Beware Of The Impact Of Pricing Strategies

Choosing a pricing strategy can be one of the most important decisions a business owner makes. It is intrinsically linked to income, profitability, sales volume and market share, and can ultimately affect the life of a business. It can be difficult to decide which pricing strategy best fits with your business model: premium pricing, penetration

2019-09-16T11:16:56+12:00September 16th, 2019|General|

Ring-fencing of Residential Rental Property Losses

The new ring-fencing rules of rental loss apply retrospectively from 1 April 2019 for the 2019/2020 and later income years. Inland Revenue issued an official paper entitled “Ring-fencing rental losses” in March 2018 outlining the proposal to ring-fence tax deductions on residential rental properties so that they could not be used to reduce tax on

2019-09-04T14:50:32+12:00September 4th, 2019|Property Accounting|

Staff News: August 2019

We are excited to welcome Katherine Kwok as an Intermediate Accountant in our Kumeu office. Katherine moved to New Zealand six years ago and has gained invaluable accounting experience within accounting practices and in commercial environments. Outside of work she enjoys hiking, travelling and spending time with friends. She is also a foodie, and loves

2019-08-21T09:59:47+12:00August 21st, 2019|The UHY Team|

The West Worx: Supporting Employment And Enterprise In West Auckland

While a number of areas of Auckland have experienced economic growth, parts of West Auckland haven’t shared in this prosperity. People in these areas have been left behind by successive economic and social reforms, automation of work, globalisation and other impacts on the labour market. Over the past three years The Southern Initiative (TSI) has

2019-08-19T14:43:20+12:00August 19th, 2019|General|

Taxing Matters: August 2019

Tax Changes August 2019 is a summary of the latest tax and business changes, updates and news. You will be aware that IRD are now automatically calculating income tax returns, and by now most people will have been informed that they have been assessed and either have tax to pay or are due a refund.

2019-08-19T14:24:37+12:00August 19th, 2019|Tax|

Farm Accounting: Emissions Trading Scheme

The government recently unveiled a set of proposals for bringing the agriculture industry into the Emissions Trading Scheme (ETS). Heralded by some as a “sweetheart deal”, it is proposed to bring the sector into the scheme from 2025 at a 95% discount rate, meaning it will pay 5% of its total emissions cost. Not surprisingly,

2019-09-04T12:24:50+12:00August 19th, 2019|Farm Accounting|

Insurance For Home Businesses

One of our previous articles, “Running A Business From Home”, discussed some of the pros and cons to running a home-based business, including the need to review your home insurance policy. If you have a home office or any type of business where you are selling a product or service from home, you need to

2019-08-14T11:57:08+12:00August 14th, 2019|General|

New Insulation Standards: Is The Cost Tax Deductible?

On 1st July 2019 the government introduced minimum insulation, heating and ventilation standards under the Residential Tenancies Act 1986. These standards include the requirement that ceiling and underfloor insulation must be installed in rental homes where it is reasonably practicable. As we explained in our previous article “Rental Properties: Which Expenses Can You Claim?” a

2019-08-14T11:13:27+12:00August 14th, 2019|Property Accounting, Tax|

Voluntary IRD Disclosures

If you have noticed an error in your tax returns, for example omitted some income or incorrectly claimed some expenses, you can make a voluntary disclosure to the IRD. Voluntary disclosure is where a tax payer becomes aware of an error in their taxes and tells the IRD before they find out in some other

2019-08-07T11:36:52+12:00August 7th, 2019|Tax|