Undeclared Cash Jobs.... The IRD is on the hunt
Posted by: Sara Fenwick
Date: 10 October 2016
The IRD are putting the construction industry in the spotlight to focus on cash jobs and making sure this income is declared. If you are registered for GST you must charge it, no matter how big or small the job. Choosing not to declare this cash income many have a considerable impact on your business and personal circumstances.
The IRD can and will audit your business, if your found in breach of undeclared income it could result in late payment penalties, shortfall penalties and even prosecution.
Is your business protected? Want to know more about audit insurance protection and what you can do to cover yourself and your business? Please give us a call 03 578 3386 or email us askme@tva.co.nz - we can help.
