Tax Due 7th of April and How to Develop Your Business

Tax

Reminder: End-of-year tax is due on April 7

The end of the tax year is around the corner, so this is a quick reminder that your terminal tax payment is due on 7 April.

If cashflow is a problem and you’re not confident in your ability to make your payment, please get in touch. We understand that the past 12 months have been extremely tough for many businesses and clients, so you’re not alone.

Ways to avoid penalties and interest

Paying tax late means Inland Revenue will charge you use of money interest (UOMI) and late payment penalties. These can really add up and start to make your cashflow situation worse.

There are several ways to avoid this – we can work on your behalf to choose the right option and carry out any applications or paperwork.

Because of the pandemic, the IRD is now well set-up to provide tax relief for businesses which have struggled with lockdowns and border closures (you can read more here). This flexibility has been extended due to Omicron.

There are ways to write off UOMI or even tax (in the case of serious hardship). Another method is to set up an instalment payment with Inland Revenue, or apply for an extension to your tax payment dates.

Remember, we can apply on your behalf, you don’t have to do this yourself. You also have the option of using tax pooling to borrow at a lower rate of interest than the IRD will apply.

Don’t just ignore it

If you can pay your terminal tax, make sure you do so on or before 7 April. If you can’t, please don’t ignore it, even if it seems too stressful – we can work on your behalf to avoid penalties and interest, and find ways to get it sorted out.

We’re here to help, so do get in touch.

Raz

 

Favouritie Tradesman of the Year Award

Alan was delighted to present our favourite tradesman award to Raz a few weeks ago – delayed a couple of months due to lockdowns last year.
Raz started Viper Electrical Limited in 2017. We have been fortunate to be his accountant since the beginning, when he was a sole trader.
Raz has a strong purpose, Smart goals he renews annually. He has worked also on adopting a clear vision that was adopted by his whole team during training we had together just before lockdown.
“We are leaders in innovative solutions for a smarter future”
A smart, energetic team with an even smarter leader – despite the ups and downs of the business environment at the moment Raz – here at Tax and Trust we are sure you will keep building your business.
Congratulations!

Tick

Minimum standards for financial reporting by domestic trusts

Trusts with assessable income have increased disclosure requirements for the 2021–22 and later income years.

Trusts with assessable income have increased disclosure requirements for the 2021–22 and later income years.

We want to assure you that those that use our trust administration service that we are aware of the Trusts Act 2019 and in particular the new disclosure rules and will make sure your trust complies with the new legislation.

If you are not using our trust administration service and you are interested in protecting your trust under the new legislation please email to make an appointment to discuss a trust review with us.

Leaf

How an accountant supports your business development

As your accountant, we won’t just look after the financial side of your business, we can also advise you on the strategic side of your company, including the importance of business development as vital part of your growth plan.

Business development (BD) is what helps your company move from slow, organic growth to fast-paced, hypergrowth. And it’s only by putting the right drive and expertise behind your BD that you can turn your strategic ideas into real success stories.

So, how can we help you achieve this?

Talk to you about your strategic goals

The starting point for any kind of BD activity is to pin down your goals and aims as a business. When you know what you want to achieve over the coming months, it’s far easier to define a strategy for success. And that’s easier to do when you talk to an objective adviser, like us.

We can sit in on your board meetings, talk to your executive team and get a real handle on what makes the business tick. And, armed with this knowledge, we’ll work with you to drive the direction of your BD and find the best opportunities for you to focus on.

Help you create a clear BD strategy and plan

Having a defined set of BD goals is a good starting point. But to put this all into action in a productive way, you’re going to need a comprehensive plan for your BD projects.

Our years of experience advising business leaders and their teams really comes into play here. We know the best routes to take, the budgets that will be needed and the right tactics for bringing in more contracts, sales and partnerships. By putting these strategies into a clear plan, and linking this to agreed timescales, you have a BD route map to follow and action.

Introduce you to a broader network of business partners

We work with a wide range of businesses across many different sectors, industries and niches. By introducing you to our network of clients, we welcome you into a supportive community of like-minded business owners. And that’s excellent news when looking for new partnerships.

Whether it’s attending a local conference, an online webinar or one of our in-house client events, you’re going to meet new people, share new ideas and make the right connections. This is a great way to build alliances and work together with other local businesses. And when you’re well-connected, you set the very best foundations for your future BD activity.

Provide better routes to funding and investment

Whatever goals you’ve set for your BD projects, it’s likely that you’re going to need additional funding to finance this activity. Investing in your expansion, or new partnerships, is vital to getting a good return on your BD, so great access to finance is a definite bonus.

We’ll advise you on the most appropriate funding channels and how you can use these facilities to finance your BD plans. And we can also link you up with banks, lenders and business finance specialists – so you get the advice and finance you need to bring your BD to life.

Help you track and measure your BD performance

Meeting your BD targets takes time – and a whole lot of dedication. Measuring your BD performance over time, helps you stay on track and gives you a good indication of how well you’re tracking against your planned progress.

We’ll help you create the reporting and metrics you need, so you have clear data to track your progress over time. You can log your activity in your project management system, or your client relationship management (CRM) software, and keep clear notes on contacts made, relationships built and targets converted etc.

If you want to get more from your BD, please do get in touch. We’ll partner with you to put some real drive, experience and impetus behind your BD strategies.

Check out our LIFT Workshop series and register your interest here.

Registration for LIFT Workshop

Why LIFT?

Work smarter not harder

New business advice and encouragement

Hear real life stories from other business owners

More profit, more time back and less stress

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