A 12-month plan designed for new business owners starting out, who may want some extra guidance around business structure, accounting software setup and training, and more.

We will provide you with guidance and support on what you'll need to do to establish and commence running your new business

We can provide advice on the best business structure for your needs and take care of establishment and registrations

Set up your Xero file so it's optimised for you and give you initial training so you start off in the right way

Preparation of a budget tailored to your business and input into Xero so you can track how you're going

Starter pack

We set you up with the right Xero subscription and manage your payments.

Xero monthly subscription

We set up your Xero file so it is optimised for you and your business.

Xero setup

We prepare your GST returns ready for you to review and pay. We also remind you of when and how much to pay, and even send an alert if you forget! Requires Xero.

Prepare GST

If you would rather be doing something else, let us do your bookkeeping for you. We love coding and checking and you can relax knowing it's all done right, and on time. Requires Xero.

Bank reconciliation

An hour of training on how to use Xero to it's full potential.

Xero training

We'll set up your Xero file from scratch, then give you the training you need to use it to its full potential.

Xero setup & training

The end of the financial year in New Zealand is on the 31st of March. Stay on top of your finances and start the next financial year in the best possible shape with this guide.

BUSINESS ADVICE  •  14 FEBRUARY 2025  •  7 MIN READ

Prepare for the end of the financial year in New Zealand with our guide - discover key dates, tips for preparation, and strategies to stay organised.

A guide for the end of the financial year in New Zealand

As the end of the financial year approaches, business owners in New Zealand prepare to close the books. In this guide, we break down everything you need to know on navigating EOFY, including key dates, preparation tips, and strategies to stay organised.

The end of the financial year in New Zealand is on March 31st. It’s an important time for many of us, with many responsibilities to keep in mind as 12 months of financial activity comes to a close. It is also a good time to reflect on our financial situation, review our expenses and revenue, and plan for the year ahead.

There are many deadlines for various tax-related activities, such as the filing and payment of tax returns. As these deadlines draw near, it’s important to stay on top of your finances to ensure a smooth transition into the new financial year.

The financial year in New Zealand is different from the calendar year, running from 1st of April to 31st of March the following year. If you are a business owner, this provides an opportunity to review your financial performance, plan for the future, and ensure compliance with your tax obligations.

Tax compliance is a crucial aspect of EOFY, as you must file your annual income tax returns and pay any outstanding income taxes before the deadline. Financial reports are necessary for maintaining a clear and accurate understanding of your past year (both of which are made easier by efficient business management). It’s also a good time to review and update your insurance coverage, so your business is properly protected from any unforeseen events.

It’s important to note the end of the financial year is not the only deadline for businesses. For business owners who file income tax returns themselves, the deadline is the 7th of July. However, if you are working with an accountant (such as Beany), you may be eligible for an extension of time (EOT). The deadline for filing with an EOT is the 31st of March the following year.

It's important to check with the IRD to confirm the eligibility for the EOT, as not all businesses will qualify. There are many things to be aware of throughout the financial year - our key tax year dates calendar provides a comprehensive list of key dates, so you can keep on top of your compliance and reporting responsibilities. The IRD has more information on filing your tax return if you're interested in knowing more.

What do I need to prepare for the end of the financial year?

There’s a lot to keep in mind during the end of the financial year. To make things easier, we have created a checklist to make sure your EOFY process goes smoothly. Using this as a reference will also help you prepare for the next financial year.

Get a good accountant – it’s not too late!

Accountants help make sense of your finances and prepare your accounts and tax returns at the end of the financial year. You’ll want to ensure you are paying the right amount of tax, have an idea of the size of your bill and when you need to pay it, as early as possible.​

If you’re concerned about fees for accounting services, here are two tips:​

The easier it is to find and interpret your financial information, the cheaper your accounting bill will be. This is another reason to get a good system (e.g. Xero) in place

Ask your prospective accountant for a fixed price quote so there are no nasty surprises (we only work on fixed fees)

Don’t underestimate the difference to your overall tax position that an accountant can deliver!​ 

Read more: How to find the right small business accountants

Go through your debtors (people who owe you money) before the end of the financial year. If you’re sure they are a bad debt and will never pay you, write them off now. You don’t want to pay tax on income you’re unlikely to receive.​

Go through your list of assets (fixed asset register) and make sure that you have, and are using, every asset listed. Pay particular attention to electronic devices that you may have since upgraded.​​

You’ll probably find items that are no longer used, have been thrown away, stolen, or sold, or traded in for an upgrade.​​

Write them off now and take the tax deduction. 

