What time is it for your business

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Business Startup How do I get started in business? What structure should I use? Should I have a trust? What can I claim? What are my risks? Read more...

First Year How can I pay less tax? Who can be my trusted business advisor? How can I get my bank to help me? How’s my business performing? What are my risks? Read more...

First 5 Years Am I paying too much tax? IRD audit – am I frightened? Are my monthly results accurate? How do I make more profit? Is my accountant giving me value for money? Read more...

Well Settled How do I make more profit? Could I benefit from having a CFO on tap? Are my business risks fully covered? Could a new accountant boost me to higher level? Read more...

Time To Exit How do I prepare to sell my business & provide for my retirement? Have I got an exit strategy? Will I be secure in retirement? Read more...

Selling Up How do I maximise my business value on sale? Who can help me sell my business for the best value? Read more...

Providing Intelligent Business & Tax Solutions

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Mar 2019

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Payday filing starts 1 April

Are you ready to implement the new rules about when you are required to file your PAYE figures?

If the combined PAYE and ESCT deductions exceed $50,000 per year, you have two working days in which to send the information, electronically, to the Inland Revenue Department, using an IRD approved software package which automatically derives the figures the department wants.

Mar 2019

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Tax Tips, Traps & Troubles Turn rental loss into profit and save tax

As you will probably know, 31 March 2019 (or equivalent balance date) is the last year you will be able to offset losses on rental properties against other income.

Could you rearrange your finances so your rental property no longer makes a loss and the interest on borrowed money is absorbed elsewhere?

Mar 2019

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Use of Money Interest and provisional tax

Provided you pay provisional tax on what is called the standard basis (based on 5% increase over last year) there is no liability for Use of Money Interest for the first and second provisional tax instalments.

However, any short-paid tax, when the figure has been worked out based on your profit for the year, is subject to Use of Money Interest at 8.22% running from 7 May 2019 for 31 March balance dates.

Mar 2019

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Get end-of-year right

IF YOU want to write off a bad debt and claim your loss in the current year, you must do this before your business balance date.

Depending on your system of accounting, this could involve writing something like “debt written off by me on. . . Date signed. . . .” across a copy of an invoice. If you have a more sophisticated system, you will need to make it clear the debt has been written off in time.