Businesses

  • Jade Robertson
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Jucy Rentals Group say good bye to provisional tax stress
Jucy Rentals Group say good bye to provisional tax stress 1200 630 Jade Robertson

They say you can’t make an omelet without breaking some eggs. In this context, a company cannot grow without taking some risks or investing in their business. Jucy Rentals Group’s day-to-day operations highly depend on cash in the bank. It faces a unique challenge when it comes to paying provisional tax. They have to account…

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  • Jade Robertson
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Four reasons why accountants should consider tax pooling
Four reasons why accountants should consider tax pooling 1200 630 Jade Robertson

Meet Andy. He is a builder who has run his own business for almost three years, with the current year reflecting he will make a substantial profit. He gets paid well and is smart enough to set aside the tax he owes with every cheque. However, the clients he is working for do not always…

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  • Jade Robertson
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Coffee with Maria from The Tax Lady
Coffee with Maria from The Tax Lady 1200 630 Jade Robertson

“Why would IRD allow you to do this?” This is the reaction of some of Maria Anderson’s clients when they hear about how tax pooling can help with provisional tax payments for the first time. Maria is one of the Directors at The Tax Lady in Upper Hutt, north of Wellington. Their clients range from…

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Image: 15 January provisional tax
  • Lee Stace
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Don’t let 15 January provisional tax cause stress
Don’t let 15 January provisional tax cause stress 1200 630 Lee Stace

Paying 15 January provisional tax can be stressful and a pain in the derrière for many businesses – but it doesn’t have to be. There is an IRD-approved service that allows taxpayers to make this payment when it suits them. To understand why this might appeal, one must understand why 15 January provisional tax can…

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  • Jade Robertson
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How to find a great accountant: six qualities to look for
How to find a great accountant: six qualities to look for 1200 630 Jade Robertson

Thousands of independent business owners have an awful habit. While steadily pedaling up the mountain of expansion, new hires, building a great brand, and newfound social media fame, these business owners attempt to juggle their tax payments and financial accounts with their little remaining time. “We know our business best, so we’d may as well…

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Image: Safe harbour provision.
  • Lee Stace
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28 August provisional tax: Don’t forget IRD interest rise
28 August provisional tax: Don’t forget IRD interest rise 1200 630 Lee Stace

For many, the 28 August provisional tax instalment is the first for the 2020 tax year – and failing to pay on time will cost taxpayers more money. That’s because the interest IRD charges when tax is unpaid or underpaid is increasing from 8.22 percent to 8.35 percent. The new rate will apply the day…

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Image: Walker & Co Real Estate owners Lee And Marc Walker
  • Lee Stace
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Walker & Co Real Estate remedy big provisional tax problem
Walker & Co Real Estate remedy big provisional tax problem 1200 630 Lee Stace

Provisional tax is not without its challenges. Marc and Lee Walker from Walker & Co Real Estate know this all too well. The husband and wife duo do not take umbrage at paying tax. No siree Bob. It’s part and parcel of being in business. And they accept it ain’t going away. But they do…

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Image: Accounting Income Method (AIM)
  • Lee Stace
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Accounting income method: When cashflow doesn’t match accounting profit
Accounting income method: When cashflow doesn’t match accounting profit 1200 630 Lee Stace

IRD’s marketing material boasts the accounting income method (AIM) means taxpayers only pay provisional tax when they make a profit. But what it neglects to convey is what happens if an AIM user making a profit has no money in their bank account to pay tax when it is due. The answer? Bad things. IRD…

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  • Jade Robertson
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Five great accounting tips for small and medium businesses
Five great accounting tips for small and medium businesses 1200 630 Jade Robertson

Getting the right small business accounting advice is vital for the success and growth of your small business. Here are five essential tips to help organise accounting for your small business. Keep a record of tax deadlines Knowing when business taxes are due throughout the financial year is crucial for the health of your small…

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Image: IRD interest
  • Lee Stace
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IRD interest changes
IRD interest changes 1200 630 Lee Stace

The cost of getting provisional tax payments wrong is about to increase – but not with TMNZ. IRD interest rates are going to change and the news is not good for taxpayers. IRD is increasing the interest it charges taxpayers if they underpay or fail to pay their provisional tax on time from 8.22 percent…

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