Opening new business, should I wait till April 1?

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Pwned

105 posts

Master Geek

#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

2053 posts

Uber Geek

#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!

Sharesies kids

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richms

26419 posts

Uber Geek

Trusted

Subscriber

#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

2078 posts

Uber Geek

#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

19389 posts

Uber Geek

#771142 27-Feb-2013 16:45

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

Pwned

105 posts

Master Geek

#771855 28-Feb-2013 17:46

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

surfisup1000

5288 posts

Uber Geek

#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

26419 posts

Uber Geek

Trusted

Subscriber

#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

1591 posts

Uber Geek

#771943 28-Feb-2013 21:20

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