Sunset on the tax year
31 March is looming
Yes, another financial year is about to go either, down the gurgler, into work-in-progress, or it’s been that successful it’s going ‘straight to the pool room’ – where’s yours going? If you’re lost on the quote, watch the Aussie movie classic “The Castle”, you’ll love it. Whatever the case, time is marching on and we’re about to break into the 2020 financial year, let’s seize it as an opportunity for improvement and start as we intend to continue!
Looking ahead, come April it’s an all in GST round – if you’re GST registered, you’ll have a return due. With this in mind, we’ll be pretty busy chasing our calculators so it would be great if you could please help us out and have your Xero reconciled to date by Thursday the 4th of April. In advance, thank you, you’re a champion.
Xero Tip #166824
Not so much an operational Xero tip this time, more of a pointer towards something Xero produces which you may not be aware of.
As you’ll know, NZ is built on the back of SME’s (Small-Medium Enterprise) businesses like yours and ours. In the current climate, there’s speculation all over the shop of the inside goss on what the future might hold.
Xero is consolidating those insights from real data to give lagging and leading indicators of where we might be heading. It’s called Small Business Insights and it’s worth a monthly check in – have a look here https://www.xero.com/nz/resources/small-business-insights/
knock knock – Housekeeping
- Customers not paying you? If you’ve given up recovering money from someone, you can write that amount off as a bad debt to avoid you paying income tax on it; but we need to do it before 31 March. Let us know asap and we’ll take care of it.
- Got stock? Take stock. If you think you’ve got over $5,000 of stock, you need to count it to know just what you’ve got on hand at 31 March – we’ll ask you for a figure in the next month or so.
- Do you have employees? As per last time, from 1 April 2019 minimum wage is up to $17.70 and payday filing kicks in. If you don’t use a payroll solution, for your sake, please talk to us.
- Gurgler, WIP, or straight to the pool room? If you read the first sentence of this email and had no idea where you sit, let’s sit down chew the fat and put a plan/forecast in place for the year ahead so you’re not flying blind.
Here’s to a good year ahead!
Your Outside team, and Ruby
PS. We’ve jazzed up our office, details on drinks to come.