Hello to all our KTS Clients,
In this months update we have:
- Getting your information to us
- Closing and Opening times for the Christmas break
- Simplifying Business Travel expenses
- Making a will
- Saving time on expense claims for tax
- Planning is critical for your Business
- Tax dates
We trust you will find this update informative and helpful, please be in touch with us at KTS if you require any further information.
A Notice from the KTS Office
Getting your information to us.
A number of our Clients have not yet got their information to us for the year ended 31st March 2024, which we need in order for us to complete your accounts.
Currently we have a 10 week waiting time from receiving your records until we complete your accounts.
KTS will be closing for the Christmas and New Year holiday break on the 20th of December (in 6 and a half weeks time), we would appreciate it if Clients could get their data to us if possible before we close for for the year.
Don’t forget that we require the completed questionnaire form with your information.
It’s only 7 weeks until Christmas !!
Here are the KTS Holiday hours for the Christmas and New Year Holiday:
The office will be Closing at Midday on the 20th of December 2024
We re-open on the 6th of January with a skeleton staff. All our team will be back into action by the 13th January 2025.
Simplify Business Travel Expenses
If you’re sick of tracking every car expense for your business, Inland Revenue’s kilometre rates offer a simple way to claim vehicle use costs.
How does it work?
- Charge per kilometre – You charge your business a set amount per kilometre driven for business purposes.
- The rates depend on distance and car type.
Benefits of using kilometre rates
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- Convenience – No need to track individual expenses like fuel and repairs.
- Flexibility – Great for occasional business trips, like property visits.
Make a will to ensure your wishes are fulfilled
We strongly recommend you make a will so your assets are distributed according to your wishes.
There are various ways in which you can make a will.
You can write your own will using various templates from on-line which are freely available, however we would recommend that you use a your solicitor or the Public Trust to ensure it is legally valid and less likely to be challenged.
Remember too, if you remarry you will need to make a new will.
Save time on expense claims
Tired of manually figuring out costs for your tax claims?
Inland Revenue has standard rates to make things easier.
These pre-set amounts mean you don’t have to hunt down receipts for common expenses, saving you a lot of time.
The benefits of using IRD’s standard costs include:
- Convenience: No need to collect and store receipts for specific expenses.
- Efficiency: Saves time on expense calculations and record-keeping.
- Simplicity: Provides clear and readily available rates, which Inland Revenue revises every year.
Planning is critical for survival
Running a small business can be tough, especially when it comes to finding time to plan.
Planning for disasters can be even tougher. But planning is like plotting your course on a map – it helps you steer clear of panic when things go haywire.
It’s crucial to have an emergency plan for stuff like natural disasters, cyberattacks, fires, or major financial hits. This plan can be a lifesaver when chaos strikes.
Equally important is having a business continuity plan (BCP). A BCP is your play book for getting your business back on track after a crisis. The goal is to keep the wheels turning so you can keep your business afloat.
Tax dates coming up
The next tax due for most of our Clients who have an end of year of the 31st March is on the 15th January 2025.
What is it?
- 2nd provisional tax for 2025.
- GST for the period ended 30th November 2024
