Harrop & Hargrave are a Waiheke Island based Chartered Accountants firm that offer Big City Services at local Island rates!
Operating as usual
OPEN FOR BUSINESS: Just a quick update to our Facebook community regarding our availability during this COVID 19 crisis.
All of our staff will be working from home during the lock down so this means we will be able to support you via phone and email. All face to face meetings are cancelled until further notice.
If you have any concerns about your business or need assistance in applying for the wages subsidy, please contact us and we will help you as much as we can.
Please stay safe and look after each other. We look forward to business returning to normal in the future.
Upcoming Changes to Use of Money interest from 29 August 2019
• IRD is Increasing the use of money interest charged on underpaid tax from 8.22% to 8.35% p.a.
• Also, decreasing the benefit for overpaid tax from 1.02% to 0.81% p.a.
What does this mean for you? More expensive if you underpay tax and less beneficial if you over-pay to the IRD.
We have very exciting news and wanted to share it with you.
Our sister company in Ellerslie, Auckland, Peat Johnson Murray Ltd has now opened a new Chartered Accounting office right in the heart of Beachlands situated in the Pohutakawa Coast Shopping Centre.
As an extension/branch to our Ellerslie office and our Waiheke office, we are now servicing the Beachlands, Maraetai, Whitford, Hunua, Clevedon, Howick and all surrounding areas.
Returning from maternity leave Maia Sharp will be our office manager. The office is open from 8am-4pm Monday-Friday.
We still offer our mobile service where we come to visit you in your business, home or even the local café.
If you need any business advice or accounting services, we welcome you to come in and see us at the new premises.
Commencing 1st April, the minimum wage rates for both adult workers and newbees/trainees are increasing, to:
• $17.70 from $16.50 for adult workers; and,
• $14.16 from $13.20 for starting-out workers and trainees.
Congratulations to Jennefer who got married in the weekend to Jesu. What a beautiful couple!
Get payday filing ready by 1 April - All MYOB payroll systems are ready now for payday filing. Xero also has this great checklist if you are on Xero payroll.
Contact [email protected] if you need any help.
Make the most of Xero....
For the whole of February, Xero is hosting free online webinars to help you learn how to run your business more efficiently.
Make the most of this opportunity by registering for any of the 14 webinars covering a variety of topics including:
● tracking jobs and profitability with Xero Projects
● managing payroll and business finances in one place with Xero Payroll
● getting up to speed with payday filing
● ensuring event cent is accounted for with Xero Expenses
● learning helpful tips and tricks to save you time
xero.com Designed specifically with small businesses in mind, each of these webinars focuses on different areas of the Xero platform, so you can get up to speed on everything from payday filing to Xero Projects.
For all our clients who bank with ANZ, this new partnership between Smart Payroll and ANZ could benefit your business. Take a look.
[07/25/17] MYOB have just advised that they will be retiring MYOB AccountRight 2016.3. If any of our MYOB customers are still using this version, please upgrade before 24th August 2017 to keep working online. If you need any help upgrading, give us a call.
[07/12/17] Important message from the IRD: The 0800 phone service will be unavailable for a short time on Wednesday 19th July from 1:30pm until 3:30pm. Online services will still be available.
Mid winter Christmas celebrations with the team.
nzherald.co.nz A new Inland Revenue tax scam has been uncovered, one of several this tax season.
AccountRight customers, this is just for you.
MYOB currently has a great offer that we highly recommend for you to help ease the burden.
If you choose to move your desktop AccountRight file online before June 30, you’ll receive 50% off for a 12 month subscription.
Contact us to upgrade your file and reap the benefits of the online access to your accounting software.
We are nearing the beginning of a new financial year and with that comes some changes. The minimum wage is increasing from 1 April 2017 to the following rates:
• Adult minimum wage will increase from $15.25 to $15.75
• Starting-out wage will increase from $12.20 to $12.60
• Training minimum wage will increase from $12.20 to $12.60
Make sure you update your payroll systems to reflect this change.
Terminal Tax payments are due on 7 April. If you aren't sure if you have a payment to make, give us a call and we can help you. You can also go to http://www.ird.govt.nz/campaigns/2016/campaign-7-april.html for information on how to pay your terminal tax.
ird.govt.nz Find out how to get your bill for the 2015/16 tax year sorted.
