We know that operating as a sole trader can be confusing, so we’ve put together a list of frequently asked questions to answer the questions you may have. 1. Can I switch to other business structures in the future? YES! It’s relatively easy to switch to other business structures from a sole trader.  Many people start as sole traders and switch to other business structures when their businesses grow. Before you make any changes, please consider the following: What are the main reasons you want to change your business structure?  Have you evaluated the possible disadvantages of the bu ..read more

In simple terms, the lower your taxable income is, the less tax you have to pay. There are ways to minimise your tax liability by deducting business expenses from your taxable income.  In this blog, we’ll cover 7 top tips business owners should know for tax minimisation:  File and pay on time Claim expenses Vehicle expenses Depreciation  Deduction or tax credits on donation  Keep low-value asset purchases below $1,000 Have an effective business structure  1. File and pay on time Filing the right amount at the right time helps to avoid paying interests or penalties w ..read more

[ps2id id=’back-to-top’ target=”/] Productivity is a word that’s often talked about in the business world, but what does that mean for small business? It sounds like one of the things an expensive consultant might say but you’re left wondering, how does that apply to my business? What does productivity look like if you own a B&B?  What does it look like if you’re manufacturing kitchens?  What does it mean if you own a rental property? What does it mean if you’re selling IT consultancy or graphic design? Let’s break this down and see if we can work out some general principles and ..read more

Business owners sometimes shy away from the thought of switching business accountants even though there are some obvious signs that it’s time for a change. There can be a perception that they will have to deal with lots of paperwork, notify relevant government departments and spend time they don’t have when making the switch. This can be a costly mistake, as we will discover. If you find the right accountant, the switch can also be very painless.   In this blog, we’re going to shed some light on the top signs you should switch your business accountant.  1. You’ve received surpr ..read more

Maybe you’ve just started a small business and are thinking about hiring an accountant. Or you may have been in the business for a while and feel ready to hire a professional. Finding the right accountant for your small business is not easy. Considering a lot of small businesses are on a tight budget, the cost of hiring external help is always an important consideration. However, a good accountant for small businesses acts as a financial and business adviser in ways you might not expect. In this blog, we will explain: What an accountant does How to find the right small business accountant Ho ..read more

The end-of-financial-year is a big deal for business owners and accountants as they want to ensure everything is done correctly and on time. However, planning for the new financial year is equally important because it’s time for business owners to reassess their positions.  Although we’ve already been in the new financial year for a few months, what questions should you ask your accountant as a business owner? We cover the top questions to ask an accountant in the new financial year. 1. How can I do better with my cash flow? Cash flow ensures the business’ sustainability and success in ..read more

The end-of-financial-year is a big deal for business owners and accountants as they want to ensure everything is done correctly and on time. However, planning for the new financial year is equally important because it’s time for business owners to reassess their positions.  Although we’ve already been in the new financial year for a few months, what questions should you ask your accountant as a business owner? We cover the top questions to ask an accountant in the new financial year. 1. How can I do better with my cash flow? Cash flow ensures the business’ sustainability and success in ..read more

[ps2id id=’back-to-top’ target=”/]Whether you are buying a business for the first time, or adding another one to your empire, it’s a challenging process that can involve a lot of money and risk. To help guide you, below are five tips that highlight key things to consider before you take the plunge. Buy a business, not a job Do your homework Focus on a familiar industry Look for ways to add value Imagine the worst before you invest [ps2id id=’buy-a-business-not-a-job’ target=”/]Buy a business, not a job If you’re spending your hard earned money to buy a business, it’s vital that you ..read more

[ps2id id=’back-to-top’ target=”/]Employees in New Zealand have their KiwiSaver handled for them. But it’s easy for business owners to forget about setting themselves up correctly. [ps2id id=’what-is-kiwisaver’ target=”/]What is Kiwisaver? It’s New Zealand’s voluntary savings scheme, designed to provide everyone with investments that support their retirement. What makes KiwiSaver different from regular investments is that you can’t take money out whenever you like. Besides a few exceptions, it’s restricted until you’re 65 or buying your first home. Long-term investment and savings schemes ar ..read more

Assets other than Vehicles We know that business laptops, tablets, and mobile devices are often used personally. It’s a fact of life these days. If there is a considerable element of use that isn’t for business purposes, you’ll need to think about how much time that is, as a percentage. Next is business photocopiers and printers. Again, if there is significant personal use you’ll need to estimate the percentage use between business and personal. Stock and materials purchased by the business must be used by the business. So if you take any stock or raw materials home for your own use, you’ll n ..read more