Provisional tax: What you need to know
If you are an employee, your employer sorts out PAYE on your behalf. But when you’re self-employed, you need to pay your own income tax. For example, if you earned $100,000 from your business, the income tax on that income would be just under $24,000. This can be a...
3 cloud accounting tips to save your business time and money
Keeping on top of your accounts is a big part of running a successful and profitable business. But you don’t want to spend ALL your time dealing with accounting tasks, especially when that time could be spent building customer relationships, or developing new products...
2023: Tax concessions and provisional tax changes
Although the worst of the pandemic has passed, Inland Revenue has maintained several tax breaks originally introduced because of Covid to continue to help businesses. In addition, changes to provisional tax may also ease your tax obligations. If you can’t pay your tax...
What lenders want to know about your business
While getting a business loan from a bank can be painful (with reams of red tape to wade through), it’s not impossible. Here’s what banks are looking for. Motivation: Why are you in business, and what is your vision for the future? You should be able to explain this...
Managing Tax Debt
It’s always important to manage your tax so that – as far as possible – you don’t owe overdue tax and you aren’t incurring penalties and interest because of it. If any of these applies to you, it’s important to act quickly and talk to us: if the due date is coming up...
Support for businesses hit by Cyclone Gabrielle
If your business has been impacted by Cyclone Gabrielle, you may be able to get support from your bank and/or the Government. Here are some of the packages available to businesses across New Zealand: $2,500 cash support available from Westpac Westpac’s small business...
How to accept payments online – and why it’s smart
One of the best things about online shopping is instant, hassle-free payment. Enter your details, click, and you’re done. If your customers can make an instant online payment, they’re likely to pay you more quickly – and they’ll appreciate the simplicity too. The...
Managing Tax Debt
It’s always important to manage your tax so that – as far as possible – you don’t owe overdue tax and you aren’t incurring penalties and interest because of it. If any of these applies to you, it’s important to act quickly and talk to us: if the due date is coming up...
Provisional tax – for business owners
As a new business owner, it's important you understand the provisional tax system as it affects your business. In your first year of business, you can receive a significant tax deferral. Your first year's tax bill is, in some cases, not payable until 7 April the...
Clothes, rent, meals – what is tax deductible?
As a business owner, which expenses are tax deductible and which are not? We help answer some of your questions. Is the cost of my work clothes tax deductible? Only if it’s a uniform or safety clothing. Anything you buy that could potentially be worn for other...
Support for your business after the storm
Has your business been impacted by the recent extreme weather event? The North Island’s recent extreme weather event has had a devastating impact on many businesses. Now as the weather clears many are still dealing with flooding, access, slips, loss of stock and sales...
GST Special Alert – What’s changing?
New rules on GST invoicing apply from 1 April 2023. These have been designed for 21st century business record-keeping and modernise invoicing rules in place since 1986, based on paper-based record-keeping systems. The rules are permissive, so businesses can issue...
5 goal-setting tips for 2023
Whether you want to grow your business or take more time for yourself, these goal-setting tips can help you achieve your long-term plans. Think big! - What do you want from your life – and how can your business help you achieve that? Think about next year and beyond;...
Review the year that’s been and plan for the year ahead
What are your business goals for the year ahead? The beginning of a new calendar year is an excellent time to review the year just finished and reflect on what worked, what didn’t, what you’d like to change and new things you’d like to implement. Last year, there were...
Cash is not profit and vice versa
The purpose of a business is to make money, and that means you need to know the difference between profit and cash flow. Net profit is what you have left after you deduct all your business expenses from all your revenue. You can improve net profit only by changing the...
Manage your Christmas cash flow
Christmas can cause a cash flow crisis for small businesses, but you can prevent problems from spilling into the New Year: Get your invoices out early. Ensure December and January invoices go out well before Christmas to give your customers the chance to pay before...
Provisional tax: What you need to know
If you are an employee, your employer sorts out PAYE on your behalf. But when you’re self-employed, you need to pay your own income tax. For example, if you earned $100,000 from your business, the income tax on that income would be just under $24,000. And, this can be...
Happy Christmas
We wish you a very happy Christmas and well deserved end-of-year break. It has been another challenging year and we hope you will be able to take some time at Christmas to connect with family and friends to recharge and relax. We are grateful for the opportunity to...
Can you claim clothing as a business expense?
We get a lot of questions about what you can claim as a business expense, and clothing is one of the confusing topics when you’re self-employed. Most jobs have some sort of dress code – whether you wear suits and heels or overalls and steel-toed boots. Work clothes...
Key numbers to focus on in your business now
As a business owner, it’s never been more important to have a good grasp on your finances. For many businesses, priorities have changed, customer behaviours have mutated and revenue streams have had to evolve and pivot in order to create a viable business model. To...
Business tips: Adding value to your business prior to an exit
Generally speaking, an exit strategy will be put in place years before your planned exit date. This gives you time to work on your sale plan and deal with any succession issues. But more importantly, it gives you the time needed to add additional value to the business...