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Inflation is coming: should you increase your prices?

Inflation is currently running at 1.5%, but experts are forecasting that it’s likely to increase over the next year or two. The rising cost of goods and services has been driven by local labour shortages as well as higher shipping costs and product scarcity worldwide.The result of all these higher prices is that it is becoming more expensive to run your business.Should you increase your prices?...

July 27, 2021

Fees on utes - Three things you need to know

Plenty of Kiwi businesses buy utes as company vehicles. If you’re in the trades, for instance, a ute can be the perfect way to haul everything around and promote your brand at the same time.However, the recently announced EV feebate scheme is likely to hit ute buyers the hardest, since these vehicles tend to have some of the highest emissions of any on our roads.Here are three things to know if you’re buying new utes in 2022:...

July 20, 2021

Profit improvement and productivity

Do you already track your gross and net profit but are at a bit of a standstill on how to increase profitability? Think about the relationship between business profit and productivity. You can increase profitability if you produce more and pay less for what you need to produce and sell your goods or services. It's not about cost cutting. It’s about looking closely at the value you get for what you spend and how you can best create value for your customers. Start with your fixed costs. You must...

July 13, 2021

Paying tax on your shares

There’s been a boom in direct share investments since the lockdowns of 2020 with platforms like Sharesies, Hatch and InvestNow seeing thousands of Kiwis join up to buy shares. These straightforward platforms have democratised share market investment, helping New Zealanders grow their wealth and save for the future.One question though: If you’re directly investing in shares, are you paying the right amount of tax?...

July 7, 2021

Increases to Sick Leave

Sick leave is paid time off work if an employee, their spouse, partner, dependent child, or other person who depends on them is sick or injured.From 24 July 2021, employees will be entitled to 10 days of sick leave per year instead of the current five days.Employees will received the additional five days when they reach their next entitlement date. That could be once they reach six-months of employment or on their sick leave entitlement anniversary.Employees who already received 10 or more ...

June 29, 2021

2021 Herd Scheme Values

Inland Revenue have recently announced this year’s livestock Herd Scheme Values and we think this is a great opportunity to update you on the latest movements. The Herd Scheme Values are the National Average Market Values as determined by a process involving a review of the livestock market as at 30 April....

June 22, 2021

5 ways to improve your cashflow

Cash is the lifeblood of any business – once the cash dries up, problems quickly begin to multiply. Keep the cash running freely and you can continue to grow your business.Here are five tips for improving your cashflow:...

June 15, 2021

Do you feel like a slave to your business?

Feeling like a slave to your business implies the loss of control; thinking that you need to be available to your customers 24/7 and that your team can't cope without you. It can also imply a victim mentality - that this is just what it's like to be a business owner and that it's not something you can change. Maybe Covid had a huge impact on your business and you're playing catch up.There are lots of reasons why you feel like a slave to your business. In other words, lots of excuses. The OARBED ...

June 8, 2021

Self-employed? Get the full KiwiSaver contribution

When you’re self-employed, you’re the one in charge of your KiwiSaver contributions. Without an employer to make contributions on your behalf, you need to decide how much you want to commit to your retirement fund, if anything....

June 1, 2021

Should you buy or lease your business assets?

There are certain items of equipment, machinery and hardware that are essential to the operation of your business – whether it’s the delivery van you use to run your home-delivery food service, or the high-end digital printer you use to run your print business.But when a critical business asset is required, should you buy this item outright, or should you lease the item and pay for it in handy monthly instalments?...

May 25, 2021

Slow payers cost you real money

Like any relationship, timely communication between creditors and debtors goes a long way to avoiding trouble. One of those tools for small businesses is the financial web. The financial web describes the growing electronic connectivity between small business, accountants and financial institutions, particularly when coupled with cloud computing. The continued expansion of the financial web helps small businesses make smarter decisions, improve cashflow, get paid faster and access capital quickl...

May 18, 2021

The 10 ways to lift your margin

Improvements can always be made at the margin. Small tweaks to your processes or systems can make a massive difference to the end result. It’s the same with your business margin - a 1% increase in your gross margin on $500,000 of sales is an extra $5,000 on your bottom line.The best part about improving your margin is that you increase your profit without needing to lift your sales....

May 11, 2021

Talk to us now about Provisional Tax

The final provisional tax payment for the 2020/21 financial year will be due on May 7. Cashflow issues? If you’re worried about paying your provisional tax, it’s important to work with us and Inland Revenue (IR) to find a solution. You may be able to use: Instalments – we can work out a payment plan on your behalf with IR.Tax pooling – once it’s set up, tax pooling lets you manage provisional payments effectivelyCovid relief – re-estimations of provisional tax, removin...

