Have you given your business a health check lately?
Looking for ways to improve anything in your business from cash flow to your free time?
If you do your own tax, chances are you know how your business is doing. You know how long your cash flow cycle is, productivity, EBIT and GROSS profits are. However, there are many people out there who don’t do their own returns, or worse yet, do their own returns but don’t even know what a cash flow is.
A Doctor knows when you have Tonsillitis, even if you just think your tonsils are up. Likewise, a good accountant can shed light on what is wrong in a business just by looking at the historical data. When an accountant does a health check on your business you will normally get a prescription just like a doctor would give.
Depending on what you need, and if you stick to it (like a course of antibiotics), this could mean anything from more money in your cheque account, to getting an extra day off a week. The best part is that your prescription could be as simple as making a phone call.
Most people wonder why they have never been given a “prescription” before. A good accountant can show you how to fix things, but they are accountants, not sales people. If you want to improve your business, you need to ask. Think of it as an annual check up.
With New Zealand’s own world class accounting software Xero, you can put your hands on the pulse of your business for as little as $24 (GST Inc) per month. Xero makes keeping your business in good health easier, by keeping the bank accounts up to date and remembering how you spend your money. All you need to do is tell it how you spend money in the first place. Most small business owners rely on their accountant to do this for them. However, this often results in more time taken to do the work and more expense. With business software like Xero, and some training, you can take charge of your business and find out sooner how to get that extra day off each week.
So if you need a business health check or need advice on how you can get your records up to date, it’s time to book that appointment with your financial doctor!
IR Changes its position on gift boxes
Gift Boxes containing food (usually cheese, crackers, sauces wine etc.) are fully tax deductible.
Such gifts are commonly given by real estate sales people and other sales professionals.
Our view of the issue was that unfortunately, the entertainment deduction rules limited deductions to 50%.
Inland Revenue has now made it clear that if gift baskets and other gifts of food are made and they are provided off the premises of the giver, the cost is only 50% deductible.
Tax relief - extreme weather and natural disasters
Tax relief and income assistance is available to people affected by extreme weather, eg storms, floods and droughts and natural disasters. We have a range of measures to help, depending on your personal circumstances and the particular event.
Commiserating with everyone on the events over the past two weeks and wishing everyone a Merry Christmas with family and friends.
HAVE I GOT YOU THINKING?
Give me a call on (04) 563 6965 or email me: firstname.lastname@example.org or email@example.com
Keep an eye out for the first article in the new year!
TAX DATES TO REMEMBER
- 20th December 2016 - monthly employers PAYE payment...
- 15th January 2017 - Payment for Nov/Dec 2016 GST Return..
- 15th January 2017 - 2nd Installment of 2017 Provisional Tax….
Haven't got the money to pay it?... check out www.tmnz.co.nz
Posted on Thu, 1 December 2016
by Shawn O'Grady