As a small business owner, trying to chase payments while not annoying your clients can be a challenge. Here are 5 tips for getting those outstanding invoices paid while maintaining good relationships.
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Hey – business owner, this one is for you. Let me tell you about how Hubdoc can help you save countless hours with bookkeeping, eliminate data entry, and give you back control of your business. Read our latest article to learn more and register for the upcoming live Webinar.
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Terminal tax is due on 7 April. If you’re feeling the cashflow pinch, don’t just ignore your tax bill – there are plenty of options designed to ease your stress, and we can help.
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The Government’s new COVID-19 response plan introduces a new framework and additional support for businesses. Here is what you need to know.
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Many businesses have employees working from home during lockdown or in general in order to promote better work-life balance. But can a business claim home-office expenses in these circumstances? Read our article to find out.
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Goodwill is one of your business assets – but you can’t measure it and it’s very tricky to put a price on it. When you sell your business, goodwill is the intangibles in your business that add value beyond the physical assets and guaranteed income stream.
Goodwill includes:
Most small and medium-sized businesses in New Zealand are sold based on their assets and earnings, and goodwill isn’t much of a factor in the valuation. But some types of businesses do have significant value in their intangible assets, particularly in the tech sector.
Discovering the value of your business’s goodwill usually comes down to the negotiating process with a potential buyer. You’ll need to agree on what the business is worth, and that means agreeing on the price of those intangible assets.
Usually you’ll only need to think about goodwill if you’re buying or selling a business. Goodwill is non-taxable for the vendor in a business sale and non-deductible to the purchaser (although there are exceptions; you can read more about tax on business asset sales here).
Goodwill cannot be depreciated like a physical asset. However, some types of intangible property, like patents or trademarks, can be depreciated, so talk to us if you think this might apply.
We can help you work out the value of your business in today’s market – get in touch and we can figure out how much money you could walk away with if you sold in today’s market.
Did you, or someone you know, get a surprise tax bill they weren’t expecting?
Several Kiwi’s have recently been in touch after having received tax bills that took them by surprise, and they’ve been asking Inland Revenue what’s going on.
An Inland Revenue spokesperson has provided six likely reasons that more people seem to have been caught out this year:
Ultimately, the Inland Revenue calculates your tax based on the information they have about you and your business. If they have the wrong information, you may be paying too much tax or too little tax.
We can look at your surprise tax bill and help you work out what’s gone wrong. We can also deal with Inland Revenue on your behalf to give them the right information and ensure you’re paying exactly what’s required and no more. We’ll work with Inland Revenue to get your refund sorted out or to come up with an affordable payment plan.
Get in touch – our tax specialists at SME Financial are here to help.