Hello to all our Clients,
This month we have news and important information in our update, and a special message for those of our Clients who use Xero and BNZ.
Welcome to our new KTS Clients who are receiving this email for the first time.
We hope you find it interesting and helpful, if you require any further information please reach out to us.
NEWS AND UPDATES
An important message to Clients who are using Xero
BNZ is changing the way it’s Xero bank feeds work, making setup simpler and improving access to transactional data.
As a result, your current BNZ feeds will need to be reconnected to your Xero subscription before the 14th August 2023 to continue working.
To reconnect your current accounts to Xero, follow the below instructions:
The Questionnaire
As you know, all Clients need to complete the questionnaire and send it through to us with your annual records.
We have now added an extra field to the questionnaire.
In the section Home and Office Allowance, there is now an extra field to enter it’s called – Home phone and internet expenses.
This is to enable Clients who work from home to recover the percentage of home phone & Internet expenses that they are entitled to claim.
How recovery at work benefits your business
People are key to business success, so when an injury happens, it can have a big impact.
The sooner an injured person gets connected to work, the better it is for their mental and physical recovery.
New ACC resources explain the benefits of recovery at work for an injured person, your team, and your business.
Tax change for trading stock donations
Prior to Covid, if a business donated its trading stock to a charity it had to treat the donation as a sale at market value.
Two new sections for stock donations were put into the Tax Act as a result of Covid-19.
These new sections were due to expire on 31 March 2023. That date has now been extended to 31 March next year
If a business donates some of its trading stock to a registered charity or a public authority, it can claim the cost of the trading stock as an expense so long as this is done by 31 March 2024.
Selling a business that has made a loss
The law has changed on selling a business that has made a loss.
Until recently, when the shares in a company were transferred to another owner, which resulted in a change of ownership of more than 51% of the shareholding, the new owners could not use the losses incurred before the ownership change.
Not long ago, the law was changed. If the new owners carried on the business in the same way as the old owners, they could use up the company losses as long as they didn’t relate to prior to 31 March 2014.
Claiming expenses when away on business
You can claim for lots of daily expenses when you’re travelling for work.
If you take a holiday as part of the same trip, you can only claim for the parts of the trip that were work-related
Find out how to handle expenses when travelling for business.
