The Earthquake and Your Business
By tasman. Posted in Clients, Solutions.
We all know by now the impact that Earthquakes like the one on November 14th can have on our lives and businesses. We’ve put together some quick notes to help make sure the post earthquake process runs smoothly for you.
Remember – we’ve been through this before with the Christchurch earthquakes, so please get in touch if you have any questions or concerns at all. We’re here to help.
INSURANCE
• If you haven’t already, contact your broker or insurance company right away. Even if you aren’t sure of the full extent of your claim, start the conversation with your insurance company as soon as possible
• Take photos. When it comes to an insurance claim there is no such thing as too many photos
• If needed, after 10 days you can make a business interruption claim, talk to your broker or insurance company about this
TAX
• The IRD are taking a realistic and flexible approach to meeting filing and payment due dates
• If the earthquake has impacted your ability to file or make a payment, call us when you can and we’ll do our best to work with the IRD to grant you relief from any late filing or late payment penalties
FINANCIAL ASSISTANCE
• Most banks are offering both personal and business financial support such as short term funding. Head to the main page of their website to see how they can assist you
• The government has allocated a $7.5 million wage subsidy for small businesses in Kaikoura, Cheviot, Waiau, Rotherham, Mt Lyford and Ward. If your insurance covers loss of earnings, you are expected to utilise this first before accessing the wage subsidy
• A Mayoral Marlborough relief fund is being established for people and families in need
• The Government will distribute $5 million to help out the farming, fishing and wine industries in Hurunui, Kaikoura & Marlborough
Follow this link to view a help sheet from Duncan Coterill, covering topics such as business interruption insurance, landlord and tenant issues, employment and health & safety.
Again, please don’t hesitate to get in touch with us if you have any questions at all. We know the process well now and are more than willing to help you through this time.
Xero’s best kept secret – Xero Files
By tasman. Posted in Cloud Software, Solutions, Updates, Xero.
Xero has it’s own document storage facility and we want you to be making the most of it!
Not only can Xero store online copies of your documents, but you can attach them to transactions when reconciling, invoices or bills, expense claims, or you can simply leave documents in your files inbox for your accountant to use when doing your end of year accounts.
Here are the simple steps to take to save you from keeping shoe boxes full or receipts, or clogging your email inbox with power bills. Scroll down to see how to use the phone App to add files.
On your computer:
Log into Xero, and click the Xero files icon that you can see circled below, this will take you to your files inbox.
On your phone:
Log into the Xero app on your phone, and click on the menu symbol in the top left hand corner. Click on the “Files” option to open your Xero files inbox.
CrunchBoards – the Xero add-on we’re loving right now
By tasman. Posted in Business Growth, Clients, Cloud Software, Small Business, Solutions.
We sat down with Cameron Robertson, our Senior Manager at Sidekick Christchurch to learn more about a Xero add-on that his clients are loving at the moment called CrunchBoards.
CrunchBoards is an all-in-one forecasting and reporting engine with all the time-saving tools you need to grow your business. Features include business planning, budgeting, forecasting and real-time business intelligence.
So Cam, what are your favourite features of CrunchBoards?
“It’s a great forecasting/budgeting tool which incorporates directly into management reporting. The customisable management reports allow our clients to focus on particular areas of their business.”
What do your clients like best about using CrunchBoards?
“The way the information is displayed is the real upside of the software. CrunchBoards turns the numbers behind your business into easy to read graphs, that tell the true story.”
How much does it cost?
“It’s free in our Sidekick+ package, otherwise it’s only $25 per month plus a setup fee with our other Sidekick packages.”
Who is the perfect person to be utilising CrunchBoards?
“Anyone with particular points of focus. For example someone in hospitality may want to focus on % of food & beverages against sales, or wages against sales. This can all be displayed on one easy to ready graph.They also need to have good administration processes because CrunchBoards pulls data directly from Xero.”
How does it work in with Xero?
“It syncs daily with Xero. If your Xero is up to date, so is your CrunchBoards. It can be accessed using the browser on your smartphone, tablet, laptop or computer.”
Any final words?
“To me it’s a must-have tool for any business looking to grow and keep their business in check.”
