Accounting responsibilities are extremely higher and demand huge responsibilities from the owner.
Based on the understanding on the taxation formats, the entity is prone to service tax. For any profits made, tax amount is entered separately. As a result, income tax is paid for all the individual tax rates arrived from the dividends. There are just two employees that have been proposed for the chosen business entity. One employee is to take care of the technology and update the database of the builders so as to link with customers at a better accuracy. The other employee will take care of customer handling and following up the customer for any quality issues. Mostly, it is the operation that the other person will take care of.
My accountability is extremely large and is a vast list of pointers. Each of them is listed below:
Seek Company Incorporation Certificate and understand the constitutional rules as enforced by the Companies Act 2014
Identify and list accurate details of vendors
Follow Consumer Guarantees Act while suggesting options for the customers
Apply Fair Trading Act to deal between the builders and consumers so as to avoid any intermediary hassles
Ensure that the accounting procedures are right and every transaction is clearly recorded for better reporting and to manage the taxation imposed by the government annually
Follow Employees Act to ensure that both the employees receive complete rights and benefits
Apply Workplace Health and Safety Act to make sure that the space used for the consulting purpose is safe enough and does not cause any hazards in terms of design as well as to the health of the users
There needs to be a clear understanding between the taxable and non – taxable business expenses
There is also a need to seek Practitioner Certificate from the government of New Zealand. This license is compulsory as I offer consulting in a service industry where the direct deals happen with the consumers. In order to connect owners and building professionals, it is also evident that the building analysis needs to be performed so as to offer the right directions (Stewart, 2012). The other relevant legislations appropriate for this division include construction contracts Act 2002 and Building Act 1991 in order to ensure consistency and reliability in the consulting service.