One of our clients recently admitted to letting out a panicked scream when they open our tax reminders. As amusing as that may be, it’s not our intention to scare you. We just want to keep you safe so if being disembowelled by the IRD doesn’t sound like something you’d be into, it’s best you pay your tax today.
If you like things to look nice, this one’s for you. It’s about adding your business logo to emails when you send them directly from your Xero accounting software. I don’t know about you but I was starting to get little jabs of jealously every time a business emailed me their invoice with their logo right there in the email itself (not just on the invoice). Being a busy business owner, I’d devoted all of two seconds to ‘making this happen’ before giving up in a huff but with a clearer head this morning I found a few options and this one’s the easiest: Continue reading How to add your logo to Xero emails
Yes, it’s true. The IRD has started giving away free all inclusive holidays with your room, meals, beverages and even some sports activities included. To be eligible, you’ll need to stop filing tax returns and start specialising in cash-jobs. The most recent “winners” were in the building sector but that doesn’t mean they won’t open this up to your industry too.
One of the best things about being an accountant (yes there are some) is the ability to get up close and personal with some of the best businesses on the planet. What’s not so great is being a messenger for the IRD. Early in my career, I had an incredibly uncomfortable meeting with an elderly gent who just wouldn’t believe it was illegal to claim his glasses and hearing aid, even though he needed them to do his job. It was quite the battle, I can tell you, so instead of boring him with legislation I told him about the court case where a personal trainer was sentenced, to home detention, for claiming running shoes and that even plain clothes police were taxed on their clothing allowance.
Now, I’m not saying it’s fair. Personally, I’m on your side but is there a way around these laws? The answer is advertising. I don’t know how you feel about having your business branding plastered all over your designer jeans but it’s one way to make them tax deductible. Without advertising, most clothes fail under the scrutiny of a ‘brown-trousered’ tax investigator (unless they’re uniforms or health and safety wear). We’d hate you to get caught out so why not quizz yourself to see if you can pick what’s deductible below?
“Life, as a business owner, isn’t perfect but your outfit can be”
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Boutique Financial Chartered Accountants & Business Commentators
Copyright © 2017 Boutique Financial Limited Chartered Accountants Auckland All Rights Reserved. This publication must be read in accordance with the attached disclaimer and does not provide an exhaustive statement of tax law.
WTF! It’s not a saying you’ll find on many (if any) Chartered Accountants websites but it sums up the complete disbelief I felt when I ordered a pair of size 6 shorts online recently only to receive a pair of ginormous extra long pants! Not good for a shorty like me and not good inventory management either. On that note, one of New Zealand’s leading inventory management software companies, Unleashed, gives us lowdown on the basics of inventory accounting below:
This month we’re discussing wealth because locally there’s a lot of talk about a pensioner who just inherited numerous properties in a very prestigious street. With no desire to be a geriatric landlord, the properties went on the market only to find they can’t be sold until the will-makers cat dies!
Apart from dreaming about cat-free-inheritances and lottery wins, how much mental time do YOU actually invest in planning your wealth? If you don’t give it a lot of thought, then I’m sure you have some brilliant excuses Continue reading Will you be wealthy?
Recently we stumbled upon Remuera’s nosey neighbour website and realised that it’s not just house prices people get curious about. As chartered accountants, we’re constantly asked what people are earning and given our strict confidentiality we’ve mastered the art of answering without answering …. but today we’re giving you some specifics.
Remember that advert which said “if you drink and drive you’re an idiot”. Well the same can be said for anyone doing their own accounts. Only an idiot thinks they have the same skills as chartered accountant who has at least seven years of university education and professional training behind them (and after all that they’re only considered a junior accountant)! The thing about getting your accounts wrong is that the mistakes are invisible. You won’t even know about them for years and by then, the penalties will’ve morphed from mere Gremlins into bankrupting monsters. Continue reading Can I do my own accounts
When you’re heading off to live overseas the last thing you want to think about is your New Zealand tax return. That’s all fine and dandy so long as you never plan on returning to the land of rugby, pies and beer.
- At the very least, you’ll generally need to file non-resident tax returns in New Zealand while you’re overseas. They might not include very much (perhaps a little bit of interest from your NZ bank accounts) but you still need to file a return to keep things sweet with the Inland Revenue Department.
- At worst, you’ll continue filing normal tax returns which include every bit of your income from absolutely everywhere – it’s called your worldwide income.
The most valuable nugget of advice I’ve received about getting money out of overdue customers is to never give them a reason not to pay you. Going into it with a “play nice” attitude can really help stomp out any queasiness you might have about asking for money. Just remember that asking customers for money is a normal part of doing business and to do it well you simply need a system and a commitment to stick to that system.
What system should you use? Why not try out our super easy Squeaky-wheel-system™ :