Hello to all our Clients,
The shortest day has come and gone, we are in the upward part of the year heading towards Spring.
Lets make the rest of the year a successful time for business.
Here is some information and updates from our Office.
Interest on provisional Tax
Some of our Clients have experienced unexpected Provisional Tax interest charges from IRD.
Why is this happening?
If you do not pay your provisional tax on time, or if you underpay it – IRD will now start charging ‘use of money’ interest.
GST reform for tax invoices
Inland Revenue has come up with some proposals for improving the GST system, in particular where it concerns tax invoices.
These proposals are still in discussion, we will come back to you when we know more about it.
Got questions about your Accounts?
Most of our Clients are not accountants and often have questions about their accounts.
In response to this, we have included on our website a tab called ‘FAQ’S’ which includes the most commonly asked questions from our Clients.
If you have regular questions that you find yourself asking every financial year, and its not included in “FAQ’S please let us know and we can add them to our list. Just reply to this email with your regular questions and we will get straight back to you.
How to protect your business from being held to ransom
We have heard a lot lately about ransom attacks on often large organisations and businesses.
Ransomware attacks can cause huge disruptions to your business, including loss of income, customer trust and resources.
See the simple steps you can take to protect your business from a ransomware attack and how to react if you’re targeted.
Tax debt
If your Businesses has a tax debt of under $10,000, the IRD will soon begin taking action to contact taxpayers with outstanding tax arrears.
If you are in tax arrear with your Business, you need to check this out.
Correct until it hurts
When your business makes a mistake and a customer is adversely affected, you have an opportunity to convert the person from not just being a customer, to being an advocate for your firm.
If you make a mistake, be prepared to be generous to the point that correcting it hurts.
“We won’t charge you for that,” goes down well with a client.
You will not only keep your customer and keep your goodwill intact, but you might also impress the person to the extent they recommend your firm to others.
Nowhere to run for tax evaders
Unfortunately, tax evaders create an unfair playing field in their industry.
Those who obey tax law experience unfair competition from those who don’t. As cash disappears due to the increasing use of debit and credit cards, it is becoming more difficult for some businesses to evade tax.
The net is also getting tighter for those who think they can hide money overseas. Cooperation between the New Zealand government and a large number of other governments around the world is increasing by means of the OECD. Not only does information pass between the governments but also there is cooperation in finding those who would dodge their responsibilities, such as childcare.
