End-of-year tax information checklist

It’s that time of the year again when you’ll need to start gathering together your accounting and tax information for the year ended 31 March 2014.

Set out below is a list of items that will assist you with this process, and remind you of some of your tax obligations.

Penalties regime

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Turn a complainer into a powerful advocate

It’s always better to hang on to your existing customers, than to seek new ones. Getting new customers is expensive and time-consuming. 

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Five marketing mistakes within an hour

Our storyteller needed a plumber. 

He was just going out for the evening when he saw a trickle of water coming out of the cupboard. As a newcomer to the area he looked for a plumber on the internet. There he was, the plumber available 24/7!

“I rang him. Yes, he would come within the hour.”

Phil turned out to be a very likeable fellow. He said  he got fed up working for the boss and decided to set up his own business. However, the business wasn’t working very well. He said it was hard to get customers.

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Plan now for year-end tax

With a bit of planning, you can reduce your tax and your year-end accounts can be hassle-free. Here are a few tips.


Bad debts

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Can’t pay tax? Options are available

Some people who can’t pay their tax let the problem fester. Our advice: Don’t! 

We can help you to do the following:

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Beware 15 January

The date for payment of the second instalment of provisional tax for 31 March taxpayers should have been 28 December. However, as most people are on holiday at that time, it was changed to 15 January. 

Annual leave was subsequently increased to four weeks but this date was never reset to 22 January as it should have been, following the original reasoning for choosing 15 January. As a consequence the IRD is collecting more penalties and interest.

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Protecting your key asset – your business income

This month I am looking at how you can protect your business by planning for future possibilities now to avoid major problems in the future.

These come under two key areas – shareholder and partner agreements to help you when you are in business with other people – including friends and relatives and, linking with this, the process of having insurance policies in place to protect your family by protecting your business continuity.


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Mixed Use Assets—Holiday Homes & Boats

In a previous newsletter, we mentioned proposed changes to holiday homes. The changes have now legislated and took effect from 1 April 2013.


Holiday Homes

Owners of holiday homes can claim an expense if the holiday home is rented to the public for short-term stays albeit using the new rules.

From 1 April 2013, if the holiday home is used for:

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