InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

How Much Can I Pay Myself from My Business?

January 31, 2018

People often ask if there’s a general rule about how much they can take from their business as ‘wages’. Our suggestion is to work backwards, especially when you are still in the early stages of business where cashflow is a bit up and down. If you can ensure there is enough money in the bank account to pay all business costs, loan repayments and …

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Claiming for Using Your Home as a Small Business Office

When running a small business from your home you are entitled to make a claim for the costs associated with this. Inland Revenue require you to determine the office area as a percentage of your whole home for these claims. To work this out you need to create a plan of your house (if you haven’t one already) to calculate how many square metres …

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Leased Buildings & Broken Windows – Who Pays?

An interesting heads up for anyone leasing a building and for building owners.. Recently a mower launched a large rock through one of our windows resulting in an approximately $1000 bill. The building is leased and the lease states that we are responsible for the cost of replacing the glass so we contacted our insurance people to make a claim… We were advised there …

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Understanding Current Accounts

One topic clients are often confused about is current accounts and we’re often asked to explain how these work. What are current accounts? They are how accountants record and report a business owner’s investment in their business (and / or rental property). When a business first begins the owner usually invests some money to buy assets and stock, pay rent, spend on advertising and …

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Business Health Check

The end of September marks the half way point for the financial year. While it is recommended you assess your year to date trading throughout the year, months can fly by, and 31 March will come around pretty quickly. This is a good time and reminder to do a quick ‘health check’ on your business, and think about the past 6 months trading, and …

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