Back Office Systems Ltd

01/11/2024

https://www.stuff.co.nz/money/360472324/ird-make-unannounced-visits-businesses-suspected-not-meeting-tax-obligations

The businesses have been identified from a list of around 7000 anonymous tipoffs that Inland Revenue receives each year.

22/01/2022

Best business practice anyway...

During Delta, businesses focussed on stopping spread through their workplace. When Omicron arrives, then most of our teams are going to get it just living their lives out in the community.

04/03/2021

March 2021 wage subsidy applications are open now. The March resurgence payment applications open next week. Both have different criteria. We are working our way through those clients who we suspect will qualify, but if you are unsure please talk to us before applying.

11/05/2020

The new Small Business Cashflow loan scheme applications open with the IRD tomorrow (14th May). It looks like we can't apply for clients, so business owners are going to need a myIR login for whatever IRD number they are trading under.
Applications are only open for a month. As al ways we are here to help clients with their applications.

A bit more info below

One-off loans are available for small businesses to support their cash flow needs. Find out more about eligibility and how to apply.

14/04/2020

The governments latest announcements around carrying losses from 2021 back to 2020 - we all need to sit and wait for the legislation to be developed to see how this will work. For the majority of businesses forecasting future profit/loss is unknown when we have no idea how long we will be in lockdown for. In the meantime we will still be sending May provisional tax payment letters with the caveat if you don't have the cash then hold off paying it and lets work through it as the dust settles.

02/04/2020

If you are on reduced wages and you want to take a temporary break from kiwisaver contributions, then the link is below. You need to wait for approval, but I suggest telling your employer as soon as you apply.

If your financial situation changes, you may want to take a short break from KiwiSaver. Depending on how long you've been a member, it's possible to take savings suspension.

02/04/2020

The tone from IRD is mixed. Their website says they will write off interest and penalties if you are unable to pay your taxes on time, yet contradict themselves to say they will do so at their discretion. If you will be severely impacted by paying your 2019 terminal tax, then you might choose to hold onto that money to pay your employees and suppliers. My feeling is that GST and employee deductions they won't be so forgiving as this is money you have collected on behalf and should never have been forming part of your cashflow

Information on current and proposed tax relief for those affected by COVID-19.

25/03/2020

Some business related ideas you can still do while in lockdown:
- keep in communication with staff, especially if they aren't working. They will want to here from you. If you can't do online video chats then a phone call every few days to check on their welfare. Especially those who may be isolating alone
- Your stocktake (needs doing anyway for 31st March accounts anyway) so if you still have access to where your stock is, rip into that. Alone
- Review your business systems and procedures. If your staff are now working remotely, how much of a nightmare was that to set up with 48 hours notice? Make use of this time to plan for if things ever get this bad again. If you were ready for Covid-19 you will be ready for anything
- Online courses - there are HEAPS of things you and your staff can do to upskill, both business and personal.
- Software reviews - now is also the time you are going to notice all those software subscription costs that you either don't use, use very little, aren't very efficient. Even more so if you are information sharing and that isn't working very well for you. You want a decent stack of software that crosses over as much as possible, rather than stand alone stuff that creates double entry and other inefficiences
- review your assets ready for end of year accounts and let your accountant know. If you had to set up staff at home to work remotely you probably realised which printers/computers etc are actually obsolete and had to make a quick investment in new stuff. So get those off your asset list
- if you do marketing, review that plan ready for the lockdown ending. Don't flood your contact base with information during the lockdown, everyone is getting too many emails already
- Make a plan for when we restart - will you be ready to burst out the doors or will you need to slowly wind back up? If you need stock from suppliers to reopen, already discuss with them closer to when we have an end date and lock in deliveries so you are ready to go
- boring stuff, but start collating the information you know your accountant is going to ask for, home office data, stock figures, bad debts (sadly any old debts on your books now could no longer be viable)
- overall, use the time you can't work IN your business to work ON your business
- finally, enjoy the few weeks downtime like you might at Christmas. Get outside while we are allowed to, get some fresh air, and come back refreshed and ready to go

25/03/2020

We have gotten through the wage subsidy applications for the majority of employers. Our sole trader/annual shareholder salary only people we are getting to you ASAP. If you are anxious about it, and haven't applied already, please email me today as I have room on my To-Do list today to get your sorted

24/03/2020

Inland Revenue have indicated if you can't afford to pay your tax right now, keep filing and you don't need to contact them right now as they are flooded. Contact them when you and they will write off interest and penalties

https://www.media.ird.govt.nz/articles/inland-revenue-updated-advice-to-businesses/?fbclid=IwAR1h_opr_hVMTWf1izBeH40HPM5ALTXm67aPznQGNjtBGUDcBxxGmuUVJSI