Read more: 7 top tips business owners should know to reduce your tax bill.​

Is your vehicle logbook up to date – recording all business and personal kilometres for at least 90 days? Without a logbook determining your business/private use, you are restricted to 25% claim for expenses, which can make a big difference at year-end.​​

The information from the logbook can be used for up to three years provided there are no significant changes in the vehicle’s use. 

If you’re interested in this topic, we have an in-depth blog on business vehicles.

Make sure that you are carefully recording all your creditors (people the business owes money to).​ Recording all liabilities accurately can reduce your tax bill.​

Review your financial records for the year to ensure that they are accurate and complete - this includes your income, expenses, assets and liabilities

Assess whether you have any money owing (and if you’re owed anything)

Organise any receipts or documentation that you (or your accountant) will need to complete your accounts and tax return

Review your fixed assets to check they are all still in use and make a note of any that need removing (if they have been sold or are obsolete, etc).

Perform and record a stock take - make note of any obsolete stock!

Consider consulting with a tax professional (such as Beany) to ensure you are taking advantage of all possible tax deductions, and whether an accountant can prepare your financial statements

Make sure you are aware of any upcoming deadlines

Reflect on the past year and produce a budget or forecast for the next financial year.

Think seriously about using a bookkeeper in the new financial year. If you’re not confident about what goes where, or are as time-poor as most business people, then a bookkeeper can help input information into your system correctly. You may be surprised how little it can cost – what takes you four hours may take a bookkeeper only two. It will certainly free up your time to do something more enjoyable. Do some research online or ask your colleagues/mates – there is no shortage of good people out there.​

Beany offers bookkeeping services so you can focus on running and growing your business.​

Read more: How to make bookkeeping as stress-free as possible

Using an accounting software package that does what you need is vital to businesses. If you haven’t updated for a while, or are new to business, you’ll be astonished at what’s available these days. The start of a new financial year is the perfect time to switch to an accounting software, such as Xero.

Read more: 7 ways to enrich your business with Xero accounting software

Do you need all those entities and tax structures? Maybe you need two companies and three trusts – maybe you don’t, or maybe you need to restructure from a sole trader to a company.

Although there are short–term costs to close these down, it is well worth it to stop ongoing compliance costs. Talk to your accountant to discuss your situation.

Read more: Business structures - what is best for you?​

New or upgraded business software seems to be available every day – is there anything you can automate to save time and money? Can your apps be integrated into your accounting system, or with each other?​

Colleagues and friends may provide useful nuggets of information.​

Business can get complicated and when it does, accounting records and systems often follow suit.​

Avoid burdening yourself with multiple companies, trusts, and structures. They are rarely worth the hassle.

Only use multiple codes for different items if the different codes genuinely help you run your business. Sometimes more information leads to poorer decision-making or less business agility.

Set up a system for recording your business income and expenses directly, in one place.  Some businesses keep paper invoices, which they then enter into a spreadsheet, which then gets sent to an accountant, who inputs it into their accounting software. If this works for you and your accountant, that’s fine, but there are more efficient ways of doing this.

If you’re adding complexity – which will, inevitably, add cost – then make sure you’re getting a good return. Sometimes it’s worth it, sometimes it’s not.​

Digitise all important paper documents and save them, along with your relevant electronic documents, in an orderly way. Key documents to save include:​

Fixed asset invoices or large repair bills over $1,000

Year-end bank, credit card and loan statements

Ideally, you’d save them to your accounting system, but there are alternative solutions. It’s also helpful if you add detailed descriptions on the transactions – your accountant will appreciate it!

Tax and business planning for the next financial year

As the end of the financial year approaches, it's important to review how the past 12 months have been for your business. This is an opportunity to review how your business performed and assess how you’re tracking with your goals. This analysis will help for the coming year, as you set budgets and identify areas for growth.

A good way to assess your financial performance is to look for any trends in your revenue and expenses. Maintaining proper budgeting and cash flow is important when setting financial goals for the coming year, as it allows you to identify areas where you can cut costs, prioritise expenses, and make informed decisions about where to allocate resources in order to achieve your goals.

You should also assess the resources you need for the coming year, such as staff and equipment, and incorporate this into your forecast. Seeking professional help from an accountant can be beneficial here - we offer a range of services to take the weight of accounting off your shoulders.

