Hello to all our Clients,
A big thank-you to all the clients that have got their records to us so we can complete your accounts. It is much appreciated.
A reminder also goes out to the rest of our clients to continue to get your work into us so we can complete your end of year accounts. We work on a first-in-first served basis so as soon as you get your work to us, the sooner we can start.
We hope you will find the update for August interesting and helpful, if you require any further information please reach out to us.
NEWS AND UPDATES
Tax Reminder
On the 28th August, there are two tax payments due.
- First instalment of 2024 Provisional Tax for taxpayers with 31st March balance date, who pay provisional tax three times per year.
- GST for the period ended 31st July 2023.
If you are late with your tax payments, penalties may apply, it’s a good idea to schedule these payments ahead of time.
Bikes and Scooters exempt from Fringe Benefit Tax
The recent tax Act allows a FBT exemption where an employer provides bicycles, electric bicycles, scooters, electric scooters and other low powered vehicles.
These are vehicles that the NZ Transport agency declares are mobility devices or not motor vehicles.
Reimbursing employees working from home
The Inland Revenue has released Determination EE004, which among other things determines that if you reimburse an employee who is working from home you may pay them only their extra costs.
This would include, for example, reimbursement for the extra power they use.
Oddly, you can’t pay for a share of the rent, rates or insurance, which allow your staff member to work from home for your benefit. The department argues the employee is going to incur the cost anyway, so it’s a private cost.
There is however a legal way of contributing to your employees fixed costs.
Make it easy for customers to get in touch with you
Most of us have experienced the frustration of being unable to contact suppliers, companies or businesses. The options mostly presented are, email, chat lines, Facebook or Messenger. Sometimes we long to hear a human voice at the other end of the phone.
How easy is it for your customers to contact you?
It might seem like common sense, but if you want clients (especially potential clients) and others to contact you, make sure they can.
Test it out:
Have someone try out all your contact methods, see how easy it is to contact you.
If you find it’s difficult – make some changes.
Check out how quickly the phone gets answered (if at all), how soon clients get a reply to their email, chat lines or messages – can you improve on that?
The potential for a missed business opportunity is huge, as is the likelihood that this caller will tell others about their bad experience. With all the options ‘out there’, its too easy for a potential or even an existing client to simply give up and try another company.
Make sure you’re really ready to retire
Many of us look forward to retirement as the reward for a lifetime of hard work. However, without some planning it’s not always what it’s cracked up to be.
If you are contemplating retirement – plan what you’re going to do next before you make the change.
Some people are fortunate enough to have a business as a way of life they enjoy. If you are one of them, don’t throw this away until you’re sure you have something to replace it with. Scaling down your business might be a better option.
