There’s no doubt that IRD audit activity is increasing. Hardly a week goes by where we don’t receive a phone call from someone asking for advice and assistance. There is a common thread with a lot of these enquiries. They often come from taxpayers who have not kept their affairs up to date with the […]
Surviving an IRD audit Read More »
We think that Xero invoicing is a no brainer. All of our clients are on Xero but not everyone has a business plan. A Xero business plan allows you to send invoices to clients and get paid faster. Xero invoicing gives you a professional invoice that you’ll struggle to recreate in Word or Excel. You
Xero invoicing is a no brainer Read More »
It’s vital to your cash flow to get debtors to pay on time and in full. There’s nothing more frustrating than doing a good job for a customer or a client and then waiting to get paid. Worse, it can play havoc with your cash flow and mean that you are providing credit for your
How to get debtors to pay on time Read More »
As a company owner, should you pay yourself a salary or drawings? That’s a very common question we’re asked and like most tax questions, the answer is not cut and dried. There are pros and cons to both approaches. We take a look at them in detail below. Salaries (PAYE) If you take a salary,
Salary or Drawings – What’s Best? Read More »
There’s a lot of talk about the need to add value to a business. It’s one of those buzzwords that we hear so often. But how do you add value to a business in practice? When you break it all down, adding value is all about differentiation. It’s all about setting you apart from your
How do you add value to a business? Read More »
Just what is in the latest Xero release? A number of clients have asked for the ability to send receipts to customers when they receive payment and this is now available. You are able to send receipts with single payments and with batch Batch Deposits. You can check out the release note here. That’s a great segue
Latest Xero release Read More »
In a recent survey of small and medium business, 67% of respondents indicated that they wanted changes to the provisional tax regime. So what is provisional tax and why do so many people dislike it? Provisional tax estimates the amount of tax that a business will pay at the end of the financial year. According to
What is provisional tax? Read More »
The answer is yes. You can now pay tax with a credit card. The IRD has recently introduced a new payment option that allows taxpayers to pay their tax obligations by using Visa or Mastercard. This option could be attractive to people who want to maximise any points benefits offered by their credit card company
Can I pay tax with a credit card? Read More »
The short answer is no. Not all business insurance premiums are deductible and the area is complex as every policy seems to differ. In general the following rules apply:Personal Illness and Accident Insurance The premiums are not deductible. The good news is that any income (or proceeds) paid out isn’t taxable either. These payments are called “exempt
Are income protection premiums deductible? Read More »
The IRD recently reminded residential landlords that they must declare income from their rental property. That statement was hardly surprising.What has caused some interest is that the IRD highlighted the case where part of a residential property was being rented out or where taxpayers rented their family home for a period of time. Some taxpayers believe
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