Welcome to 2023 - February update

Happy New Year and Welcome back

We managed to have a great break over the Christmas shutdown, despite the lack of summer.  However, just as we get back, we get hit by even more atrocious weather. We are lucky to only have been minorly impacted by the floods and our hearts go out to those who have lost so much.  

IRD are aware many customers will have been affected by flood and other weather-related damage and may need help to keep up with their tax obligations, including filing and paying on time. This includes upcoming GST, employer filing as well as tax payments due on 7 February.

Please get in contact if you have been adversely affected and we can contact IRD. IRD will carefully consider circumstances on a case-by-case basis, when considering whether they are able to remit any penalties that may have been applied.

As we approach the end of the financial year, we also need to ensure we get all 2022 year accounts and tax returns finalised by the IRD due date of 31 March 2023. If you are yet to provide your records, please urgently send them in and contact the office.

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

Important Tax Dates

The Tael 2023 Tax Calendars are available from our website here or you can collect one from the office.

Upcoming Tax Dates:

28 February 2023 – December/January GST payments are due to the IRD.

7 April 2023 – 2022 Terminal Tax is due for payment to the IRD.

7 May 2023 – 3rd Instalment of 2023 Provisional Tax is due for payment to the IRD.

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 2023 year.

These letters will be shortly sent out; we ask that you please respond to this letter by the 20th February 2023 to ensure we can prepare, declare and file the dividends with the IRD prior to 31 March 2023.

Scheduling March 2023

We are in the process of finalising the scheduling letters to let you know when your March 2023 accounts information is due to us. We have a new look scheduling letter which doubles up as an updated engagement letter outlining your services with us as well as payment details and scheduling dates.

For our time and cost clients, we will follow up the engagement letter with an invoice for the fee. A level of discount will be offered to clients who provide tidy, concise, electronic records such as files loaded in Xero files or emailed to us in a ZIP file with the folders following the checklist numbering.

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

We can provide more guidance to you on how to provide us these tidy, concise, electronic records via our client trainings, which we plan to schedule one in March, or you can organise a meeting to go through your checklist by contacting info@taelsolutions.co.nz.

The April and May clients will have their letters emailed around the beginning of March, the June and July clients in April. All other letters will be emailed later.  

Please read through your scheduling letter once it is emailed to you and send us back a signed copy. Please contact us to arrange providing us with your records.

Monthly Instalment Arrangement for March 2024 Financial Year

For many of our customers a good way to manage their cashflow is to sign up for our Monthly Instalment Arrangements (MIA’s)**, this helps by splitting the cost of your yearly services across the year.  

We will be sending out the MIA letters in February for commencement 1 April 2023, these will be in the new engagement letter format with all the services and fees outlined. Those with an MIA letter will get their scheduling letter and MIA letter in the same letter.

Please read through your new MIA/Engagement letter once it is emailed to you and return a copy to us signed.

If you do not already have a MIA and would like more information or for us to prepare one for your consideration please let us know by emailing: info@taelsolutions.co.nz

**Terms and conditions apply.

Economic Agility Workshop

In times of economic unrest and change, understanding your finances and where to invest that all important cashflow is critical to business stability in a recession. We have therefore teamed up with digital agency Trigger Digital to deliver a free client training that tackles agility from multiple angles, exploring it in the context of finance, resources and where best to invest your cashflow.

We have scheduled this training for the evening of 28th February at 5.30pm at our office, however, if demand is high, the location may change.

If you are wanting to attend this training, please register your interest by clicking on Register here below.

Register here‍

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

From

THE TAEL SOLUTIONS TEAM