InfoBase

Accounting & tax info, news and due dates

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Claiming Christmas Expenses

January 31, 2018

It’s always good to be aware of what’s claimable, here’s a quick list of Christmas expenses you can claim. Please note some expenses are 100% deductible while others are only 50% deductible. Staff Christmas Party The costs of food & drink and any incidental expenditure relating to things like hireage of crockery, glassware, music or other entertainment is only 50% deductible for income tax …

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Can I Pay my Spouse / Partner Wages From My Business?

If you trade as a company there is no problem in paying your spouse or partner wages through the payroll of your business – however if you trade as a sole trader or partnership (that doesn’t have your spouse / partner as an owner) you will need Inland Revenue approval to do this. If you don’t get approval Inland Revenue can disallow any wage …

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Can I Be An Employee Of My Own Company?

Yes your company can become an employer and employ you via the payroll. This means that each pay day PAYE is deducted from your wages and on the 20th of each month the PAYE get’s paid to IRD. Your wages become a cost to your business. You need to keep a wage book/record of each person’s pay each week – software that does this …

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How Can I Pay Myself From My Business?

There are a couple of ways to pay owners of a business and to account for the income tax on these. The most common way is the owner taking drawings – drawings are withdrawals from the business for personal use. The alternative is wages – the owner will become an employee of the business and PAYE will be deducted each payday like any other …

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