Income tax is the tax you pay on the income your business earns each year. The type of return you need to file depends on how your business is set up.
Getting your income tax return right each year means more than just meeting a deadline. It’s an opportunity to make sure you’re paying the right amount of tax and claiming what you’re entitled to. We work with you to prepare and file your returns accurately and help you understand your tax obligations, including any provision tax payments that may be due.
How we can help
The return you need to file depends on how your business is structured. If you have more than one entity, the order you file in matters too. Here is what we cover.
01
An IR4 is the annual income tax return for companies. We prepare and file yours, reconciled against your financial statements before sending it to you for review and approval. Once approved, we file the return on your behalf with IRD.
02
An IR3 is the income tax return for individuals and sole traders. We prepare your return and ensure all relevant income is included and treated correctly for tax purposes, including business income, rental income and investment income.
03
A partnership is required to file an IR7 return, alongside the individual tax returns for each partner. We prepare both and ensure income and expenses are allocated correctly between the partners.
04
Trusts have their own income tax return, the IR6. We prepare yours with distributions to beneficiaries accounted for correctly, alongside any related company or individual returns.
05
Provisional tax is income tax paid during the year, based on your expected tax liability. We calculate your provisional tax obligations and let you know how much is due and when, helping you plan for upcoming payments.
06
Depending on your circumstances, there may be tax matters worth considering before your balance date. We can talk through these with you and help you understand how they may affect your tax position.
Questions
More questions? Please reach out to our team.
Financial statements show how your business has performed during the year, including its income, expenses and profit, as well as what it owns and owes. Your income tax return is filed with IRD and calculates the tax payable based on your taxable income. Both are prepared as part of the year-end accounting process and need to be consistent with each other. We prepare both and make sure they are reconciled before anything is filed.
Yes, with conditions. For a home office, you can claim a portion of your rent or mortgage interest, rates, insurance and power, based on the area used for business. For a vehicle, the claimable amount depends on the split between business and personal use. For a phone, a reasonable business-use percentage applies. We work through all of these with clients and make sure you are claiming what you are entitled to.
If you miss an IRD filing deadline, penalties may apply, and if tax is overdue, interest and late payment penalties may also be charged. If you have missed a deadline, it is important to address it as soon as possible. Please get in touch and we can help you understand what is outstanding, determine next steps, and liaise with IRD on your behalf where needed.
Let’s talk
Book a no obligation discovery call with Jeremy to discuss your business and how we can help with your tax obligations.
"*" indicates required fields