Beany makes your end of financial year a breeze

The end of the financial year can be a complex and time-consuming process for businesses. However, by reviewing your financial performance over the previous year, setting realistic financial goals, and updating your business plan, you can navigate this period with ease.

We understand the importance of the end of the financial year, and are here to help. Your team of experts can help with tax compliance, preparing financial reports, and keeping on track with your financial goals.

They can also assist with producing accurate budgets and forecasting for the next year, so you can make the important decisions for your business. Stay on top of your finances and start the next financial year in the best possible shape with Beany. Book a call to discuss your business today.

Beany Resources delivered straight to your inbox.

Business advice

Hear from Fred as he turned a passion project for friends into a fun game that's helping London singles date, workplaces connect and others worldwide create memories.

CUSTOMER STORY  •  07 FEBRUARY 2025  •  6 MIN READ

Chicken Rush - the ultimate hide-and-seek adventure for social and corporate events

Meet Fred, Founder and Head Chicken of Chicken Rush

Imagine racing through the city streets chasing a chicken 🐥

Yes, it’s as brilliant as it sounds and exactly what turned Fred’s passion project for a few friends into a unique business.

Chicken Rush, inspired by ‘Ou est le Poulet?’ (which is French for ‘where is the chicken?’), is a game that incorporates hide-and-seek with technology. Someone dressed up as a chicken hides in a bar with location tracking and a slowly shrinking circle that helps teams of players track down the chicken, all while completing challenges and trying to slow down the other teams.

Fred started developing the software simply as a fun game to play with friends, however it was such a hit after the first few test games that he decided the software could be released to the public so people could create their own game. Beyond this, the first key market for organised games were singles looking for a fun and more interesting way to date. The first three events were held over a six-month period, growing bigger each time, from 40 to 60 to 100 participants. 

“We made a few videos and one of them in February 2023 did well on Tiktok so we suddenly had a lot of people wanting to know how to play this game.” said Fred.

From that early success, It’s hard to believe that the dating-theme came about by accident. “Someone misheard me and thought we were doing a game just for singles. Suddenly I had a lot of people asking when’s the next dating chicken hunt so I went along with it.”

A whirlwind year followed which saw people all over the world self-hosting their own games. Meanwhile, organised events in Madrid and New York saw 50-60 strangers playing. Advertising towards corporate groups also proved successful, something Fred admits he should’ve considered earlier.

“We’ve had a lot of companies in the last eight months use Chicken Rush to organise social events. Brands that I would have never expected to be interested were playing the game. There were brands that you think would never chase chickens, who were out there chasing chickens. Honestly, it’s been a dream come true.”

When asked about his biggest win or moment of enjoyment in his journey so far, Fred recalls wearing a chicken costume in Times Square and no one blinking an eye being a fairly iconic memory.

“They probably just saw a guy who wants to wear fancy dress. I felt strange wandering around in that costume, but we did some really fun marketing shoots.”

Another part of the journey that has been a favourite for Fred is seeing people actually play his game. Talking about his past experiences as a developer he shared how it’s very rare for developers to meet the end user and they’re often shooting in the dark as to whether the development is good or not.

“With a lot of tech-enabled entertainment, you don’t know how fun it is and whether it’s working until you’re in the room with the users. ”

Fred mentioned that many developers struggle with the lack of direct engagement with end users in their work. For him, creating this game was a unique opportunity to witness people enjoying and interacting with his creation, making the experience both rewarding and satisfying.

Like many entrepreneurs, Fred initially faced the challenge of wearing multiple hats. He was not only the head chicken but also the developer, marketer, and admin person. Balancing these roles was a struggle, and he often found himself doing two jobs poorly instead of one job well.

“We’re getting to the point this year where I can delegate more effectively because we have some cash to do it.” says Fred.

With two amazing hosts for the London-based games, as well as administrative support, it freed Fred up to be able to focus on improving the game.

“The hosts have been brilliant. There’s only so many times you can wear a chicken costume, and I didn’t know what my limit was but I found it last year, so now I’m actively trying not to wear it myself.”

The dating events could also be tough at times; people were matched by hand, and if players pulled out they’d have to find more people to attend and rework the teams. Having the corporate games helped and was the turning point that made Fred realise it was a serious business. 

“Everyone told me for months that corporate is where the money is as there’s more budget for this sort of thing. I listened but it took a while for me to clock on and start advertising it. Since then it’s been super positive and we’ve had really good reviews.”

