No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by Inland Revenue to review your accounts and confirm your taxes have been paid to date – don’t panic. Prepare. These four steps will help you get through the process with minimal stress and the best possible outcome. Respond promptly If you file… Read more
For business owners who want financial security now and freedom in retirement, having a financial planner on the team is a must. A financial planner will create a customized, strategic action plan to help you achieve your personal financial goals. Getting to know you and your business inside out is the first step a financial planner will take to understand where you are now, where you want to go, and then… Read more
It’s been said that a business partnership is a lot like a marriage, and the comparison holds true when things go awry: the end of a partnership is a lot like divorce. Lawyers will be involved and assets will need to be divided. However, a separation need not be overly dramatic or unnecessarily painful. These tips can help make separation easier – and more amicable – should your business partnership come… Read more
There has been a lot of talk in the small business marketplace about the new Provisional Tax method called the Accounting Income Method, or AIM. To recap, the AIM method has been heavily promoted by the IRD as a new way of paying provisional tax which removes some of the problems with estimation that exist with the “standard” provisional tax method. Simpler than standard provisional tax? The method was pitched… Read more
If you’re ready to start growing your small business – whether you’ve been operating for a while and you’re in need of a boost, or you’re just starting out – meeting with a business planning specialist is a great first step. Unfortunately, all too common for businesses in this situation, is a lack of time and funds to make this happen. Not only is it hard to time time to… Read more
For bootstrapping young businesses, making a professional first impression as you build your brand is key. Although hiring a branding expert may be too large an expense in the early days, you can still help your business stand out in the best possible way without breaking the bank. Just follow these simple marketing moves that will help people to know, like, and trust you. 1. Build credibility with your own… Read more
Business dashboards are a valuable business intelligence tool, offering an “at-a-glance” big picture view of a company’s performance. Some business owners use a dashboard to track KPIs relevant to just one aspect of their business, such as sales growth, marketing, or financial data. Others rely on an executive dashboard for an overview of data from various sources (e.g. their accounting software, CRM tools, and website analytics). The great advantage of… Read more
During the course of our work with clients, we occasionally come across situations where tax issues are not well understood, and where a proactive approach to managing the tax risk can have a real positive outcome for the client. Owning a rental property overseas is one of those areas where a seemingly simple issue can lead to tax obligations that go far beyond what most people would expect. As well… Read more
No matter what the reason for selling your business, experts agree: it’s best to be prepared well in advance as it can take years to complete a successful sale. These four tips will help you get a head start on making your business attractive to buyers for the day you’re ready to sell. Get a business valuation Even if a business sale isn’t imminent for the next five years, it… Read more