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Paying taxes when self-employed

Paying taxes when self employed

Self-employed individuals have to carry out all aspects of their business on their own. This includes anyone who owns a small business, works as a sole trader, or provides contracting services. In most cases, individuals are able to start a business without setting up any legal provisions. 

If you are self-employed, you can use your individual IRD number to pay tax. The amount of tax you pay will depend on the net profit of your business and you can pay by filling out an individual income return. Once you start making $60,000 you need to register for GST. 

Due to COVID-19, there have been a lot of financial difficulties and uncertainties that individuals and businesses have experienced. Therefore, the government has created subsidies which may assist individuals through this period. It may be worth looking into these provisions as the tax requirements might have changed some of the usual processes.

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