Small Business Archives - The Accounting Hub

Category: Small Business

Contractors vs employees: Key considerations and calculations

Posted by Andrew Millington
on May 30, 2025

With the news in the Budget 2025 that KiwiSaver employer contribution rates are to be increased to 4% from 1 April 2026, it’s worthwhile considering how this impacts an equivalent salary calculation for comparing employees with contractors. While contractors can offer flexibility, [read more...]

Contracting vs. company structure for IT professionals

Posted by Andrew Millington
on March 23, 2025

If you’re operating as a sole trader in the IT industry, one of the key decisions you’ll face is whether to set yourself up as a contractor or through a company structure. Both options offer distinct benefits, depending on your [read more...]

IRD compliance checks: what to do if you receive a letter

Posted by Andrew Millington
on February 18, 2025

Recently, we’ve seen clients receiving letters from Inland Revenue notifying them that their business has been selected for industry monitoring. If you receive one of these letters, there’s no need for immediate concern—this doesn’t automatically mean an audit is coming [read more...]

Managing cashflow over the holiday season

Posted by Helen Willis
on November 21, 2024

The holiday season can be a challenging time for cashflow, especially for businesses experiencing fluctuating sales, delayed payments, or increased expenses. Here are some strategies to keep your cashflow healthy as you enter the Christmas holiday period. Forecast your cashflow [read more...]

Understanding when income from professional services is derived: a guide for professionals

Posted by Andrew Millington
on September 11, 2024

In the world of professional services, understanding when income is recognised, or “derived,” for tax purposes is important. We are occasionally asked by professionals if it is possible to account for their income on a “cash basis”, as this generally [read more...]

Writing off bad debts for income tax and GST

Posted by Andrew Millington
on September 9, 2024

If you’re owed money and it seems unlikely you’ll ever get paid, you might be able to write off the debt to reduce your taxable income or claim back GST you’ve paid if you are on the invoice basis for [read more...]

Flying solo: starting out as a legal professional

Posted by Andrew Millington
on August 22, 2024

Starting your own business as a lawyer or legal professional can feel like a leap into the unknown, especially during times of low business confidence and challenging economic conditions. However, these times can also be a catalyst for pursuing new [read more...]

Budgeting and cash flow forecasting: key to your business success

Posted by The Accounting Hub
on January 6, 2024

If enhancing your business strategies is on your list of New Year’s resolutions, now is a good time to revitalise your approach and set the stage for success in the upcoming year. In the unpredictable world of business, finding a [read more...]

Strategies for boosting your startup’s cash flow

Posted by The Accounting Hub
on November 30, 2023

In the unpredictable world of startups, maintaining a cash surplus can be a lifesaver. It provides a safety net in case sales don’t meet expectations or unexpected expenses arise. Aside from providing security, surplus cash also paves the way [read more...]

Setting your chargeout rate as a professional services provider

Posted by Andrew Millington
on November 15, 2023

If you operate as a self-employed lawyer, IT specialist, architect, manage a firm or agency, or provide professional services in any capacity, your time is your most valuable asset. As such, it’s crucial to ensure that you’re charging appropriately for [read more...]