Reply To: Hi there, I am a stay-at-home mum and have decided to put some of my spare time into a small money making venture. I have created a business called Writing for Help which predominantly offers a CV and cover letter writing service. I have registered the business with the Companies Office as I wanted to do it all above board and was provided with an IRD number but am now concerned about the implications of having done this. I know absolutely nothing about bookkeeping and taxes so feel that I have done it wrong! I think I should be a sole trader, not a company. It’s a very small business as it’s only me and because of that I can only do so much work. This means the income I receive after expenses won’t be very much so I don’t think it’s worth getting some sort of accounting software like Xero, although I worry I may need this. What are my options? Can I de-register it as a company?Do I have to pay income tax? Are there thresholds for doing so?Thanks so much for your help.