[02/21/17] To all our MYOB AccountRight customers, please make sure you have updated your AccountRight to the latest version. As of the 10th March 2017, you will only be able to keep working online if you have the latest version installed. If you need any help with upgrading your MYOB, give us a call and we can help you through the process.
[03/13/16] Kiwi workers to receive a boost in their pay packets??? The new Minimum Wage of $15.25 per hour comes into effect on April 1st 2016.
Paid parental leave
When: Extension to 18 weeks — 1 April 2016
Other changes — 1 April 2016, subject to the Employment Standards Legislation Bill being passed.
What: Paid parental leave will go up from 16 weeks to 18 weeks. There are also planned changes to the scheme to better reflect the diversity of modern work and family arrangements. The changes will also make it easier for parents to stay connected to the workforce. It’s planned that parental leave payments will be extended to more workers, including:
casual and seasonal workers
those with more than one employer
those who have recently changed jobs
people who become the permanent carer of a child under the age of six, eg foster parents.
Parents of premature babies will also receive parental leave payments for longer.
Why: The Government wants to make it easier for parents and permanent carers to take more time off work to spend with the new addition to their family. Current rules prevent a person on parental leave from coming back to work for training or planning days, so this will also change to allow more flexibility.
Change to use-of-money interest rates
Use-of-money interest rates on underpayments and overpayments of tax changed on 8 May 2015.The changes were made by Order in Council on 30 March 2015.
The new rates are:
• underpayment rate: 9.21% (up from 8.40%)
• overpayment rate: 2.63% (up from 1.75%)
Use-of-money interest rates are reviewed to reflect the current market interest rates.
Removal of the government KiwiSaver $1,000 kick-start contribution....
As part of Budget 2015 Government announced the removal of the $1,000 KiwiSaver kick-start contribution.
As this change became effective from the day of the announcement, the kick-start is no longer available for members joining on or after 2 pm 21 May 2015.
[02/25/15] There has been a 50c change to the Adult Minimum Wage - rising from $14.25 to $14.75 - will take effect on 01 April 2015.
[02/25/15] At the end of the financial year there is a small change to the maximum ACC Threshold levels, which only affects employees earning over $118,000, where the threshold has risen and a slightly lower net pay will result. Please be aware of this when processing pays from 1/4/15.
Special deduction rate if you have more than one job
If you have more than one job and you have student loan deductions from your salary or wages, you may find the deductions from your second job too high. If this is the case you may be able to apply for a student loan special deduction rate.
To qualify, your income from your main job must be less than the pay-period repayment threshold (eg, $367 if you're paid weekly) and you must be using a secondary tax code (S SL or SB SL) on your second job.
Once approved, the special deduction rate is valid for up to three months at a time. You'll need to reapply each quarter if you continue to meet the qualifying criteria.
Having a special deduction rate means your student loan repayments from your second job will be deducted at a reduced rate.
Without a special deduction rate your student loan repayments from your second job will be deducted at the standard rate of 12% of your gross pay, which may be more than what you need to repay. You can't request a refund for any extra amounts deducted from your salary or wage at the end of the year.
If you think you may qualify and need help applying for this special rate, contact us [email protected]
ird.govt.nz Find out about student loan special deduction rates for secondary earnings if you're a salary or wage earner in New Zealand.
Tool for Business revamped
The “Tool for Business” is an online interactive tool providing small business customers with an easy-to-use resource to get their tax obligations sorted quickly.
IRD have recently updated this tool to a mobile-friendly format so it can be used from a mobile device.
This is a great tool and we highly recommend it if you have a small business or are thinking about starting up a new business
Take a look at it:
ird.govt.nz An online interactive tool to help you get all your small business tax issues sorted quickly and simply.
This year Harrop & Hargrave were a Gold Sponsor of the Waiheke Wharf 2 Wharf Fun Run. The staff, family and friends had a superb day in the heat. Many thanks to Sue, Robyn, Barry, Chen, Allan, Linda & Lucy who operated the busy water station at Surfdale. Well done to Paul, Sandy, Eileen, Georgie, Nancy, Maia, Jennefer, Jess & Jessie who all competed and completed in the event.
Correcting an employer monthly schedule (EMS)
If you make a mistake on the EMS it can be corrected by completing an Employer monthly schedule amendments (IR 344) form. The top line of the form shows what you returned to IRD on the original EMS and the bottom line shows what we have to change it to. If the change(s) affect KSR or ESCT, complete the ESCT adjustment panel on the bottom left of the front page of the IR 344.
