Xero have been working hard releasing lots of new features over the last year so you could have easily overlooked a few of the developments. Here’s a quick look at Side by Side Files released in earlier in March Side by side files are an extension of the Xero file server system which allows you to view the actual invoice you received (pdf) next to the invoice within Xero you are creating.… Read more
Xero have been working hard releasing lots of new features over the last year so you could have easily overlooked a few of the developments. Here is a quick look at one of the important changes coming: The new and improved payroll was released in April of this year and has significantly improved functionality and usability over the last few months. The Xero Payroll can now: Calculate the tax amounts… Read more
Have you ever wondered why you haven’t got the profit your Accountant has told you you earned, and you pay tax on, in the bank? The purpose of a business is to make money. In order to ensure it does you need to have a clear understanding of the difference between profit and cashflow, as not recognising the difference between these two is one of the biggest mistakes a business… Read more
Having appeared to have fallen out of fashion with the demise of some tax benefits in the past decade there has been some debate about the place and value of trusts in managing and protecting ones assets and wealth. However trust are far from disappearing ,they continue to be utilised for a wide variety of reasons, with the law commission estimating in its 2013 review that the number of trusts… Read more
I love heading along to New Zealand Fieldays, a four-day fest of rural people getting together to mix and mingle amidst the latest in agricultural gear and solutions – and I wasn’t disappointed this year, despite doom and gloom around low dairy payouts , it was as crowded and buzzy as ever. Spending was however subdued with farmers looking for bargains and solutions that would enable them to operate more… Read more
Ahead of today’s Budget announcements, one of the most interesting things we’re likely to see will be the fine-tuning of John Key’s quasi-capital gains tax announced last weekend. This tightening of rules on property transactions, which comes into effect on 1 October, will see a capital gains tax (CGT) imposed on residential property sold within two years of buying it. It follows ongoing prodding by the Reserve Bank of New… Read more
Here is a sneak preview! Read more
Accounting software has changed the world for business owners – and their accountants – taking on the mind-numbing ‘crunch’ side of running a business. But bank statements, tax and compliance issues are only one part of running your business. Data driven decisions have to be made daily that are critical to meeting the future goals of the business …should your business expand? Should you hire this quarter or next? Looking… Read more
Across sectors, small businesses face the same challenges in 2015; namely increased competition from global chains, technology-driven commoditisation of products/services and consumer comfort with online sales. For some, trying to compete against this changing world and its economies of scale seems unsustainable. Yet, challenges are also opportunities and in 2015 the winners will be those who differentiate themselves in the market, by delivering highest quality ‘personalised’ service and products by… Read more
When asked about what costs can be claimed as tax deductions when running a business from the home, my first response is don’t overdo it. There are certainly home running costs that can be converted into tax-deductible business costs. These range from heating and lighting to rates, repairs and maintenance on the business space used, depreciation on air conditioning, security alarm systems, furniture, carpets, curtains, etc. But it all depends… Read more
This may seem like an odd topic to launch into when the dust has hardly settled on the New Year celebrations, but for anyone with a UK public sector pension wanting to transfer these funds to New Zealand – you need to act now or it may be too late. The UK has changed their pension rules which will mean anyone with a public sector benefit scheme will not be… Read more
I’ve spent years encouraging Rotorua’s small business owners to grow their networks, get out and talk to other businesses, learn and listen and open doors to new business and collaboration. It doesn’t cost anything and the benefits are wide-ranging. Yet, as I’ve found and as research shows, a lot of businesses prefer to do it on their own, not share their ideas, plans and progress and by the time they… Read more
If you are thinking about taking a holiday in the family bach which is usually rented out over this summer period, ensure you understand the implications and how the relatively new mixed-use asset rules may apply to your situation. From the 2014 tax year (1 April 2013 for most) Inland Revenue has made some significant changes to the mixed use of assets. Expenses are only deductible to the extent of… Read more
When preparing for a Family Business Succession presentation I was giving recently, there was no way of avoiding the ‘Death’ topic. Isn’t it funny how something we all know is inevitable creates such a feeling of being a taboo subject? There are plenty of titles for this sort of work such as Estate Planning, Succession Planning and Exit Strategies and, I know it is only semantics but don’t these titles… Read more
The holiday season is fast approaching, certainly not a holiday for many Rotorua businesses now ramping up to cope with demands of Christmas and summer – including taking on casual staff. Staff employed on a casual agreement are an important resource in Rotorua’s economy driven by industries such as tourism and forestry with seasonal workflows. However, it’s important to understand the tax and employment law implications of hiring ‘casuals’. While… Read more
Reading the Daily Post Business Extra section recently, you’d think that things were ‘looking up’ for Rotorua. All these people setting up new businesses or expanding existing businesses! What are they thinking! Back in my day, you got ahead by having a good stable career. Had you fooled, bet you thought you were reading the ‘Letters to the Editor’. I have previously written about an ANZ privately owned business survey… Read more
Don’t be left up in the air by traditional IT solutions. Check out the top 9 advantages for small businesses switching to cloud computing. Cloud computing is fast becoming the norm because storing information and using software hosted on the Internet has many advantages. 1. Save money Traditionally, a small business spends money licensing software or buying packages to install or download onto individual computers. Cloud computing, on the other… Read more
Social media and the internet have created a seismic shift globally in the way we market our products and services and now, even more so, the way we raise money. I am talking about crowdfunding, the powerful online tool that matches organisations needing support with people willing to give. Initially a donation-based platform for personal and charitable projects – most of us know about or will have donated via PledgeMe,… Read more