May 4, 2021

How to create a cash flow forecast for your business

A cash flow forecast is an important tool for business planning. And right now, understanding the cash coming in and going out of your business is vital.A cash flow forecast will show you how long your business can continue to survive on current sales levels, by showing you how much money you’ll have in the bank at the end of a period.It will give you an understanding of what the revenue drivers are in your business, and give you visibility of your expenses and the things you can control. Havi...

April 13, 2021

Terminal Tax Due - 7 April 2021

The end of the tax year is upon us, so this is a quick reminder that your terminal tax payment is due on 7 April.If cashflow is a problem and you’re not confident in your ability to make your payment, please get in touch. We understand that the past 12 months have been extremely tough for many businesses and clients, so you’re not alone....

April 7, 2021

Tax shake-up targets property investors

A surprise move to change tax deductibility on rental properties has come as a shock to property investors. Owners of investment properties can no longer offset loan interest payments against rental income when calculating how much tax they have to pay. This will apply to all investment properties - for existing rentals it will be gradually introduced over four years.This will have an impact on you if:You own a rental property.You own an Airbnb or family holiday house.You are about to buy, or yo...

March 24, 2021

Six things you should know before the end of the financial year

We’d like to highlight a number of changes that have come in since COVID-19 hit so you can sail as smoothly as possible into the new financial year....

March 17, 2021

The minimum wage increases on 1 April 2021

From April 1 2021, the adult minimum wage will increase from the current rate of $18.90 per hour to $20 per hour. There are 3 types of minimum wage — adult, starting-out and training. The adult minimum wage - applies to employees aged 16 years or older. The starting out minimum wage - applies to workers who are: 16 and 17 years old and have been with their current employer for less than 6 months18 and 19 years old:have been paid a benefit for 6 months or morehaven’t worked for ...

March 10, 2021

Making data meaningful in your business

Raw data describes the facts and figures that a business processes every day. Over time, every business hoards a certain amount of data and it only becomes meaningful to a business after it has been processed to add context, relevance and purpose.For example, in a restaurant, every order will be recorded. However, a restaurant won't learn much by looking at each one in isolation. However, analysis of the orders will reveal trends and patterns, such as peak dining days or biggest-selling menu or ...

March 3, 2021

Staff Spotlight - Tania Brockelsby

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February 26, 2021

Thinking of Buying a Business? Things to Consider

Buying an existing business can be a great way to get started as a business owner, or to expand operations if you are already running a business successfully.Established businesses have already done the hard work of setting up a business, so you can get up and running on day one without a lengthy formation process....

February 23, 2021

COVID-19 Short-Term Absence Payment & Other Support

On 8 February 2020 the Government announced a new COVID-19 Short-Term Absence Payment (STAP) to support employers and self-employed workers. The STAP is available from 9 February 2020, through Work and Income, to employers for employees, and self-employed workers, who: need to miss work to stay at home while waiting on a COVID-19 test result, andcannot work from home. The STAP is a one-off payment of $350. GST is not payable on the STAP. For self-employed workers the STAP is considered income, s...

February 15, 2021

Tenancy Laws are changing in NZ

New legislation in NZ tenancy law brings in a number of changes for landlords and tenants. Below are some of the changes: Increasing rent - From 12 August 2020, rent increases are limited to once every 12 months. This is a change from once every 180 days (six months). Required notice periods are changing - If the landlord or a family member is moving in, the notice period is 63 days notice and if the property is being sold, landlords must give 90 days. Ending periodic tenancies - ...

February 11, 2021

Who are your competitors? And what do you know about them?

Whatever your sector, niche or marketplace, there’s almost certainly going to be other competitors in that space – but do you know who they are and what threat they pose?Are you the only provider of your specialism, or are you one of many companies that are all vying for the same customers? Knowing who those companies are, how they compare and what their competitive advantages may be is a vital piece of business intelligence for you.So, how do you start this process of identifying ...

February 3, 2021

Introduction to the new tax rate of 39%

From 1 April 2021, a new personal tax rate of 39% will apply to income above $180,000. As you might expect, a number of other employment related taxes have also been increased to align with the new tax rate. These include: A new tax code (SA) for secondary employment earnings for an employee whose total PAYE income payments are more than $180,000.A new Fringe Benefit Tax (FBT) rate of 63.93% for all-inclusive pay above $129,6­­­81 and the single rate and pooling of non-attributed fr...

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