Annual Accounts - Help Us, to Help You

When we prepare your annual accounts, two things contribute to the cost - too little information and too much information.

Too Little Information
Each time we need to ask for more information we have to put the file aside while you look for the information we require. This adds to the cost of the job. Ideally, we would like to work straight through your assignment and finish it in one session. This is seldom possible. However, the fewer questions and quicker your response, the more efficiently we can complete our work.

Too Much Information
On the otherhand a few clients try giving us everything. This often means a time-consuming search through the papers for what is relevant and what we actually need. When we cannot find what we are looking for, we will often have another look, just in case, before contacting you.

How is 2009 shaping up?

However, misjudging your estimate of tax will cost you use of money interest (UOMI) at the rate of 14.24% (reducing to 9.73% effective 1 April 2009).
If you pay provisional tax, you are entitled to reduce your payments if you believe your income will be lower. However, misjudging your estimate of the tax will cost you UOM interest at 14.24 percent a year on the shortfall of each provisional tax payment. IRD needs to be informed by the last provisional tax payment date, if you which to estimate your tax. For 31 March balances this is 7 May 2009.
Please check with us if you think you need to estimate your provisional tax.

 
 
Self Employed?

How would you like to save 50% on your ACC premiums?

CoverPlus Extra

ACC offers a great product called CoverPlus Extra for self-employed people. This product allows you to agree with ACC upfront the amount they will cover you for. You can choose to be covered from 40% to 120% of your income (subject to maximums and minimums). Should you choose to be covered for the minimum level of cover (40%), your ACC premiums would reduce by up to 50%.

Example
I recently completed a review of ACC and insurance for the owner of a glazing business. He was paying $5000 in ACC premiums per year. Due to the way he was distributing income from the business, by converting his ACC cover to CoverPlus Extra, we were able to reduce his ACC premiums to $1000 per year - a WHOPPING saving of $4000 per annum.

What can you Save?
If you are self employed and sick of paying high ACC premiums, find out now what you can save.

Call iProtect today 842 1020. It will cost you nothing and you are under no obligation!

TAX CALENDAR

 7 May    
3rd instalment 2009 - Provisional Tax
(March balance date)
GST - March 2009

Independent Earner Rebate

A new tax rebate has arrived. It is for middle income earners who do not get any form of government assistance.
As of 1 April 2009, the Independent Earner Rebate will be $520 per year.
Anyone with an income in the range $24,000 to $48,000 will qualify so long as they are not receiving any state assistance, including NZ Superannuation and are not entitled to Working for Families (WFF).
Their relationship partner must also not be entitled to WFF, but can get the other forms of State assistance including NZ Superannuation.
The rebate starts to abate from $44,000 at 13 cents in the dollar and disappears at $48,000.
The rebate will increase to $780 from 1 April 2010.  You might be getting State assistance or be entitled to WFF for part of the year.
The rebate is available for every complete month in which you qualify for it.

Delighted = WOW!!
Look for the opportunity to create WOW! whenever you can!