Welcome to the New Financial Year!
Hi Clients,
With the Easter break behind us we are now into April which is the start of the new financial year 2024 – 2025.
The message of Easter is of new beginnings, we wish all our Clients a successful and prosperous new financial year, in both your business life and your personal and family lives.
Budgeting
A new financial year is a good opportunity to assess your business plan and make sure that your budget is on target for a successful trading year.
A good budget plan is one of the best business tools you can have, enabling you to set financial targets & measure your performance.
Tax due date
Terminal tax for the year ended 2023 is due on the 8th April 2024.
Its a good idea to schedule this payment to ensure it is paid on time.
Late payment attract penalties, – Don’t pay the IRD any more than you need to!
Early Birds
For the early birds amongst our clients who like to get their information to us early in April for the previous financial year, the questionnaire that we require alongside your records is available.
Click below for the questionnaire.
Contactless Shopping
For those of our clients who are retailing, contactless shopping is on the rise as retailers embrace technology.
One of the tech trends predicted for 2024 is a big acceleration in the adoption of contactless shopping.
Large retailers trying to cut costs and boost profitability are increasingly moving to mobile and social media shopping. Small businesses aren’t far behind as they’re finding prices for the necessary technologies are becoming more manageable.
Retailers are looking at greater use of QR codes, mobile terminals and mobile wallets, which are becoming more prevalent as shoppers use them more often to shop and pay. These technologies can be lifesavers for small businesses with limited staff.
E-Invoicing
The Government is highly supportive of “eInvoicing”.
It intends to ramp up e-Invoicing adoption with government organisations and businesses.
E-Invoicing is the secure digital exchange of invoice information directly between buyers’ and suppliers’ financial systems.
Say goodbye to PDFs and email and save on admin time. With e-Invoicing, suppliers no longer need to generate paper-based or PDF invoices that are printed, posted, or emailed to customers.
Tax changes loom for rental income
Changes are coming for tax on both residential and commercial rental income.
Changes are coming also for The Bright line:
The government has announced the time limit for holding property to avoid the profit on sale becoming taxable is going to be reduced to two years from 1 July 2024.
