What we Can and Cannot claim Business operators regularly make decisions on business expenses based on false assumptions and misunderstandings, resulting in a drastically different tax outcome than they expect. Alot of people mistakenly think that buying a new vehicle or item of machinery will reduce their taxable profit by the amount they spend on …
Home office expenses – what to claim
If you have a home office for your business, you should be able to claim some of the running costs. It’s important to be aware of what you can and can’t claim, and the record-keeping involved in making a claim. How does it work? In order to claim, the space you use must be used …
Claiming expenses when away on business
In general, when you’re away from home you can claim for: - flights - taxis, or mileage if you use your own car for business travel - accommodation - meals and snacks. Accommodation If you’re attending a work-related meeting, conference or training course that requires an overnight stay, you can claim the cost of accommodation, …
Entertainment and Christmas
Entertainment Rules Unfortunately all entertainment type expenses are not 100% tax deductible to the business. Below are the rules for claiming these expenses and gifts to clients and staff. Staff Xmas Party/ Entertainment Yes! You can claim your end of year celebrations as business expenses. However, you may not be able to claim all of …
Building Better Business
Over the past few months we have met clients who were frustrated that their accountant wasn’t proactive enough, clients who did not have any idea what was happening in their business apart from cashflow issues and clients venturing out into their own business. Whatever the situation we are here to help. We believe in ongoing …
Farm House Expenses
From the start of the 2018 tax year the IRD have implemented some new rules for the amount of expenses farmers can claim on their house expenses. It was common practice for farmers to claim 25% of many farmhouse expenses and 100% of others. This has now changed and for the majority of farms the …
