Plan for uncertain future

So you’ve survived the 2020 lockdown, but business might still not be where it was, or where you would like it to be.
 
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Covid-19 Help Still Available from Government

Here is the link to what is currently available:

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Tax pooling

Inland Revenue (IRD) charges a high rate of interest on late tax payments (currently 8.22%), and in some circumstances the complexity of the provisional tax regime makes interest charges hard to avoid.
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Charities Working Group

The Department of Internal Affairs (DIA) is currently leading a comprehensive review of the Charities Act.
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New rules for mileage

If you are in the habit of claiming your vehicle running expenses based on your mileage, you will need to know the new rules. 

The 5000 kilometre limit has been abolished. Instead, you look at your first 14,000km of total running. This is called tier 1 and the mileage rate is higher than it is for tier 2. 

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Advantages and disadvantages of cloud accounting

There is a growing trend for businesses today, whatever their size, to move to the “cloud”. The cloud is an online platform to make data and software accessible, anytime, anywhere and from any device. Gone are the days of being chained to your desk in a small cubicle. Now, with your data in the cloud, you can be fully flexible and enhance collaboration both within your business and with others. When an accounting system is cloud based, all transactions and entries are processed immediately.
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Loss offsets and subventions

The loss offset (and subvention payment) mechanism allows a ‘profit’ company to reduce its taxable income by utilising the tax losses of a ‘loss company’. The mechanism is a great tool that is commonly used.
 

Before a loss offset can be made, the following key requirements must be satisfied:

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When is income from professional services derived?

The Inland Revenue Department (IRD) recently released a new interpretation statement discussing when income from professional services is considered to be derived, and hence becomes taxable. The statement replaces several older IRD Information Bulletin’s and consolidates their view, giving greater detail and more examples.

 

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