BRIEFLY

Don’t become a dependent business
A dependent business is one which relies on one or a few other businesses to remain viable. Trade cycles are such that buoyant times are followed by high unemployment, business failure and a reduction in demand for goods and services. It is at these times dependent businesses can go to the wall. As a rough guide, make sure no more than 20% of your income is dependent on one source.
Savings accounts
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Plan for Capital Gains Tax

If Capital Gains Tax is introduced (and there is now some debate about this), all assets affected by the tax will have to be valued at the time the new tax starts. 
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Get in quick to get your invoices paid

Cash flow is often a problem for small businesses. They could do a lot to improve it. Here are some suggestions about collecting bills:
1. Send your invoices as soon as you can. Never wait until the end of the month.
2. If it’s a large bill, see if you can get progress payments (include this in your quote).
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‘AMAZON’ TAX PROPOSED

As you probably know, Inland Revenue does not attempt to collect GST on low-cost imports (costing $1000 or less), because it’s uneconomical to do so. 
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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.
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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?
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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. 
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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.
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