One of the downsides to operating as a contractor versus an employee is people must manage their tax obligations. Only certain occupations are subject to withholding. All other contractors must ensure they have put enough aside to cover their entire tax bill. It has a habit of arriving at the same time as GST! From 1 April 2017, contractors, including individuals and companies, can elect a withholding rate, with a minimum of 10%.
That will be welcomed by contractors as well as their accountants, who can often be the â€˜bearer of bad news.” If the contractor has not set aside enough money, the notification can come as a nasty surprise. However, the expert accountants at Adsett Braddock can guide anyone through the process. They will ensure people come to a solution that benefits them. Contractors currently subject to withholding will be able to elect their rate from 1 April 2017 (minimum 10%). That is only the case if they have previously met their tax obligations. It will allow for a more appropriate rate to be selected, avoiding under and over deductions.
Adsett Braddock provides a full range of business services to their clients. Indeed, there is a comprehensive list on their website for anyone to read. The specialists who work for this brand focus most of their efforts on taxation, accounting, and business advice. Their in-depth knowledge and expertise help to ensure all clients achieve the best outcomes. That is why so many contractors in New Zealand come back to them every single year.
The team aims to develop a close relationship with everyone they assist. They can help to manage all business needs by providing advice tailored to the client. That is why the company has built such a fantastic reputation since they started trading. Accountants employed by this brand are 100% committed to sourcing the best information. That is the case, regardless of the individual circumstances involved. Best of all? Prices are kept as low as possible to ensure they remain competitive.
Anyone who would like more info should get in touch with the team via their website. Alternatively, there are some contact details under this paragraph. Regardless of the amount of profit a contractor makes, these guys will identify the best tax options available. So, don’t hesitate to make contact and see how the accountants could help anyone to save a lot of money in 2017. It could be the best thing any contractor does this year.