Issue 2 - Winter Edition
Welcome to the Winter edition of Jarvis Accounting Solutions newsletter.
Changes at Jarvis Advanced Accounting
I have pleasure in announcing that I have taken on a full time
accountant, Rajeev Varma, to assist me. He will be helping me complete
your financial statements, tax returns, GST Returns and Company Annual
This means he may be in contact with you from time to time on my behalf.
Secondly, we have moved. Jarvis Advanced Accounting are now located at Charles Luney House, Level 1, 250 Oxford Terrace. This is off Manchester Street.
We have client parking available (car park number 46 undercover accessed off Armagh Street) but you will need to ring ahead and book this before coming in. All my other contact details remain the same. For a map showing where the new office is located, please visit the Location Map page of my website.
Introducing Rajeev Varma
was born and raised in India and like most Indian boys was bought up
playing cricket. He went on to represent Kerala State, which is the
India provincial competition. He then travelled to Dubai to live and
work for the ruler of Ras-al-Kaimah. Then the lure of English cricket
called and he journeyed to London where he played semi-professional
cricket along with working in an Accountants.
Rajeev is married Uma and they have a beautiful daughter, Uthara. They then decided to settle in beautiful New Zealand.
He looks forward to talking with you, when you next ring and meeting you the next time you are in the office.
my first newsletter I highlighted the need for business owners to plan
for the future and spoke about forecasting income and expenses for the
next twelve months.
This helps you to plan what resources/staffing you require. It also, helps identify those months things might be slow so you can put some strategies in place to rectify these down periods.
So now you have set some income targets and identified your expenses, how are you going achieving your targets?
The only way you know if you are achieving your financial targets is if you are regularly reviewing your actual performance against targets. The key word is regularly reviewing your results.
The only way to regularly review your performance is to have systems in place to capture your data as you go and this can be achieved by;
Having your own in-house accounting package. I recommend MYOB or Xero. Xero is a web based accounting package and allows you to access the information from anywhere in the world. Talk to me if you would like further information about accounting packages.
Having my firm prepare monthly accounts for you.
Having my firm complete your GST Returns on a two monthly basis. I can then either provide you with a Bi Monthly Cash Report or we can extend this to full Bi Monthly accounts, if you provide me with your Accounts Receivables and Accounts Payables.
Important that as a business owner you have relevant information so you can identify issues early and rectify them now not twelve months down the track when too late.
Next month, will look at cash.
In these tough times it is important to remain;
- Aware of the opportunities around you.
Good business practices will always result in successful businesses.
We have had a number of tax changes recently and I thought I would bring you up to speed with those related to GST.
- The turnover threshold for registering for GST raised to $60,000. If under this, you can look at deregistering.
- Turnover under $2m, can remain registered for GST on payments basis.
A new National Government resulted in new tax rates, from 1 April 2009! Further tax cuts put on hold.
- From 1 April 2009 the new personal tax rates are;
$70,001 and over 38%
- From 1 April 2010 the tax rate on Interest Received will be in line with the tax rates listed above. You will be contacted by your Bank asking what rate of tax they should use. Note, if you do nothing the Banks are obligated to deduct tax at 38%.
- Drop in Use of Money Interest Rates charged on underpaid tax. New rate 9.73% (down from 14.24%).
Please call, if you have any issue you would like to discuss or you need some help.
Want to get Sorted?
Neil Smith from Life Risk Limited, a client of mine, is running a free seminar. For more information read below.
For those that want easy accounting and cash flow reporting on a regular basis.
Get Sorted: Why you are struggling on your income and what to do about it. (You'll learn six steps to being financially sorted and how to achieve each step. Discover how they prepare you for financial freedom and where to get extra help.)
Do you feel you could be doing better?
Most people wish they could have more income, but fail to see 6 steps they can take now to get sorted. Are you frustrated because you're not getting ahead on your current income?
- Ever wondered why you can't achieve your financial goals?
- Do you wonder where your income goes to?
- Is your money situation getting you down?
- Are you finances just drifting?
Perhaps you realise that doing nothing is adding to the stress in your life but you're not sure what to do about it? The problem with stress caused by ill feelings about your current financial situation is you can't cure it with a hot bath and an early night.
Financial stress may also be caused by saying NO to these factors:
- Do you know how to make things happen in your life, financially
- Does your financial situation dictate the way you feel about life?
- Have you got a plan to reduce bad personal debt?
- Do you know what your number 1 goal is for the next 2-5 years?
So what's the way out of this sticky mess?
Find out how at http://www.liferisk.co.nz/seminars.html
P.S. This seminar is brought to you with compliments from Investor Mortgages. But there are only limited places. So its pretty much first come-first serve. Have a look and judge for yourself. http://www.liferisk.co.nz/seminars.html