Before Beany, Fred found accountants unresponsive. “There’s not many sectors where you pay for a service and then you feel like you’re having to hunt them down to deliver it.” Even when asking around, others agreed that you just have to hound your accountant because they’re busy and that’s just how it works.

However, a friend's recommendation for an accountant who provided “peace of mind” led him to Beany. “You’ve just been responsive and blown me away by the tech side. We just did our first tax return and I like the fact I could just upload information, download my return, review it and then just press approve and it gets sent off. It was legendary really.”

As a sole founder, Fred also reflects on how different the creative and tax hats are and the difficulty of switching between them. “I think the two most different hats are creating a fun game and making sure your tax is on time and you’re confident in it. It’s hard to stop, pause and forget about the creative stuff and work on your admin, so having that person who does have your back on that side has been really good.”

When asked for advice for other business owners, Fred shares how “the ease and speed that you can build something new has completely changed, even in the last two years.”

Inspiring us with some great advice, here’s the tips he provided:

Make use of all the different tools available. If you have a dream there are now ways to build almost anything, or at least a basic version of it.

As soon as the product works, get it out there. Don’t wait for it to be perfect. With short-form content on Tiktok and Instagram, you have a shot at getting an extreme amount of reach and unlimited testers. This means you can build fast, test fast and iterate quickly.

When it comes to reaching your audience through social media, just jump in and try not to focus on the “I should tweak this” voice in your head. “Some of the videos I felt were good did poorly and some which I felt were bad did well. So just chuck everything out there and something might stick.”

These are some great words of wisdom for any new entrepreneur, whether you’re in the tech space or not.

Version 2 of the game was recently launched, and was being played just 3 hours later, featuring upgrades inspired by games like Mario Kart.

“Before we were just a hide-and-seek game and it’s a race to find the chicken and you can do tasks along the way, but now we’re doubling down on that. You can find stuff hidden around the cities and use them to inconvenience other teams while you hunt for the chicken.”

Players will also soon be able to run their own games more easily, with this improvement coming in the next couple of months. 

Fred also intends to expand advertising to other cities, including Melbourne, New York, Dublin, and Berlin. “Up to now we only advertise in London and anyone else that finds out about us is through word of mouth or just randomly seeing us on social media, so this is the first time we’ll be advertising in other cities. It’ll be cool to test the waters.”

Fred’s story is a testament to the power of creativity, innovation and a willingness to take risks. It’s a great reminder for entrepreneurs everywhere that sometimes it’s the craziest idea that might lead to the greatest success.

We are so excited to see Chicken Rush continue to grow. Hopefully, there’ll be chicken costumes taking over every corner of the world.

You can find Chicken Rush at https://chickenru.sh/ 

We're an online accountant for New Zealand businesses. Our accounting package covers year-end compliance including end-of-year accounts and tax returns, tax minimisation, and unlimited support. We also provide additional services such as bookkeeping, GST returns, payroll and more. ​

If you'd like to discuss your business' accounting and how we can help, book a call with one of our friendly team.

Customer story

Starting a limited company? Don't let accounting and tax issues hold you back. This guide covers common pitfalls for new business owners and how an accountant can save you time and money in the long run. 

NEW BUSINESS  •  4 FEBRUARY 2025  •  6 MIN READ

Starting a limited company in New Zealand? Don't let accounting and tax issues hold you back. This guide covers common pitfalls for new business owners and how an accountant can save you time and money in the long run.

Starting a Limited Company in New Zealand? Avoid These Costly Mistakes (and How an Accountant Can Save You)

Starting your own company in NZ is thrilling, but don't let the excitement overshadow the importance of getting the basics right. Even small errors can have big consequences down the road. 

In this guide, we’re going to talk about the common mistakes to avoid when starting a company in New Zealand, and how an accountant can save you time and money.

A company is a common business structure in NZ - it separates from its shareholders, owners, and directors. This means a company has its own rights and responsibilities, and the shareholders are not personally responsible for the company’s debts and liabilities beyond their investment in the company.

Limited companies can offer tax advantages, increased credibility, and easier access to funding, making them a popular choice for businesses of all sizes. However, they also involve more administrative work and compliance requirements compared to other structures like sole traders. If you’re interested in this topic, we have a more in-depth blog on advantages and disadvantages of limited liability companies. 

