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
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
If you are self-employed or in a partnership and you use your own vehicle privately as well as in your business, your work related vehicle expenses are claimable. These include petrol, diesel, registration, WOF, repairs, tyres, road user charges etc. So how do you work out what portion of your expenses are work related, and therefore deductible? You can choose one of the 4 following methods to calculate what amount… 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: https://youtube.com/watch?v=eqwV06EE36Y Read more
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
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
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
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
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
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
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