Call us 06 757 4843

Food, Drink & Entertainment Expenses

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

Government Grants for business planning and coaching

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

Top up your Kiwisaver account for full tax credit

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

Manage your 7 May Provisional Tax Payments with tax pooling

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

Year End Check List

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

Thinking of buying a new car for the company?

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

What business records do I need to keep?

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

Get rid of your filing cabinet – store your records online

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

How do I claim vehicle expenses when I have a company?

Claiming vehicle expenses in companies is increasingly becoming an area of interest for Inland Revenue and businesses are often exposing themselves inadvertently to investigation and penalties through simply not being aware of the issues.  So, below is some basic explanation and help. Currently companies can claim expenses in two ways depending on the ownership of the vehicle. • Privately owned vehicle – mileage rate, currently the Inland Revenue rate of 72…  Read more

Sign your tax returns online!

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

Christmas gifts and parties for employees

It’s normally in the run up to Christmas that we begin to consider gifts or a party to reward our employees for their services over the last year. Done right, the goodwill generated can be significant with staff feeling valued and part of something great. Which all leads to a better business with hard working and loyal staff. But, before we settle on how to reward our people let’s consider…  Read more

Are client gifts of food and drink tax deductible?

For a long time many have considered that gifts of food and drink given to clients, say at Christmas, have been fully deductible for tax. Certainly, for a good while Inland Revenue thought so too. However, Inland Revenue has recently changed their minds and have affirmed the fact that they see these food and drink gifts being subject to the entertainment rules. These rules operate to allow only 50% of…  Read more

What value does your accountant bring to your business?

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

What expenses can I claim?

Probably the most frequently asked question by those starting in business and those already trading is “what can I claim as business expenses?” Simply put Inland Revenue offer a simplistic overview of what can be claimed as expenses in this video but, in my opinion, this doesn’t quite go far enough. In response to simplistic advice we often hear people saying things like:- • Bob puts through his wife’s petrol…  Read more

Collaboration: Why It’s Essential to Growing a Business

Many elements are vital to a growing company’s success. A financially-astute leader is one. A confident and motivated sales team well-versed in a company’s product and service line is another. But starting and growing a business requires more than team members with extensive functional skills and appropriate personal characteristics. Growing a business requires collaboration – namely, the deployment of individuals in a way that allows them to work together to problem-solve and act…  Read more

10 Ways to Protect Your Business from Online Threats

Businesses of all sizes are under constant threat from cybercriminals and malicious software, with even some of the world’s largest and apparently impenetrable organizations making headlines in recent years after falling victims to cyberattacks. Although the risk is generally lower for smaller companies, since they don’t tend to be primary targets for hackers, it is still essential to take every precaution to make sure that you, your employees and your…  Read more

Worthwhile Expenses for Entrepreneurs

Being an entrepreneur is often about getting the most value out of your resources. That means spending only on the necessities, and nothing more. Unfortunately, things you consider to be a waste of your capital may actually be what your start-up needs to survive. Some of them are expensive, especially for a new company, but they’re worthwhile. Data Analysis Successful entrepreneurs are usually well informed. They don’t make decisions solely…  Read more

Want to grow your business? Our Free Resources will Help