For many small businesses Christmas can be a tight time, cash flow wise, especially if they have a business close-down period (additional to the Statutory Holidays). Client gifts and entertainment expenses can be high, also if you employ staff and pay them holiday pay for a close-down period, you have this expense at a time …
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Business Motor Vehicle Costs
Often when we are completing small business accounts we find people confused about what can be claimed for their business vehicle costs. In many cases the vehicle is used for both personal and business travel. There are several ways these costs can be allocated i.e.: 1. Private motor vehicle (also used for business) a) If …
Entertainment Expenses
Often when completing small business accounts we find people confused about what they can claim for Entertainment Expenses. The number 1 Rule is the expense needs to be related to your business i.e. linked to earning your income. For most small businesses the majority of entertainment expenses are only 50% deductible. Examples of these are: …
GST – Getting It Right
GST Registration You need to register for GST with IRD (Inland Revenue Department) if you carry out a taxable activity and your annual turnover (gross sales) are more than $60,000, or if GST is included in your selling prices. GST Returns GST Return frequency has 3 options i.e. 1 monthly, 2 monthly , and 6 monthly. For …
Head In The Sand?
Ignoring your small business accounting and compliance just does not work! We often find new clients who haven’t filed Company Annual Returns for a number of years or even haven’t filed any GST Returns. Some have been employing staff but have not registered with IRD as an Employer, nor made PAYE payments. Most are extremely …
SMALL BUSINESS ACCOUNTING – Keeping Personal Expenses Separate From Business Expenses
We often encounter people who mix up their personal expenses with their small business accounts. This increases the time it takes to complete the accounting, which in turn increases the accounting cost. The best way to keep these expenses separate is to use different bank accounts or credit cards, and also know what expenses you …
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SMALL BUSINESS ACCOUNTING – Home Office Costs
A lot of people do their small business accounts & book work at home, in a set area i.e. a small office or separate room. Costs associated with this area can be claimed as ‘Home Office Costs’. Costs can include a percentage of: Home Phone & Internet Property Rates & Water Rates Property Insurance Electricity …
SMALL BUSINESS ACCOUNTS – Year End
For most small business their financial accounting year end is 31st March. Many then take considerable time before supplying the necessary information to their accounting services provider. Don’t leave it too long as things get lost or forgotten. Some of the key things to supply are: Sales and purchases invoices bank statements showing 31 March …
Changes To Property & IRD Number Rules For Small Businesses
Property sales are booming in Tauranga – if you’re thinking of selling a property, you may need to read these new IRD rules…
Financial End Of Year Accounting Getting Close?
As March 31st rears its ugly head (gee, it was only Christmas a minute ago!), most small businesses need to start looking at their year end accounting. Here is a handy checklist to help you get started with sorting those accounts…