April Tip Bits
For years we have been recommending smart payroll to our clients and we still do recommend this for those with companies or trusts who take drawings regularly. Now is a great time to try it out with this offer of 3 months free!
If you are self employed you are not able to put yourself on wages. This is a good time to discuss setting up a company for the new year to operate from – please discuss with us before you do this for there are extra costs to consider in doing this!
Contact us for help.
Funds made available for small business
As a firm we have become aware of government funding available to 100% fund Business Continuity Planning and Cashflow forecasting services for Auckland, & Wellington small businesses to the tune of $2000.00.
We have applied to become a service provider to offer these services to our business clients who would like to avail themselves of this.
If you are interested in learning more about this funding please send an email to firstname.lastname@example.org.
We don’t expect to hear back for at least 10 working days but those who have emailed us to find out more will be the first one’s we approach once the application for service providing has been approved and we know of no reason why we won’t be approved.
We are working on your tax bills
We are in the process of contacting our business clients on the phone or by email or preferably both to organise the delivery of instalment plans for most clients. If you want to help us in this process please register online with IR and send in correspondence from you to the IR that reads like this:
We are presently experiencing difficulty caused by the current Covid-19 crisis and Government imposed shutdown. As a result, we will be unable to pay our tax liability in full on the due date.
We wanted to proactively contact Inland Revenue regarding this matter. We will endeavour to pay the outstanding tax as soon as practical. However, that may require us to enter into a future instalment arrangement. We also seek relief from the Commissioner regarding the remission of any Use of Money Interest and/or Late Payment Penalties that would otherwise apply.
Please contact my tax agent as soon as possible to discuss this matter further.”
An update on recording the Wage Subsidy
The COVID-19 Wage Subsidy Scheme continues to evolve, and we want to get information to you as quickly as possible. SmartPayroll has made further updates to their Wage Subsidy guide. Please read the updated guide if you are using the Wage Subsidy when processing a pay in SmartPayroll. This information will help even if you aren’t using SmartPayroll.
The changes made will enable you to:
Keep a record of pays made using the Wage Subsidy so you can report on this if required at a later stage.
Ensure Annual Leave is being accrued based on an employee’s standard or average hours prior to the lockdown period.