It’s coming up to that time of year when you might be planning a staff Christmas party. It’s great for morale and a chance to mark the end of the year. But what are the tax considerations?
You may be able to claim as business expenses events such as Christmas functions or giving gifts to employees.
Many people who run a small business use an area in the home for work purposes. You do not have to have an area specifically set aside for the business. If you’re doing this, you can make a claim for the area so long as you keep a full record of all expenses you wish to claim.
Last week Revenue Minister, the Hon. Todd McClay announced an industry initiative enabling businesses to file GST returns straight from Xero to Inland Revenue (IR), rather than having to file a separate return. No more filling out forms. Nothing to print, sign or post.
Want to succeed as a small business owner? Have a mentor or an accountant. Our recent Make or Break? report shows that asking for help from mentors and advisors, and having a good relationship with your accountant, means you have a leg up. The research was timed to coincide with Global Entrepreneurship Week which kicks-off today.
Have you noticed that your cash till is looking a bit different? It could be that you’ve already received some of New Zealand’s new banknotes.
New $5 and $10 notes started to be released by the Reserve Bank in mid-October, with $20, $50 and $100 notes coming in April next year.
With the summer holidays approaching, now is the time to think about how you’ll fill staffing gaps quickly. Casual employees could be the answer.
Unexpected events, such as a staff member calling in sick, can potentially derail your business day. So having casual staff available is very useful.
But tread carefully – if you treat casual workers like part-time staff, eg give them regular hours, this is a breach of employment law.