February 2024 - Inside this issue

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Happy New Year and Welcome back

The sun finally came out this summer, well at least for a little, and we managed to have a great break over the Christmas shutdown. However, we are back now and ready to hit the ground running.  

As we approach the end of the financial year, we also need to ensure we get all 2023 year accounts and tax returns finalised by the IRD due date of 31 March 2024. If you are yet to provide your records, please urgently send them in and contact the office.

We also may be waiting on your sign accounts. We cannot submit them to the IRD until we have a signed copy and received payment.

Small Business Accounting Checklist

We have created a guide for small to medium size businesses to track their accounting task through the year.

In this checklist, we break down your task per day, week, month, quarter and year. Listing what and when you should be getting these tasks completed. This is a great tool to keep track of your accounting requirements, we know the impact and stress it creates when these sometimes-small tasks are not kept up to date. Taking small steps each day help you take huge strides.

You can download this useful resource from our website here.

Dividends

It is dividend review time again. As usual we will be writing to all our companies who may be in a position to declare a dividend for the March 2024 year.

These letters have been sent out via DocuSign; we ask that you please respond to this letter by the 12th of February 2024 to ensure we can prepare, declare and file the dividends with the IRD prior to 31 March 2024.

There is a facts page sent with all letters, however if you are unsure, please contact the office.

Scheduling March 2024

We are in the process of finalising the scheduling for the March 2024 accounts.

If you are on a Monthly Instalment Arrangement (MIA), a new MIA for the 2025 Financial Year will be issued to you later this month. The engagement letter will also have the month your accounts are scheduled to be completed.  If you are not currently on an MIA and wish to change to a monthly fee, please email here.

For our time and cost clients, engagement letters will be issued from the beginning of March.

If you have a preference to when your accounts are scheduled due to busy periods, holidays, funding or anything else please contact us asap here.

Please read through your engagement letter and checklists once it is emailed to you and send us back a signed copy. These will be emailed via DocuSign.

Everyone will receive their annual checklist with their new engagement letter. We are encouraging all clients to arrange a checklist meeting prior to getting your accounts in. In this meeting, we will take you through the checklist, explain each request and the best way to provide this information. By booking this meeting, we aim to reduce any follow up required for missing information.

Please find instructions here on how to save and file your end of year records to your Xero software.

Xero Price increase

Xero have increased the price of their cashbooks plans (both non-GST and GST cashbooks). As of March 2024 the new prices are as follows:

• Non-GST cashbook - $16+GST
• GST cashbook - $25+GST

If you are a Time and Cost client and pay for your software separately, your price increase will be effective from 1 March 2024.If you are on a Monthly Installment Arrangement, the increase will be included in your 2025 MIA from 1 April 2024.

Important Tax Dates

The Tael 2024 Tax Calendars are available from our website here or you can collect one from the office.

Upcoming Tax Dates:

28 February 2024 – December/January GST payments are due to the IRD.

8 April 2024 – 2023 Terminal Tax is due for payment to the IRD.

7 May 2024 – 3rd Instalment of 2024 Provisional Tax is due for payment to the IRD.

‍If you have any questions or concerns for us, please don’t hesitate to get in touch with us.

From

THE TAEL SOLUTIONS TEAM