Why do I need a vehicle logbook?

You need to keep a logbook if you’re using your personal car for business use, or you’ve got a company car that your business owns, and you use it for personal use.

How do I manage drawings?

The best way to effectively manage drawings is to treat it like a salary. Here’s how: Work out how much money you need to live off each month, and what your business can afford.  Do one lump sum payment per month into your personal bank account. Then you use a website like https://www.paye.net.nz/calculator/ to work out the tax on that …

Why doing your own GST Returns is an opportunity to take control of your business

We believe doing your own GST returns is an opportunity to have eyes on, and take control of your business. Please don’t be scared of preparing GST returns or thinking it’s beyond your capabilities. Here’s why…. When you are reconciling your own Xero ledger, Xero is automatically building your GST return. When it’s GST time, we click a report and …

Why you should never do cash jobs

Cashies – the temptation is there to do a little bit extra for a little bit extra cash in your pocket. But DON’T, JUST DON’T! Cash jobs are very tempting but if you get caught (which is highly likely!) the penalties from IRD are absolutely not worth it. Do not do cash jobs! IRD has access to a massive amount …

What is proactive provisional tax?

Provisional Tax is something that we take seriously at SMYD Chartered Accountants – and we like to be proactive about it! We know how much it sucks to get an extra tax bill at the end of the year, so instead we review and adjust your provisional tax amounts as we go.

Do I still need to keep receipts?

If it’s under $50 you don’t need to keep it. We can take where you have spent it from your bank statement as verification.

If it’s over $50, then technically you do.

The power of a referral

What is the source of your new clients or sales? We reckon 99% of SMYD’s business comes from referrals. So here is a question for you – are you putting yourself in the best possible position for people to refer you?

How much is your business worth?

Have you set your financials up correctly to best to reflect the value of your business?
All that hard work, effort, sacrifice, and pain that goes into these businesses. Surely, we want to be able to see what our potential net worth is because of that hard work?