Business 101

Business 101 - Tax, Payroll, and Finances

As at today 27 March 2020. As a business owner I have a lot on my mind right now. I am thinking about my family and friends, my business, our staff and contractors, our clients…

It does get a little tiring if I am honest with you however, I am not the only one and this will all pass.

In our business, we want to be able to review what we are doing, manage the risk, and then get through it and grow our business. We have labelled this “Review, Manage, Grow”. This is now our mantra and from next week we will be sharing a lot of solutions with you on how to do that in your business

For now, below are immediate solutions regarding tax, payroll and finances.

Tax & Payroll

If you are only paying the subsidy to your staff, please treat it like normal payroll and deduct PAYE, Kiwisaver, etc.

Finances

What else can you be doing to support your businesses?

1. Have you revised your budgets and cashflows forecast for the next 4-8 weeks?

2. Have you prepared a critical cash flow of your receipts and payments in the next 90 days?

3. Have you liaised with your bank about what financial assistance and suitable facilities would be available?

a. Government is supporting banks with loans (article)

b. Interest only periods

c. Mortgage holidays

d. Working capital requirements

4. Have you reviewed your outgoings and payment obligations, and taken steps to mitigate or reduce these? Have you discussed payment holidays with your suppliers?

5. Have you spoken to your accountant about IRD instalment arrangements, tax pooling, or estimating provisional tax?

At Manage Group we have access to a range of professionals. We are more than happy to field questions and we will go and get the answers.

Martin Wouters

Managing Director Manage Group

0800 747 569