Those clients in the construction sector may hear from IRD soon regarding their obligation to declare all their income, including cash jobs – no matter how big or small – when they file their upcoming GST return and/or income tax return.
As your Tax Agent, we need to let you know that:
- Inland Revenue is getting smarter at finding people in their industry who are not declaring all their income.
- The consequences of being caught can include tax penalties, or criminal convictions that could lead to prison – which could have considerable impact on your business and personal circumstances.
- When we request your financial records you need to include cash jobs.
- We can provide you with advice on good record-keeping, ensuring all jobs are accounted for when your returns are due.
We have a responsibility and duty of care to ensure our clients declare all of their income, including any cash jobs.
How can we help you grow and improve your business or personal finances? Simply ask. The ABA accountancy team has a wide range of accounting experience and skills.