Are you renting accommodation from your home, through Airbnb or some other way? For tax purposes, short-stay or holiday accommodation is different from accommodation provided to tenants, boarders or care home residents, or student or emergency accommodation. We’ve seen a huge uptick in short-stay accommodation provided by householders, typically through Airbnb. A short stay is …
Certain types of payments received by contractors are known as ‘schedular payments’. The schedular payments regime determines the rate of tax taken out of contractors’ pay. The tax on schedular payments is known as withholding tax. If you’re a contractor, you may be able to choose your own tax rate. Contractors in some industries can …
Cryptocurrency? Bitcoin? The blockchain? Did you dive in as an early uptaker or are you still getting used to the terminology? From the start, the cryptoasset sector has attracted people fascinated with emerging technology and keen to explore its potential for wealth creation. Inland Revenue has released guidance on various aspects concerning cryptoassets and taxation …
It’s time for us to start working on your annual accounts, so we’ll need some information from you to help us complete your accounts. What do we need from you? For each of your businesses, we’ll need your comprehensive financial information. If your business is already linked to us through Xero or MYOB, the good …
In 2021, Inland Revenue increased the top tax rate to 39%. That rate is higher than both the 28% tax rate for companies and the 33% tax rate for trusts. The new tax rate concerns Inland Revenue, because it doesn’t want people to use companies and trusts to avoid paying tax at the highest rate. …
Inland Revenue to clamp down on top tax rate avoidance Read More »
Between Covid restrictions, a downturn in income, government payouts, and tax breaks, we understand if your head is spinning as the financial year wraps up. That’s why we’ve done a round-up of relevant tax information you may have missed, so you can make sure everything is in order and there are no surprises come 31 …
Measures to help support businesses adversely affected by COVID-19 were introduced in waves. Over time, some measures were changed or added to. We put together this update to clarify where we’re up to with all of them. Let us know if you’re worried about not being able to pay your tax on time, if your …
It can come as a surprise to find out that the income tax and GST treatment of mealexpenses for self-employed people differs from that of meal allowances paid toemployees. And it’s different again under the entertainment expenditure rules. If you’re self-employed you usually cannot deduct meal expenses as they aredeemed private or domestic expenses, although …
Happy Christmas everyone, And a big thank you for your custom over the last year. The team has enjoyed working with you to enable you to achieve your goals. We are looking forward to continuing to do so in the New Year. I think we all agree that it has been trying year and I …
If you run your business as a company, and you make a vehicle available to an employee to use privately, you’ll be liable to pay fringe benefit tax (FBT). This applies on vehicles made available to: 1. employees (and their associated persons), and2. shareholder-employees This applies whether the vehicle is actually used for …
Motor vehicle business use and FBT for companies Read More »