Opening new business, should I wait till April 1?

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Pwned

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Topic # 114664 26-Feb-2013 22:26

Hi all! We're planning to open a business (service centre). Since it's almost the end of tax year, is it wise to just wait till, say 1st of April to register or start trading? Unfortunately my accountant is on leave at the moment so I can't ask her. Maybe you guys can help us.

Thanks in advance!

itxtme

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Reply # 770862 27-Feb-2013 08:20

If you want to get cracking then the answer is no. If you dont plan to open for trading for a month your tax return will be very very simple, and you could do this one yourself, rather than relying on your accountant who probably charges 1-2K for a return. If you are ready to get going, there is no time like the present!

richms

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Reply # 771140 27-Feb-2013 16:40

If you buy stuff now you will be able to get a gst refund, and I assme have minimal sales till the next period. The refund may be helpful now. but you will be paying back next period when youre profitable.

Richard rich.ms

graemeh

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Reply # 771141 27-Feb-2013 16:42

Make sure you register for GST before you start buying stuff. It will make it easier to claim back the GST.

mattwnz

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Reply # 771142 27-Feb-2013 16:45

Speak to an accountant, and also a good opportunity to find a good one.

Pwned

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Master Geek

Reply # 771855 28-Feb-2013 17:46

Thanks for the replies guys. Appreciate it. All the best!

surfisup1000

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Reply # 771856 28-Feb-2013 17:49

Pwned: Thanks for the replies guys. Appreciate it. All the best!

The main thing is that you'll have to file a 2012-2013 tax-return and pay the accountant.

It might be cheaper to wait until april 1st to avoid paying your accountant to file a tax return.

Depends on how much you will be making in sales though -- if you wait you miss out on sales.

richms

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Reply # 771875 28-Feb-2013 18:53

You only need to start to worry about the accountant when you are depreciating stuff etc. If its all new this month then it should be straightfoward.

Richard rich.ms

Dairyxox

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Reply # 771943 28-Feb-2013 21:20

Depends if you need to make money? Carpe diem and all that...