OVERPAID TAX TIP
Have You Paid Too Much Tax?
The TV adverts tell us that over one million New Zealand employees have overpaid their tax. These are employees on PAYE so if there are overpayments, most will be by hundreds of dollars, not thousands.
What about shareholder employees and business owners in general?
Getting your business tax right is best left to the tax experts. Anyone in business knows that there are many tax trips and traps and that paying the legal minimum is not for the amateur.
As companies get the annual accounts done and tax returns prepared, make sure your accountant has left nothing on the table that is a legitimate tax deduction. Our tax team at E3 work hard to give their clients the best tax deal going.
If you have any doubts about the tax knowledge and commitment of your accountant (and you’re not with E3), contact me for advice.
DEALING WITH YOUR BANKER TIP
The Golden Rules When Dealing With Banks
The first rule - “Whoever has the gold makes the rules”
The banks have the gold. While you may not like or want to play by your bank’s rules, remember... all banks play by the same rules.
The second rule – you need the bank more than they need you.
So if you want a meaningful relationship with the bank it’s you that needs to take the initiative and make the effort.
The third rule – your relationship manager is your best advocate.
He or she will determine how the banks see you and your business. If you have a good relationship they are more likely to go into bat for you limits, pricing, conditions and turnaround times.
Most business managers want to do their best for their customers. But unless they have a high level of confidence in you and your business they won’t put their reputation on the line.
-Credit for these golden rules to John Eden phone 027 484 3786
ACC PAYMENT TIP
How to Avoid the Credit Card "Convenience" Fee
You probably already knew that when you pay your ACC levy by credit card using the ACC online site you incur a 2.49% 'convenience' fee.
What you may not know is this; If you pay your ACC levy by credit card by phoning ACC on 0800 222 776 and ask to pay your ACC levy over the phone by credit card, THERE IS NO 2.49% FEE.
Now I've got my airpoints and use of money and no 'convenience' fee! Happy days!
-This tip thanks to Craig McAlpine
THE FIRST DEBT TO PAY - PAYE
Pay Your PAYE - Or Go to Jail!
An entrepreneur started a business involving employing a number of workers. He deducted PAYE from wages but never remitted the money to Inland Revenue.
The total amount came to $120,055. He tried making an arrangement to pay the tax but couldn’t honour it. His business failed. IRD prosecuted. The judge sentenced him to 14 months in jail, even though he pleaded guilty.
Why so severe? Because the judge thought it would help deter others. The taxpayer appealed. Fortunately, the High Court substituted the jail sentence with 4 months home detention and 300 hours community service.
Moral – if you can’t pay your PAYE, seek advice and help immediately.
COMPANY DIRECTORS ARE NOW TARGETS
Never Be a "Passive" Director
The days of the passive company director are now well gone! From 4 April new Health and Safety rules took effect. These rules will expose all directors to a potential personal liability for a health and safety breach even if they are not aware of issues.
The new rules include increased penalties and make directors liable for failure to take responsibility for health and safety and any director not actively involved in the business of a company is simply increasing their exposure and risk.
Take the quarry company where the directors are “Mum and Dad” but “Mum” never goes near the quarry. Should she still be a director? What about “Dad” who is a director of Mum’s catering business? Should either take the risk of exposure to penalty for rock falls and burns? We think not!
INTERNET MARKETING TIP
Should Websites Use SEO Or SEM
Everyone wants more website visitors. In particular, high quality traffic from your target market. If someone Googles [Your industry] and [Your area] you want to appear at the top of their results page.
SEO (Search Engine Optimisation) is about optimising your website so that it ranks for keyword terms related to your target market. It’s free traffic (also called ‘organic’ traffic) and, for most topics, it’s where the majority of people are clicking.
SEM (Search Engine Marketing) is where search engines, such as Google, will charge per click for your website to be positioned in a prominent part of the search engine results page (or on their other partner websites).
Which is best? Here are some factors you should consider...
Information thanks to Mark Rocket - Managing Director of Avatar Ltd. Leaders in web site design and marketing.
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Roughan Chiropractic has provided natural health care to the wider South Island community for 35 years. Roughan Chiropractic is not just a “chiropractic office”, but a place that people can believe in, have hope and feel comfortable sharing their healthcare needs and life decisions for themselves and their children.
Learn more in this quick video:
Those who wish to avoid drugs or surgery will often visit Roughan Chiropractic's practice first. Their care is a safe, natural approach to better health.
Congratulations to Chris Abbot, winner of the book 'Change the Channel' from last month's newsletter.
You can still get your copy by clicking the book below.
The following is the wording for an apparently legitamite job application. (As legit as you may get from Twitter anyway.)
"I refer to the recent death of the technical Manager at your company and here by apply for the replacement of the deceased manager.
Each time I apply for a job, I get a reply that there is no vacancy but in this case I have caught you red-handed and you have no excuse because I even attended the funeral to be sure that he was truly dead and buried before applying.
Attach to my letter is a copy of my c.v. and his death certificate."
Did he get the job? We'll never know.
I got this spam email. Is there anyone out there who believes a pill could unleash our brain?
"Experts say the majority of humans only use 10% of their brain's potential. What if there was a pill that could unlock the other 90%? Clinical Trials have shown that BrainPlus IQ boosts brain power by up to 89.2%, increases focus by up to 121%, and sky-rockets your energy levels. THIS PRODUCT IS CURRENTLY IN STOCK NOW."
Please - be careful what you click!
"I never forget a face, but in your case I’d be glad to make an exception."
- Groucho Marx
"My Dad used to say 'always fight fire with fire', which is probably why he got thrown out of the fire brigade."
"I'm on a whiskey diet. I've lost three days already."
Book a free forty minutes with Jamie (one on one or via Skype) to discuss any aspect of your business, issues you are having or your plans for growth.
Image thanks: FreeDigitalPhotos.net, Stuart Miles, Lekkyjustdoit, Sira Anamwong, Akratchada Torsap, Janoon, Salvatore Vuono.