InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

Record Keeping – Retail and Hospitality

February 1, 2018

A reminder that if you are running a till system for your daily takings, try and reconcile each day to the money received. Inland Revenue are increasing their review activity and one of the main source documents they ask for are the till receipts. They’re looking to see if the till receipt totals are significantly different to the amount of money banked – so …

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New Tax Codes for Contractors

From 1 April 2017, if you are hiring any contractors that are required to have withholding tax deducted, or are a contractor yourself the IRD have issued a new form to be filled in from April 2017 onwards.

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Withholding Tax Payers – You’re Probably Due a Refund!

January 31, 2018

If you’re a self-employed contractor (for example) who has withholding tax deducted from your income then you are required by Inland Revenue to file an income tax return. We’ve recently come across a few people who believe since their tax is already being deducted similar to PAYE, then the don’t need to file a return – this is incorrect! In fact when all your …

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Accounting and Tax Glossary

Accounts Payable Amounts companies owe suppliers for goods and services. Listed in the current liabilities section on the statement of financial position. Accounts Receivable Amounts customers owe a company from sales of goods or services that the company expects to collect within one year. Listed in the current assets section on the statement of financial position. Actual Cost Is the amount paid for an …

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Reasons To Use A Tax Agent Instead Of Doing Your Own Tax

Using a tax agent to prepare your business or rental property accounts and returns will ensure your returns are correctly calculated and prepared and will make sure you are saving as much tax as possible. Also accounting costs are deductible as a cost, where as if you do it yourself and end up paying more tax than necessary – the tax payments aren’t deductible!

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