Business Basics | Understanding Expenses and Record Keeping for Sole Traders

Not all business expenses are treated the same way. In this video, we'll explain the difference between revenue and capital expenses as well as the difference between business and private expenses and what you can claim in your income tax return.

Starting your own business can be pretty exciting. Being your own boss, working on the projects you want to, and being responsible for your own tax matters. In this series, we cover some of the key topics you need to know before getting into business. Not all business expenses are treated in the same way. In this video, you will learn the difference between business and private expenses and what you can claim in your income tax return: https://www.ird.govt.nz/managing-my-tax/record-keeping

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More information:

Businesses, organisations, non-profits and charities have certain tax obligations when setting up. They may also have obligations with other government agencies like the Companies Office or Charities Services. Find out more: https://www.ird.govt.nz/setting-up-a-business-or-organisation

If you liked this video, why not watch more of our Business Basics series: https://www.youtube.com/watch?v=RdjH34_TFbE&list=PLEOLlaTZfeti2efaNfgEcara1F8S7XLxC&pp=gAQBiAQB

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0:00 Intro
0:20 How expenses work
1:30 Expenses example
3:55 Wrapping up