apply to you.
From 1 April 2018, your business will have the option to pay provisional tax only when you make a profit. The Accounting Income Method (AIM) also allows you to get refunds throughout the year. Your accounting software calculates how much tax to pay for each filing period – monthly or every second month.
From the start of April businesses can choose to report payroll information every payday instead of monthly. This is voluntary from 1 April 2018, and compulsory from 1 April 2019.
You need to start thinking about how and when you’ll opt in.
Payday filing (external link) – Inland Revenue
From 17 April 2018, you’ll see a range of changes when you log in to myIR, designed to make tax simpler for you.
The ‘My GST’ section will change to ‘My Business’, and you’ll be able to:
What’s changing for businesses (external link) - Inland Revenue
Laws to combat global tax evasion have been in place since 1 July 2017. Financial institutions including banks now have to gather information about tax residency from new and existing account holders.
If you’re a foreign tax resident, you’ll be asked which country you’re a tax resident of, and you’ll have to provide your tax identification number (TIN) details.
What this means for you (external link) – Inland Revenue
Contact Inland Revenue on 0800 377 774.