New business owners often use their own money or personal loans to provide the finance required to grow their businesses. Personal finance is normally used as it is often easier to get than business finance. However alternative lenders can now provide fast and easy business funding & finance. There are risks in using personal finance…
Whether you are employed or have your own company everyone pays ACC Levies. These levies fund injury claims. Being a small business owner or self-employed means that you will pay an ACC Work Levy each year. If you employ staff or allocate a shareholder salary there is an ACC Earners’ levy. These levies cover you…
When starting a new business it is a good idea to make a business plan. They can also be made when reinventing your business. Your plan should include what you to achieve and how this is going to be done. A business plan sets out milestones that you need to achieve on the way to…
An invoice is a document that gets given to customers that outlines the goods or services that they are being billed for. Invoices are used to record your sales and keep track of who has and hasn’t paid. Invoicing is extremely important for businesses. Invoices help tell the story of your businesses cash flow and…
One of the most important decisions you will make in your business is setting prices for your products or services. The pricing strategy that you choose will influence customer expectations, so ensure that you can deliver. The most important factor when pricing is to ensure that you are covering your costs. There are 5 common…
Business Expenses are costs that are incurred in the running of a business and most expenses incurred can be claimed to reduce a business’s net profit. Which in turn will reduce your tax bill. These include: Accounting and bookkeeping fees Professional association memberships Business premises rent Mobile phone & internet bills that are business related…
Tax Tips Income Tax The first year in business is not tax-free — you can choose to pay it in a lump sum after filing your first return, or you could choose to use AIM and pay small amounts during the year when your business makes an accounting profit. If you have to pay over…
The idea of accounting software is to enable the efficient and fast processing of financial transactions. Most software is cloud-based and enables businesses to be able to access their accounts from anywhere in the world and normally includes a phone app that lets you use most functions of the software so that you can invoice…
Income Tax, Provisional tax, Terminal Tax, Residual Income Tax. What are all these taxes? and How much tax am I going to have to pay? All these names relate to Income Tax. Provisional tax information is below and is just a way to help pay your income tax for the year. Terminal tax and residual…
Whether your business needs to be registered for GST will depend on what industry you are in and how much you are going to earn. To start with we will look at when you have to register for GST, this is for all types – sole traders, partnerships, companies etc. You must register for GST…
