In October and November Accident Compensation Corporation (ACC) will be sending out annual invoices that would have normally been sent in July. They made a decision to delay these invoices for three months to help relieve the immediate financial impact felt by many businesses earlier this year.Remember to always check your BIC code (or industry code) to ensure you are on the right rate, but also check whether you are… Read more
In a pandemic world, setting up a strategy will guide your recovery and allow you to thrive.
The pains caused by any type of economic downturn can be excruciating, which is why most of us quiver at the thought of it. Just the word recession leaves us with so much uncertainly – it could mean massive layoffs, jobs becoming harder to find, and wages frozen. We start talking about a potential recession, the fear kicks in, and this all contributes to everyone hunkering down and spending less,… Read more
The Government has announced that the Small Business Cashflow Loan Scheme has been extended to the 31st December 2020 and can provide assistance of up to $100,000 to business’s employing 50 or fewer full time equivalent employees. The scheme is in the way of a loan from the government and will provide $10,000 to every firm and $1800 per equivalent full time employee. Loans will be interest free if they… Read more
As small business owners look to the future post COVID-19, there are some important questions to ask. These questions will help you determine what changes you want to keep, whether your business model is still working for you, and if there are any additional changes you may want to make to keep your company operational through future economic disruptions.It’s not always fun to do this sort of investigation, but… Read more
Managing cash flow is a vital part of running a successful business. Some business owners think managing cash flow simply means keeping track of how much money enters and leaves their business, but there’s actually more that goes into it.Cash flow forecasting, for example, is an incredibly valuable tool that helps you anticipate cash flow issues, plan for days when your cash flow is limited, and show the bank that… Read more
The Government has announced a boost to cashflow support for small businesses to aid in their recovery from the affects of Covid19. The Small Business Cashflow Loan Scheme will provide assistance of up to $100,000 to firms employing 50 or fewer full time equivalent employees. The scheme is in the way of a loan from the government and will provide $10,000 to every firm and $1800 per equivalent full time… Read more
Economic Response Package Finance Minister Grant Robertson today outlined a $12.1 billion package to support New Zealanders and their jobs from the global impact of COVID-19. The global economic impact of COVID-19 on New Zealand’s economy is going to be significant, so we are acting now to soften that impact. The $12.1 billion package is worth 4% of GDP, a larger plan than that implemented in response to the Global… Read more
Inland Revenue and the Accident Compensation Corporation are calling ‘time’ on cheques. From March next year, IR and ACC will no longer accept payments by cheque from customers who are able to use alternative payment options. IR received more than 430,000 cheques last financial year, the largest number received by any public sector agency. ACC received approximately 25,000 cheques from business customers. Those numbers have been dropping by around… Read more
Cashflow is the lifeblood of any business but one of the most difficult things for business owners to control.
Pay-as-you-earn tax (AIM) – what does that mean for you? From April 2018, small businesses, sole traders and contractors can choose a new pay-as-you-earn option, rather than paying provisional tax in instalments several times a year. The IR are introducing the Accounting Income Method (AIM) so you can pay tax based on the profit in your business during the year. This aligns with the GST monthly or two monthly periods… Read more