If you’re unsure about whether to start a company, it's best to consult your accountant, or talk to Beany if you're not working with one. Book a call

*Company and limited company are used interchangeably in this guide.

Common mistakes to avoid when starting a limited company

Let’s make sure you start your company on the right foot - from getting the right share structure, knowing all your tax obligations, to getting professional help.

Mistake #1: Messing up your company ownership

Imagine your company is a pie. Share structure is how you slice that pie and decide who gets which pieces. It might seem easy. But how you divide those slices can have a huge impact on your business now and in the future - such as how much control do you have? How profits are shared? How easy is it to get investment in the future?

Many new business owners make mistakes with their share structure. They’re not clear about different types of shares, who has voting rights, and how dividends are paid out. Talk to an accountant, ask them to create a share structure that works for you so you can avoid problems down the road.

When starting your company, tax can be complicated. Failing to understand what taxes you need to pay and when you pay may lead to missed deadlines, penalties and unnecessary stress.

In NZ, the common company taxes are GST, income tax, and PAYE. If you’re unsure about what they are, always consult with an accountant to ensure you're meeting all your obligations.Also, mark key tax deadlines in your calendar and set reminders to avoid missing crucial filing dates.

Read more: a guide to limited company taxes.

Mistake #3: picking the wrong business category

Picking the right Business Industry Classification (BIC) code might seem like a minor detail, but it's actually important when you start your company in NZ. Think of it as a quick way to tell the government what your business is all about. And here's the thing: your BIC code can impact things like your ACC invoices. 

Choosing a code that's too broad or doesn't really match your core business activity can create some unexpected headaches down the line. That's where an accountant steps in - they’re experts at navigating the ins and outs of BIC codes and can help you find the perfect match, saving you potential hassle and making sure you're getting charged correctly by ACC.

Mistake #4: No trading doesn’t mean no to-dos

It’s easy to assume a newly formed, non-trading company doesn’t need to file anything. IRD requires income tax returns from all limited companies, regardless of whether they're actively trading. While it might seem like a pointless exercise to fill in "0" on most lines, it's a legal requirement to avoid penalties and potential removal from the register.

One of the common mistakes when starting a company is not having your finances in good order. For example, you may be mixing your personal and business finances, losing track of receipts, and relying on spreadsheets. 

Accurate and organised books are the backbone of a successful business. This isn't just about staying compliant with IRD; it's about having a clear picture of your company's financial health. Without proper bookkeeping, you're essentially flying blind, unable to track profitability, identify areas for improvement, or make informed decisions about the future.  

An accountant can help you establish efficient bookkeeping systems and ensure you’re meeting the legal requirements.

Read more: Bookkeeping top tips for business owners

Running a company without a budget is like setting sail without a map or a destination in mind. You might enjoy your ride for a while, but you’ll get lost in the end. A budget is basically a forecast of how your business is expected to perform financially. It helps you secure funding, make smart spending choices, and track your progress along the way. Without one, you're relying on guesswork and hoping for the best. 

Luckily, accountants are pros at creating realistic financial forecasts, tracking those all-important numbers, and helping you make data-driven decisions.

It's tempting to think you can handle all your accounting and tax yourself, especially when you're starting out and every cent counts. You might be confident with numbers or have some basic bookkeeping knowledge. But beware – this seemingly cost-saving approach can quickly turn into a costly mistake. 

Without an accountant, you may find yourself overwhelmed by constantly changing tax rules, regulations, and deadlines. This can lead to filing tax returns incorrectly, miscalculating taxes, missing out on valuable reliefs, allowances, and deductions, and wasting hours trying to figure out unfamiliar accounting software. An accountant is your strategic partner, they’re more than a number cruncher. We have a blog on finding the right accountant for your small business.

While setting up a company alone is possible, an accountant is your co-pilot for a smoother journey. Their expertise can save you time, money, and headaches, letting you focus on what you do best, building your business. Book a call with one of our team members for a chat on how we can help with your accounting and tax.

Starting a company in New Zealand? Avoid these costly mistakes (and how an accountant can save you time and money)

New business

Should I be a sole trader or a company? Find out which structure is right for you.

BUSINESS ADVICE  •  31 JANUARY 2025  •  5 MIN READ

Sole trader or Company in New Zealand? Find out which business structure is right for you. This guide breaks down the pros and cons, answers FAQs, and helps you make the best choice for you.

