Clients often ask what they can and cannot claim in relation to food, drink and other entertainment expenses and this area often tends to be confusing. Due to this we see clients either claiming everything or nothing. Claiming everything can leave you exposed to investigation with interest and penalties being imposed on overclaimed tax. This concern often leads other clients to claim nothing thereby missing out on a genuine tax… Read more
There is government funding available to help eligible businesses access a financial subsidy of up to 50% toward the cost of their business planning or coaching with us. If you’re a local in Taranaki, the first step to access the subsidy is to contact Natacha Dunn at Venture Taranaki (06 757 6054 natacha@venture.org.nz) who will assess whether your business qualifies for the funding. Find out more about the funding here… Read more
There is a Member Tax Credit (MTC) that the government grants to anyone contributing the minimum $1042.86 to their KiwiSaver account each year. This MTC is added to your account based on the annual contributions to 30 June. The maximum MTC awarded is $521.43 – matching 50 cents to every dollar invested to a maximum MTC of $521.43. For many taxpayers who receive their income through PAYE deducted salary and… Read more
This time of year is often tough for businesses, with terminal tax having just been paid and the final installment for provisional tax due 7 May. You may not be aware but there are now options to ease the pressure, or to make your tax obligations fit in with your cashflow. By using a tax intermediary, you can arrange to pay your provisional and terminal tax in installments, or even… Read more
The end of the financial year is rapidly approaching and if you want to be ahead of the game, here’s a few things you can do to get things in order. Stock take If you carry trading stock, you are required to do a stock take to record the value of your stock on hand at 31 March. If at all possible, do this on the actual day. Stock is… Read more
Well it may pay to figure out the tax consequences first. Especially so as the rules are expected to change from 1 April 2017. So from our previous blog “How do I claim vehicle expenses when I have a company?” we know that Fringe Benefit Tax (FBT) will apply where a company owns a vehicle and allows this to be available for use by a shareholder-employee. However, that is to… Read more
As you’re probably aware, it’s a legal requirement to keep your business records for at least 7 years. For many, the threat that IRD may want to conduct a routine audit is a key motivator for keeping good records. But there are other advantages too including making things easier to find for insurance claims, explaining variances from your budgets, or answering questions and requests when your accountant compiles the year-end accounts.… Read more
Does your filing system consists of receipts and invoices stashed in a shoe box, email inbox, mail tray, filing cabinet, work truck, jeans pocket .. ? Sound all too familiar? Compiling and storing your business files and paperwork can be a time consuming headache and can add up to piles of paper not to mention stress at tax time when your accountant asks you for documents and you can’t track… Read more
As IRD can now accept electronic signatures, we will be sending your returns via a Xero portal for you to view, then electronically sign and return to us for filing. This saves you having to print, sign, scan/post/hand deliver your returns! Your signed return stays available online so you can view and print whenever you like. See how it works here: Read more
Interview with Craig from The Project Guys – Listen here to find out what questions you should be asking your accountant In this episode, Craig speaks with Andrew More, Owner and Managing Director of More CA, a chartered accountancy firm. Andrew has set out to add value to his services by not just helping his clients with compliance but also offering them real world advice, assistance, and guidance. When asked about the… Read more