CHRISTMAS TIME TAXES
Tax Deductions for Christmas Parties and Presents
So much cost. So much expenditure. What’s fully deductible? What’s only partly deductible? How do you get the best tax advantage from your generosity or is it all too hard and so just leave it to your accountant?
Rather than attempt to spell it all out in this newsletter, click here to get a Readers Digest version from the horse’s mouth. It’s easy reading and will give you a good steer on deductibility.
EMPLOYER SOCIAL MEDIA TIP
All Staff Need to Agree and Sign
We’ve all seen and read about how the best of intentions of comments, blogs and postings on social media can run amok. We also know how vicious and damming a posting can be and how a business or personal reputation can be slaughtered within a day.
If you employ staff, you must implement a Social Media policy so that all your employees know the boundaries that they must stay within. Do not leave this to chance. There are good templates available on line that can be adopted.
Warning – as the implementation of such a policy must not be in conflict with your existing employment agreements, it is wise to seek professional advice on the wording and its enforcement.
GST PROPERTY TRAP
Easy to Overlook
This happened – a business owner bought a piece of land from a non GST registered vendor to use as a taxable activity. The project was decidedly risky. The buyer was advised to transfer the property into a company to mitigate the risk. As a consequence of this advice, the buyer was selling to an associated person. The company could only claim the GST input tax on the amount of GST paid – which was nil.
GST associated with the buying and selling of land has lots of traps. Get advice only from those experienced professionals who fully understand all the permutations of the law.
FOREIGN SUPER LUMP SUM PAYMENTS
IRD Following Up on UK Payments
We are reliably informed that the IRD is following up on undeclared UK super lump sum payments. If this could affect you, get advice.
It's All in the Name of Efficiency
I recently went to an Icehouse meeting to listen to an expert (Tony Wells) on what Lean Manufacturing is all about. On the face of it, a pretty dry subject. However, one quote from Tony stuck with me and it applies to every business no matter what you do, make or sell.
Here it is: “If you had to give your customer/client a detailed invoice that accounted for every minute of time and/or every milligram of raw material consumed in the product or service you offered, could you defend every line on the invoice?” Yes, it is theoretical BUT it is a philosophy that all businesses need to take heed of.
INTERNET MARKETING TIP
How to Make People Click Your Links
By putting your link higher up on the page (ideally the first paragraph), readers are more likely to see it and click it. Choose a phrase of 3-8 words that summarises what the link will be about and what the value is (e.g. "By making these changes, we tripled our web conversions.").
Less is more, a web page with fewer links provides increased focus and is more likely to generate action. Add a descriptive link at the bottom of the page, above the footer, which gives viewers the next step (e.g. “More info about conversions… >>”).
Information thanks to Mark Rocket - Managing Director of Avatar Limited - leaders in web site design and marketing.
When you tick the box online to say you have read and understand the terms and conditions, you are entering into a binding agreement and can be held to those terms. A recent example was an error of pricing by Harvey Norman on their website which was too good to be true. Many disgruntled on line buyers were not able to purchase at the advertised price because of the seller’s terms and conditions.
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Coca-Cola is an effective pest control method for your garden. To rid yourself of plant munching slugs and snails, pour a small bowl of Coca-Cola and place it near your garden or flowerbeds. The smell will attract these crawling bugs and the drink’s acidity will kill them.
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