AN UPDATE TO CLIENTS – YOUR QUESTIONS ANSWERED

Hi Clients,
We are well into the third week in lockdown due to the COVID-19 virus, the end is hopefully insight with an easing of restrictions expected in about a week's time.

Many questions have been asked by our Clients and issues have arisen due to the extraordinary times we find ourselves in.
We are addressing some of them in this update, please contact us if you are unsure of anything.


WHAT DO I DO IF I CAN’T PAY MY TAX?

PAYE, GST, and Provisional tax are all coming up in the next few weeks.
Many of our clients are having problems with either paying their tax or paying it on time.
IRD has provided some options for tax relief and for setting up an instalment arrangement, here’s what to do:

 

Setting up an instalment arrangement:

  • Go to the IRD website  https://www.ird.govt.nz/
  • Logon to MyIR
  • Choose your business or entity.
  • Under ‘I want to” on the top RHS, you will see “request instalment arrangement”
  • Fill out the application online and submit.
Applying for tax relief:
Follow the same instructions as above, you will see a form in ‘more’ for applying for tax relief.
The IRD advises that even though you may not be able to make a payment, or you will be late with a payment - to still go ahead and file your payee, GST, and other tax. This ensures that correct records are kept.


HOW DO I GET MY 2020 INFORMATION TO KTS?

We have requested that you send your information to us by email, which means either scanning them or taking a photo and emailing to us.
Due to the high volume of emails that the team receiving, we are requesting that our Clients:
  • Save all the records in a folder, zip the folder and sent to us as a zip file,
  • Or, send us just one email, with all your attachments included in that one email, instead of many emails with one attachment.

This will help our team to cope with emails in a more efficient and timely manner and prevent anything from being missed.

Please also bear in mind that because we are working from home, we do not have access to the files which are held in the office at KTS. This necessitates one of the team visiting the office to collect them so there may be a delay in completing your accounts if there is information in the files we need. Please be patient with us!


HOW DO I CODE WAGE SUBSIDY’S?

If you are receiving a wage subsidy for your staff, you will need to record these payments in your accounts.
Heres what to do:
  • Set up a new code and call it ‘WAGE SUBSIDY RECEIPTS
  • Record the amount with no GST

If you require any further information please email us, we are here to help advise and support our clients in this difficult time.
Best wishes from all the team at KTS  - Be careful out there!