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Businesses

Dealing with IRD’s Christmas present

Dealing with IRD’s Christmas present 1200 630 Lee Stace

Where is IRD’s Christmas spirit? It’s a question many business owners often find themselves asking in December. The reason this thought occupies space in their minds is simple. On 15 January, IRD expects many to pay their second instalment of provisional tax for the 2018-19 income year. They also gleefully await a GST payment. Now…

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Paying provisional tax: The ONE thing you must know

Paying provisional tax: The ONE thing you must know

Paying provisional tax: The ONE thing you must know 1200 630 Lee Stace

Many a business owner is familiar with paying provisional tax. And the reason they are familiar with it is because they do not like paying it. There are myriad reasons why. But perhaps the biggest issue of paying provisional tax is the inflexibility of IRD. They want you to pay on the dates they set.…

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New TMNZ Reports now live

New TMNZ Reports now live 650 351 Lee Stace

 We are happy to announce our new, simple-to-use TMNZ Reports are available on your dashboard to view and export. This means you can now easily see all relevant information relating to TMNZ payments and transactions made by taxpayers you manage in one place. Reports are an area we have been working hard to improve…

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Image: Working capital

Tax Finance: An alternative funding source

Tax Finance: An alternative funding source 1200 630 Lee Stace

Growing a business is hard yakka. More specifically, it costs money. And therein lies a problem for many small business owners: Cashflow. In fact, it’s not a problem. It’s a major problem. According to Xero’s Small Business Insights data for June, less than half of those who took the survey have positive cashflow. Less than…

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Image: IRD audit

IRD audit – how to survive one

IRD audit – how to survive one 1200 630 Lee Stace

IRD audit activity is ramping up. It is monitoring tradies and those operating restaurants, bars, cafes and takeaways closely. After all, it’s noticing a high level of non-compliance by some working in the construction and hospitality sectors. They include business owners who are not declaring part or in some cases all of the income they…

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Tips for paying 28 August provisional tax

Tips for paying 28 August provisional tax 1200 630 Lee Stace

Are you due to pay 28 August provisional tax? For many businesses, this will be their first instalment of provisional tax for the 2018-19 income year. It’s important to stump up what you owe on this date. IRD won’t hesitate in charging steep interest of 8.22 percent and late payment penalties if you don’t. Below…

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IRD payment plan alternative

IRD payment plan alternative 1200 800 Lee Stace

Barbers and Merchants owner Josh Monaghan has a message for provisional taxpayers contemplating entering an IRD payment plan: There’s a better option. It’s Tax Management NZ (TMNZ) – and it’s who he turns to when needing more time to pay his provisional tax. Like many small businesses owners, managing Barbers and Merchants’ cashflow can be…

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Accounting income method: Pros and cons

Accounting income method: Pros and cons 765 450 Lee Stace

The accounting income method (AIM) is certainly generating plenty of chatter among small business owners. Last month, we provided a detailed analysis on IRD’s new provisional tax payment method that was, er, aimed (forgive the pun) at accountants. Below we offer a simplified list of the pros and cons of AIM. These are the things…

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Late payments from clients don’t have to impact cashflow

Late payments from clients don’t have to impact cashflow 765 450 Lee Stace

Peter and Heather Wavish, owners of Specialist Glass Cleaning and Protection Late payments from clients can affect cashflow and make it difficult to satisfy other obligations. It’s something Heather and Peter Wavish, owners of Specialist Glass Cleaning and Protection, know well. Hence they turn to Tax Management NZ (TMNZ) to mitigate the ramifications this has…

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2017 income tax deadlines looming

2017 income tax deadlines looming 765 450 Lee Stace

Deadlines to pay 2017 income tax through TMNZ are fast approaching. We understand some clients might not be able to pay by then. However, there are options you may wish to consider if cashflow constraints will prevent you from settling your Flexitax or Tax Finance arrangements within the required timeframe. TMNZ deadlines – when must…

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