Put transactions through one business account

To minimise the risk of error, put all your business transactions, which should include expenses paid out of your own pocket, through one business bank account. 
In this way, you will avoid confusion over whether GST has been claimed, and minimse the risk of errors arising from misunderstandings. 
How to do this?
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Help your accountant, and yourself

Here are some of the problems we strike when preparing your annual accounts and what you can do to help us: 
  • Avoid supplying too much information – our questionnaire will list what we need. Too much information means we have to wade through it, in case there is something you intend us to see.
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Get it right and save money when winding up

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Newsletters get customers

Use newsletters to get more customers.
A client once said he didn’t want to send out newsletters because he didn’t want to appear to be too pushy.
If you are constantly sending people material to promote your business, they will naturally get fed up with you. They will press the unsubscribe button pretty quickly. 
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Facebook can kill your job

Facebook is a marvellous way to let off steam to your friends and tell them what you really think. 
Employee Bert ran into trouble at work and his wife thought he had been shabbily treated. She sounded off on Facebook. 
This led to Bert being dismissed immediately. 
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Take care with tax when winding up your business

If you’re considering selling your business and you run it through a company, you could have a tax problem. 
You may not take out, straight away, large amounts of your capital gain on sale of the business. If you do, you might find you get an unwanted tax bill.
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Losses from rental properties

The following is the proposed tax law, which has yet to be enacted. Some of it could be changed.  
As you will know, losses on residential rental properties may no longer be claimed as a deduction in your annual tax return. 
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Snippets - Sugar Taxes

With obesity becoming an ever increasing problem in New Zealand, there is regular debate regarding the effectiveness of a sugar tax to curb the problem. There’s a lack of consensus on whether such a tax may be beneficial, yet sugar taxes are nothing new.
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