Paid parental leave increase in 2015
Paid parental leave is a government-funded entitlement to eligible parents who are self-employed or in paid employment. It’s paid to offset the loss of income that working parents experience when they take parental leave from their work to care for a child. Currently the eligible parent can receive paid parental leave for a maximum of 14 weeks. To read more about the changes and when they take effect, click here http://www.ird.govt.nz/wff-tax-credits/entitlement/what-is-wfftc/ptc/
ird.govt.nz Parental tax credit is a payment for a newborn baby for the first eight weeks or 56 days after the baby is born. You can either get parental tax credit or paid parental leave. You can't get both payments at the same time.
17 November 2014
Minimum family tax credit to rise next year
The annual amount of the minimum family tax credit that guarantees a working family’s after-tax income will rise from $22,776 to $23,036 from 1 April 2015. The new rate was set by Order in Council today.
For more information see the media statement. http://taxpolicy.ird.govt.nz/news/2014-11-17-minimum-family-tax-credit-rise-next-year#statement
taxpolicy.ird.govt.nz News and information about the Government's tax policy work programme, including: - proposed changes to the laws that Inland Revenue is responsible for - updates on the progress of bills through Parliament - policy announcements
Daylight Savings Reminder
If your employee worked a shift early morning on Sunday 28 September, when time was put forward by one hour because of Daylight Saving, they must be paid as if that hour had not been lost.
Welcome Jennefer! Jennefer has come to us with experience in Accountant, Audit Associate and Business Advisory Roles. Jen is from the Philippines and has settled here in New Zealand with her partner. She loves travelling, especially to countries with theme parks. She also likes cooking and baking and running on the weekends.
Aggressive phone scam targets Inland Revenue customers
Inland Revenue is warning its customers to beware of aggressive telephone scammers who are targeting people for money and threatening actions such as deportation and prison if not paid.
We have received numerous reports of scammers telephoning our customers claiming they owe money. The caller is threatened that if they don’t go to NZ Post within 30 minutes and pay, they will be deported, face court action or jail time. Find out how to protect yourself from these scams.
ird.govt.nz Inland Revenue will never call customers from an 0800 number or demand payments to be made through NZ Post, a Prezzie card or within 30 minutes.
New paid parental leave rate
The paid parental leave (PPL) weekly maximum entitlement rate has increased from $488.17 to $504.10 (before tax). This rate applies to employee and self-employed PPL recipients entitled to receive the maximum PPL rate.
The minimum self-employed rate has also increased to $142.50 per week. The new rates are effective from 1 July 2014.
Legislative News: Are your Employees Entitled to Public Holidays after Employment has been Terminated? Yes they could be. Click her for further information: http://dol.govt.nz/workplace/knowledgebase/item/1287
dol.govt.nz Where an employee has outstanding days of their annual holiday entitlements remaining when their employment ends, the unused annual holiday entitlement must be notionally added to their last day of employment. If a public holiday falls within this period, and on a day that the employee would otherwi…
28 August 2014 - Provisional tax instalment due for those with a March balance date who file GST on a monthly or two-monthly basis, or aren't registered for GST.
New record-keeping video for businesses
Keeping complete and accurate records is important for any business. You'll know better than most how good record-keeping practices can save time.
If you don't have good record-keeping practices or you're not sure where to start, take a look at this new video. "Record keeping" is the sixth in IRD's series of "Introduction to business videos". This short video clip follows Jeffery the plumber and what he does to keep on top of his record keeping.
Jeffery keeps a record of all business transactions and uses an accounting software package so he can prepare a financial statement at the end of the year for his accountant. The video explains the other advantages of good record keeping such as identifying potential problems and also business opportunities. It attributes his business success partly to his good record keeping.
For clients starting out or needing some direction, the other videos in the series explain the basics in plain language:
registering for GST
income and provisional tax.
Each video clip links to more detailed information on IRD's website. They're designed to get business clients up to speed quickly and they're all under 7 minutes long.
Check out the "Introduction to business" videos http://www.ird.govt.nz/help/demo/intro-bus-vids/
ird.govt.nz Going in to business for yourself? There is an easy way to get up to speed fast. Sit back, relax and watch our five
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