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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.

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Hi … well done you!! Great stuff getting cracking on something that others will value. Andy has pretty much said it all… so I just wanted to toss in a little empathy. I totally get that it can seem really overwhelming starting a business or going out on your own. Been there!! The amount of admin can seem daunting. Do lean on the IRD and Companies Office (agree with Andy – not sure you need a company just yet – sole trader is fine!) … I’ve found the IRD especially keen to be helpful. Give ’em a call with any questions and they will step you through. In the early days for me someone even came to see me at my home office! Keep going… 🙂