Having been at Hughson’s for the last 14 years its time to retire on 31st March. Starting here in February 2010 and seeing the staff reduce by over 50% due to modern technology and systems. I have thoroughly enjoyed my time here, and the friendly and helpful staff. I have found Mark to be a […]
Final word from Pottsy Read More »
Greetings, I hope you all had a joyous Christmas/New Year and spent time with family and friends. As we wind down to 31 March (end of the tax year), we start chasing up client jobs that have yet to come in and finishing off jobs that have been ‘parked’ awaiting some event or further information.
The UK’s tax collection department (HMRC) has been sending letters to tens of thousands of taxpayers, demanding they pay large outstanding tax obligations. The letters have come as a surprise to many and have allegedly been linked to 10 suicides. The issue has arisen out of the use of umbrella companies. Workers would have their
Snippets: UK’s HMRC hit workers with big tax bills Read More »
As increasing interest rates have bitten and with industry sectors such as retail and construction not performing as strongly, some businesses are struggling. As the end of the financial year approaches, now is a good time to assess whether any of your accounts receivable need to be written off as ‘bad’. This is because, in
Snippets: End of year write-offs Read More »
After the introduction of the Trust Disclosure rules in March 2022, in November 2023 Inland Revenue released a high-level summary (in the form of a 40-page report) of insights from the first year of reporting. While tax advisors and clients alike may have begrudgingly completed the disclosures initially, the statistics may prove to be interesting.
Trust Disclosure regime – Insights from the first year Read More »
The Working for Families Tax Credit (WFFTC) is a notoriously complex scheme when it comes to determining eligibility and quantifying entitlement. This leads you to wonder how well the scheme is policed by Inland Revenue, and whether fraud is able to ‘fly under the radar’. Accordingly, it was heartening to see a case brought before
De facto relationship or not? Read More »
For 99.9% of the time, New Zealand companies are incorporated to operate a business and derive income. On establishment, the focus tends to be on items such as: whether a company is the appropriate vehicle, e.g. does limited liability protection warrant it; who should own the shares, e.g. in personal names or in a Trust;
Extracting cash tax-free from a company Read More »
Sitting back at your desk after a month of busy family time or relaxing beach days, business owners and executive teams should start to think about not only the year ahead, but the long-term viability of their businesses. With rapid changes and multiple existential threats impacting different businesses in different ways, it might be an
Assessing your business’s viability Read More »
Given the necessity of providing fast relief, the wage subsidy scheme provided during COVID in NZ was largely based on trust. Today, MSD operates a Wage Subsidy Integrity and Fraud Programme aimed at ensuring the integrity of the payments and who received them. So far, 38 people have been brought before the courts in relation
Snippets: Covid fraud Read More »
Given the outcome of the general election, we expect to see legislation that will make the following tax changes. The ability to claim interest deductions on debt relating to some residential rental properties acquired before 27 March 2021 will be progressively phased out. National’s tax policy promises to retain a 50% allowable deduction in the
Snippets: National’s tax policies – property Read More »
