New Tax Year – How to Minimise Your Compliance Costs

With the 2012 tax year having now ended for most of our clients we would like to remind you what you can do to help ensure that your 2012 accounting and tax fees are minimized.

Here is a checklist which identifies the information we require to ensure that your 2012 accounts and tax returns are processed accurately and efficiently:

  1. Notify us of any major changes to your business for example purchase or sale of assets, purchase or sale of rental properties, new companies/trusts/partnerships formed, new bank accounts, new loans, new hire purchase or lease agreements etc.
  2. Complete the client online checklists.
    http://www.uhyhn.co.nz/information.php?info_id=101
  3. Make sure your bank account or bank reconciliation balances, particularly if you use a computerised accounting system such as MYOB.
  4. If your accounts and tax returns are prepared on a cash basis provide a full years bank statements for all bank accounts.
  5. Provide end of year accounts receivable, accounts payable and stock on hand figures if relevant.
  6. Provide loan account balances as at balance date and interest paid summaries for the year; these can be obtained from your bank.
  7. Provide term deposit confirmations as at balance date, confirmations can be obtained from your bank.
  8. Provide us with interest received certificates for the year for all applicable bank accounts including term deposits, both existing and new deposits. Provide dividend statements received during the year.
  9. If you have purchased assets that cost more than $500 plus GST provide a summary of purchases and copies of invoices. Provide copies of any new hire purchase/lease agreements.
  10. If credit cards have been used for both business and personal expenditure clearly identify which expenditure is which. Provide a schedule of business expenses paid from your personal account and personal expenses paid from your business account.
  11. If you have sold or purchased property during the year include copies of settlement statements and sale and purchase agreements.
  12. Where using a home office provide full details of the area and home office expenses incurred (typically these include interest on mortgage, insurance, power/gas, rates and repairs and maintenance expenditure).
  13. If you have income protection/disability insurance provide details of the premiums paid for the year.
  14. Provide your records in an orderly manner for example in a folder using appropriate folder dividers.

Providing us with the right information in the right format will enable us to complete your accounts and tax returns accurately, efficiently and on a cost effective and timely basis.

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Guest Columnist: MS Outlook – Get Your Inbox Email Sorted!

To further broaden the content of our newsletter UHY Haines Norton is pleased to introduce a new feature to its newsletter whereby guest columnists will be periodically invited to contribute a feature column on topical and relevant business issues.

This month Jacqueline Hinchliffe of Positive Connexions – West Auckland Computer Training describes how to organize your email inbox

Are you a slave to your Email?

If your Email inbox is full of any of the following:

  • Random communication relating to work in progress, done or pending
  • Stuff you’ve never had time to check
  • Mail dating back days, weeks, months possibly even years
  • Personal correspondence
  • Junk, joke and voucher deal mail

Then the answer is ‘yes’ and it’s probably driving you ‘crazy’ – it’s certainly wasting your valuable time.

But you already know that – your problem lies in how to sort it out and what to do to keep it sorted.

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ACC For The Self-Employed

If you are self-employed in New Zealand and suffer a workplace injury you are automatically covered for insurance purposes by ACC under the ACC CoverPlus scheme. As the default scheme covering work place injury for the self employed, ACC CoverPlus pays up to 80% of the previous year’s earnings (limits and conditions apply), the payments…

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