At Gulf Accounting, David manages your accounts, deals with your queries and processes and prepares all returns and Financial Statements. This way, you can be confident that your business is fully understood and you know who to talk to, every time.
 
Gulf Accounting understands that meeting your accountant during the day can be inconvenient due to the loss of income for those few hours, travel constraints and the fear of leaving employees to their own devices ! Appointments after hours and in exceptional circumstances weekends, can be arranged.
 

GST

Gulf Accounting recommends that they prepare GST returns on your behalf, the benefits of this are:

 

  • At the end of the year most of the work has been done so no large bill looming.
  • Accounts are prepared correctly at the time which ensures no adjustments to pay at the years end
  • Saves doubling up of work. An accountant has to re-input your work anyway so it doesn't save you time or money in the end.
  • Profits can be monitored and end of year tax estimations provided so you don't get a nasty shock when it’s time to pay tax.

 

 

Income Tax

 

  • If you are about to start a business get professional advice on whether to trade as a sole trader, company, partnership etc.
  • Business profits can only be split between partners, shareholders etc based on actual work done, not based on shareholding or at artificial levels.
  • If you use part of your home for business you may be able to claim a portion of your homes expenses – whether rented or owned. See Using your home for the business (Claiming business expenses)
  • If you use a motor vehicle you must keep a logbook for 3 months every 3 years to ascertain the percentage of work use...

 

 

Inland Revenue

 

  • Inland Revenue’s mission is to administer the tax laws and to ensure that people pay the correct amount of tax. So if you are audited it could mean that errors detected are in your favour.
  • Inland Revenue are human. You should treat Inland Revenue officers like Police Officers. Rude and argumentative interactions do not foster a good relationship.li>
  • Inland Revenue is probably one few creditors that may write off unpaid debts. There are several factors to be considered before Inland Revenue would contemplate this such as ...