Sole Trader vs Company in New Zealand - Making the Right Call

Having the right business structure is crucial for your business. Our guide on sole trader vs company breaks down their key differences and answers the burning questions you may have.

You’ve got some thinking to do. Evaluate the pros and cons of each of these business structure types and the right path should make itself clear.​

A sole trader is a person trading on their own. People who opt for this business type can usually get started without any formal or legal processes.​ It’s one of the most common business structures in New Zealand. Other business structures are company, trust, and partnership. 

In New Zealand, a company is a separate legal entity from its owners (shareholders). Amongst the benefits of having a company structure, one stands out: the business assumes ownership of assets and responsibility for debt.​ If you’re interested, read more on advantages and disadvantages of a limited company. 

We’ve outlined the pros and cons of sole trader vs company in New Zealand: 

Quick and cheap, you can start trading with your own name and personal IRD number

You are personally entitled to all profits

First-time provisional taxpayers may be entitled to a 6.7% tax discount 

You’re able to employ others (except yourself and family members) to help run the business 

You control, manage, and own the business

You’re personally liable for business taxes, business debt, and any claims made against you. In some situations, even your home can be placed at risk

Profit can’t be split for tax purposes. If you earn a reasonable amount, the highest tax rates will apply

You can’t employee family members without IRD approval

Your business gets a more commercial look and feel (it's perceived as a sign that you can be trusted to be here for the long-term)

You get a degree of tax flexibility, with the option of retaining profits in the company or paying them out to shareholders

Your personal liability is restricted, which gives business owners some protection from creditors and other claims

Shareholders’ liability for losses is limited to the value of their shares in the company

Incorporation costs money - you’re able to do it yourself on the Companies Office website. Check how much you’ll need to pay for company incorporation. 

Your company must produce annual financial statements and file its own tax return.

The limited personal liability of shareholders doesn’t extend to directors. If you, as a director, fail to carry out your statutory duties (they’re set in the Companies Act), you may be personally sued for breach of duty

The company must file an Annual Return with the Companies Office each year (different from a tax return to the IRD). Your Annual Return and its $60 filing fee. Learn more on company taxes.

The Companies Office and Inland Revenue have strict procedures for companies to cease operations. These include cancelling GST and PAYE registrations, distributing company assets (which may have GST and tax implications), preparing final financial statements, as well as additional shareholder and director resolutions. * The exception is when 80% of a company’s services are provided to one customer. Or, when 80% of the company’s services are performed by the sole shareholder.​

Whether to choose a sole trader or a company structure depends on your situation. To help you decide, ask yourself these key questions:

How much personal risk are you comfortable with?

Do you expect growth in your business? Do you need investors?

How important is the professional image for your business?

How much time are you willing to put into paperwork?

We recommend you talk to your accountant. If you’re just starting out and need to set up your business correctly, book a call with one of our team members to discuss your situation (and your accounting/tax requirements).

Can I restructure from a sole trader to a company later?

The simple answer is YES. The highest tax rate for individuals is at 39%, however, the company tax rate is 28%. It may be tempting to reduce your income tax by moving from a sole trader to a company. However, IRD may well consider this tax evasion if you have no other reasons for changing your business structure. We’ll discuss more details on restructuring from a sole trader to a company later.

Restructuring a business in New Zealand is straightforward enough to do but have you considered if you need to in the first place? Ultimately it depends on your situation.

With Beany, we don’t charge any more to look after a company than a sole trader or partnership (but some accountants might charge more). You can set up a company through Companies Office website or we can set it up for you when you become a client.  Once a year, you also have to file an Annual Return to Companies Office which costs $45 – unless you’re a Beany client – we do it for free!​

Learn more: upcoming individual tax rate changes (from 1st April 2025).

When to think about restructuring my business from a sole trader?

You might start thinking about changing from a sole trader to a company when your business really takes off. As a company, you can protect what you've personally built up, especially if things get a bit risky in the business world. Plus, if you're thinking about bringing in investors or landing those bigger contracts, having a company structure just looks more professional. 

Basically, if you feel like your business needs a more solid foundation to keep growing, it might be time to look at restructuring things and see what your options are, like maybe becoming a company.

One advantage of having a company structure is that you may be able to keep profits in the business and not have them added to your personal income, which means you don't pay extra tax on them right away. This is awesome if you want to reinvest that money to grow your business even more. Another perk is being able to split the income with family members who are part of the business, which can sometimes mean paying less tax overall.

Sign up to Beany accountants!