Beginning of a new income year

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Beginning of a new income year
  • Now that 31 March has come and gone (whew!) it’s time to focus on other things. So why not update content on your website? The more fresh information, articles, downloads or new pages you add, the more frequently the search engines will visit your site. That means more chance at higher rankings – and reaching the customers that matter most.
  • Have you got your electronic back up system sorted? It’s easy to let things slide (“It’s OK, I’ll do it tomorrow”) – but rest assured, systems can and do fail, so don’t leave it until it’s too late. Options for back up include using an external hard drive, flash drive or cloud storage. Get someone on your team to take charge today.
  • Run your eye over all your compliance activities – not just FBT. Are you recording all income accurately and paying the right amount of GST? Are your PAYE systems robust? Ask yourself: “If IRD audited the business tomorrow, would I be able to provide them with full and accurate records?” If not, put things right asap. And if you’re not sure, call us for a chat.
  • Being the beginning of a new income year, it’s also crucial that you plan and budget for the coming year if you haven’t already – cashflow is king! Managing your cashflow by having a good picture of your expected income and expenses (including tax payments) will help plan for the best timing of capital expenditure or coping with requirements of increased stock levels for your business. We can help you with this – give us a call.

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