New Property Tax Rules & 2 Year Bright-line Test
By tasman. Posted in Solutions, Tax Advice.New Property Tax Rules & New 2 Year Bright-line Test
Effective 1st October 2015, the following rules are coming into play in New Zealand. Get in touch with us if you would like to know more. Transferors and transferees must, for the transfer of land: • Provide IRD number (including non-resident persons), and • Their “Tax Identification Number (TIN) if resident in overseas jurisdiction, and • Must provide this at the time of transfer of land – This “Tax Statement” goes to LINZ as part of transfer documentation (they send to IRD) Exemption from the new rules applies to persons who are: • Not an “offshore person” and • Transferors selling their main home, or • Transferees buying with intention for their main home The Main Home Exemption • Exemption only applies to residential land • Not available where residence is on a commercial farm (economic business test) • Not available if used mainly for investment purposes nor if mainly as business premises • Exemption can only be applied once – won’t apply to other homes (eg. holiday home) Exemption is not available where: • Person is an “offshore person” • The property is to be, or was, owned by a trust (and estates) • Exemption used twice or more in last 2 years before current transaction Trusts • The main home exemption can’t be used • All trusts will be required to provide IRD number • And foreign TIN and NZ bank account if offshore person Regular Sale of Main Home • If home sold 3rd time within last 2 years IRD number required • Government aim is to catch person’s with regular pattern of selling family home • Gives IRD information to target these persons and determine whether taxableNew 2 Year Bright-line test
A disposal of residential property within 2 years of acquisition will be taxable unless an exception applies. Date of Acquisition • Current rules: the date of acquisition is generally the date the S & P was entered in to • IRD state this date could be difficult to find and may not have access to S & P • Therefore bright-line acquisition date = date title registered which will show on land online Disposal Date • Date the contract is entered into • For gifts and other similar distributions where no sale contract – Disposal date will be normal rules = depends on documentation • Subdivided land: lots acquisition date same as original undivided land • Different dates for acquired and disposed make the 2 year period a tighter squeeze Transitional Rule • New rules only apply to a S&P entered into after 1/10/15 • Example – Shania Twang enters in a S& P on 2/6/15 – 1/11/15 title registered for purchase – 1/12/15 Contract to Sell • Not caught by the new rules due transitional provision Definition of Land • Any estate or interest in land • Option to acquire land, estate or interest in land • Therefore includes freehold and leasehold Main Home Exception Proposed Rules • Bright-line test will not apply to main home • Will only apply to one property at a time – different from current rules • Proposed rule: the land has a dwelling on it; the dwelling is occupied mainly as a residence by the owner; and the dwelling is the main home of the owner. • Can be owned by a trust so long as beneficiaries occupy • Must be occupied mainly as a residence • Based on actual use rather than intention • Where several residences, main home = property with most connection
Xero Add-on Focus: Deputy
By . Posted in Cloud Software, Small Business, Solutions, Startups.
This online business software is putting an end to staff roster issues and endless hours of administration. We recently caught up with Kristin from the Deputy team to tell us more about their cool system.
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Free Business Event in conjunction with Club Workspaces
By . Posted in Cloud Software, Contractors, Events, Sales and Marketing, Small Business, Solutions, Startups.Free Business Event in conjunction with Club Workspaces
djca SIDEKICK – Friday, April 25, 2014
In conjunction with the wonderful Club Workspaces Clerkenwell, we’re excited to announce our next London event. If you’re in need of some business advice and a relaxing beer, make sure you grab a complimentary ticket.
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How to Keep Investors on Your Side
By . Posted in Business Growth, Cloud Software, Contractors, Small Business, Solutions, Startups.This is a featured Blog from our friends at SeederBoard.
Raising funds for any business is notoriously difficult. Any number of factors can slow things down or get in the way, preventing you from taking your business to the next level.
Once you have completed endless elevator pitches, a frantic search for due diligence paperwork, then working out a fair term sheet, you might finally close the fundraising round.
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Good News for Small Business Owners
By . Posted in Business Growth, Small Business, Solutions, Startups.Good News, Everyone!
According to this leading Business Index report, the small business output in Q1 of this year reached it’s highest point since 2008. They state “Small and medium-sized businesses in the UK enjoyed the strongest level of activity, year-on-year, for six years.” Essentially this means small businesses are performing better than they have in years.
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End of Financial Year – What you Need to Know as a Business Owner
By . Posted in Business Growth, Company News, Contractors, Small Business, Solutions, Startups, Tax Advice.For most of us, the 31st of March will be the end of our 2014 financial year. We hope it’s been a successful, happy and profitable one for you and your business! Here are some tax tips and helpful information to ensure a smooth end of year process for you.
Need help getting your tax in order? Flick us a message, and we’ll be by your side in no time.
End of Tax Year Obligations – What do I need to do?
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Budget 2014 Key points for Small Business Owners
By . Posted in Business Growth, Small Business, Solutions, Startups, Tax Advice.
Last Wednesday, Mr Osborne unveiled the Budget for 2014. In case you missed it, here is a summary of the key information and important upcoming changes for small business owners.
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