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Attention all trade professionals! Do you have your skills & services down pat, but pricing is giving you a headache? Hourly rates might secure every minute worked, but flat rates offer predictability—just watch for undercharging pitfalls. The hybrid method, a dynamic fusion, caters to diverse jobs. However, each has nuances, like client concerns or the …
Does your business use both employees and contractors? It’s important to distinguish between them as they are paid and taxed differently. Despite what you may call the individual concerned, that description is not definitive. If the status of the worker is questioned in the Employment Court or Employment Relations Authority, for example, the Employment Relations …
What’s the difference between employees and contractors? And why does it matter. Read More »
Founding, building and growing your own small business is a hugely rewarding experience for many entrepreneurs. But the road ahead isn’t always smooth. There are common challenges that crop up and ongoing issues that need to be factored into your business plan, your strategy and your own personal thinking. So, what can you do to …
5 challenges for small business – and how to beat them! Read More »
Inland Revenue allows you as an employer to reimburse employees – including shareholder-employees – for using their private vehicles for work. To reimburse employees for running costs, you can use: Depending on which method you use, you and your employees will need to keep specific kinds of records. Reimbursements paid by an employer to an …
Ticking items off your end-of-year tax checklist this month?
The Prime Minister, Chris Hipkins has announced that the minimum wage will go up from April 1 2023, to $22.70 – a 7% increase from $21.20. The Starting-Out and Training minimum wage rates will be maintained at 80% of the adult minimum wage. Costs are increasing Even if you don’t employ one of the 175,000 …
Minimum wage to rise in line with inflation from April 1 Read More »
Even though the new GST invoicing rules still allow ‘tax invoices’ to be issued after 1 April 2023, make sure you think about: • Your accounts payable processes. Do your systems or staff automatically reject invoices which don’t have the words ‘tax invoice’ on them? If so, review this as your suppliers (and customers) may …
GST Special Alert – What do I have to do before 1 April 2023? Read More »
If you have a family trust or are a trustee for one, be aware of your obligations. The Trusts Act 2019 introduced presumptions that trustees will make basic trust information available to every beneficiary and provide further trust information to beneficiaries on request. In addition, Inland Revenue also have specific requirements for active trusts to …