newsletter

October 2015

 

Self employed? Parental leave?  

You can still get paid parental leave... get in touch with us for more information.
 

Introducing... Paula Clark

With a long and varied history of working locally, more recently focussed in administration and accounting, Paula joins our team from Smith McCoy Alford. In her spare time Paula enjoys cooking, walking, music, singing and spending time with her grandchildren and family.

 

Free parking

We have two car parks at the rear of our new building for client use and there are two P10 parks on Wear Street for short stays.

 
 

Farm Succession, past influencing the future

Often when trying to begin a conversation about succession, fathers may have strong views about the process that dominate the discussion. In fact the discussion may never begin because of these entrenched views.

A combination of research and experience tells us that a father's view on succession is significantly influenced by how his father handled the matter.

So for those sons and daughters finding it difficult to get a discussion going, or alternatively feeling pressured, think about some of those historical factors that may be influencing your father's thinking.

 

Paperwork when investing is important

When you are investing lump sums, generally on deposit, your bank will ask for the account name and an IRD number.  It is important if these are joint funds, you advise the bank so, and provide IRD numbers for each of the individuals concerned.
 
If for convenience you simply set the investment up in one person’s name, Inland Revenue take the view that any interest earned is deemed to belong to that person alone, as that is what the bank interest certificates will show. 
 
This can incur extra tax cost as we have to return the income under the name of the person who owns the account, rather than splitting income between the individuals.
 
So, if you are investing joint money ensure you advise your bank accordingly.
 
Give us a call to discuss further.

 

PAYE penalties...avoid the obvious 

Remember that if you don't file your monthly PAYE return with Inland Revenue by the due date you receive an instant $250 penalty, even if you have paid it.

Even if you can't pay it by the 20th of the month, make sure you at least file the return on time to avoid this penalty.

This also applies to GST returns.

If you have any issues with meeting any tax payments on time, make sure you call Andrea or Kay before the due date.

 

GST returns... help us to help you

We are reviewing the way we process work through the office. Our focus at present is on GST returns. We want to ensure your GST returns are processed on time and we avoid any issues with Inland Revenue.

We require the following:

  1. Clients complete and sign our GST checklist;
  2. GST return records are due into the office by 20th of the month it is due;
  3. If records are received by 20th of the month we can guarantee filing well before the due date;
  4. We will send you a copy of the GST audit trail for you to review;
  5. Clients sign their own GST returns.

Loud Shirt Day

Last month our team committed serious fashion crimes by donning wild animal attire to support the Loud Shirt Day campaign. We raised money for the annual appeal of The Hearing House and the Southern Cochlear Implant Paediatric Programme, two charities dedicated to enabling deaf children with cochlear implant or hearing aids to listen and speak like their hearing peers.

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