The importance of Tax planning for Shareholders

The importance of Tax planning for Shareholders

calendar-plannerPaying Tax is something you are likely to see as a necessary (but not hugely enjoyable) part of running your business. But are you doing enough to plan your own personal Tax liabilities?

As a Shareholder, you will pay your income Tax annually on a self-assessment basis. But there are plenty of ways to make this a less costly and onerous task to complete.

Planning ahead when it comes to Tax

By taking a forward-looking approach to your own personal finances, and working with an experienced Advisor, you can start to minimise your Tax costs and maximise the value you enjoy from your own earnings and company profits.

Working closely with us helps you:

  • Know your future Tax liabilities – by looking at factors like expected dividend payments, pension provision and additional income to determine what you will owe.
  • Set up an annual Tax plan – with provision for when payments should be made and when to set aside the funds needed to pay your income Tax bill.
  • Make use of any Tax reliefs – so you can claim the relevant reliefs and Tax initiatives that are available, to bring down the amount of your overall Tax bill
  • Maximise your earnings – by taking your earnings in the most efficient ways and managing your own personal wealth in a proactive manner.

Talk to us about your personal Tax planning

If you are a Shareholder looking to achieve the best results from your earnings, come and talk to us. We can review your Tax situation, create a robust Tax plan, and make sure you are getting the maximum value from your business earnings,

GoFi8ure Helps Businesses File Tax Returns for 2019

GoFi8ure Helps Businesses File Tax Returns for 2019  

The 2019 tax return season began in May, meaning there’s only five months left to get tax returns taken care of with GoFi8ure. During tax season, businesses need to consolidate accounts, transactions, and look into their tax returns to make sure data is accurate, and filing is completed.

Filing business tax returns is mandatory as it provides government agencies with a platform to assess a given business’ claims for tax refunds. Filing tax returns on time is also a sign that the business is performing well. Failing to pay taxes only results in penalties later on, but unfortunately, there are still some small to medium scale businesses who struggle with managing to file tax returns on time.

GoFi8ure is more than happy to help business owners with their tax returns and reporting. As the company has worked with multiple SMEs, GoFi8ure has a clear understanding of how these tasks can be challenging and time-consuming for small enterprises who manage everything on their own, and therefore have a lot of plates to spin. GoFi8ure offers their professional services so that businesses have peace of mind when it comes to knowing their tax obligations are met, and up-to-date.

As a registered tax agent, GoFi8ure makes filing tax returns simple and easy. They offer small business clients an opportunity to have all accounts managed by one provider. As a tax agent, GoFi8ure goes beyond just number crunching; they also provide friendly, professional accounting and tax return services at a competitive price point.

Additionally, GoFi8ure offers affordable business and personal tax returns for sole traders, contractors, investment property owners, and simple-structure small businesses.

GoFi8ure is a registered tax agent with Inland Revenue with offices in Wellington, Hutt Valley, Auckland, and Dunedin.

GoFi8ure’s Transformational Accounting Service Solutions

GoFi8ure’s Transformational Accounting Service Solutions

GoFi8ure is a transformational, award winning accounting firm providing a one-stop accounting solution to SME business owners, sole traders, and not-for-profit organisations. We take care of your day-to-day financial paperwork and compliance, freeing you up to concentrate on what you love, and giving you time to think about your future business growth.

At GoFi8ure, people are at the heart of the business – whether that is maximising our clients’ time by travelling to their offices to work on their accounts, or giving our staff the flexibility to take charge of their own role in the business.

GoFi8ure is not your run-of-the-mill accounting firm; we pride ourselves on keeping at the forefront of industry and compliance changes. We utilise cutting-edge software and technology to provide efficient and effective solutions for our clients. Our extensive software skills matrix includes working with more than 52 apps over 18 different industries.

We have 14 qualified Accountants and Bookkeepers who work for GoFi8ure. Each GoFi8urine brings with them a strong accounting and software skill set. Part of our service offering is stopping the need to do your accounts manually by implementing systems and processes, to ensure the business is staying compliant, up-to-date, and running as smoothly as possible. We implement systems such as Xero, and we help businesses migrate their accounts over to these systems by offering initial set-up of the system, as well as staff training, including any add on tools and programmes.

Services we offer include:

Accounting and Tax – Our in-house tax experts and tax Accountants work across our team of advisors to make sure that the tax planning and strategy for each client are effective. Whether you are undergoing a major change in your business and need a tax opinion on the impact, or just want to know that your advisor has everything tax-related in hand, we are the team for you.

Not only are we one of the top accounting firms in Wellington, but we are also proud members of the Accountants and Tax Agents Institute of New Zealand (ATAINZ) and a recognised Tax Agent with Inland Revenue.

Virtual CFO – We work with multiple SME businesses as their Virtual CFO (Chief Financial Officer), supporting them to ensure their business is continuously growing and their business goals are being achieved. We do this by assisting with budgets, cash-flow forecasts, attending board strategy meetings, reviewing their end of year tax compliance situation, and supporting the owners and directors by supplying relevant information so they can make better business decisions.

Financial Controller – We also offer a Financial Controller service. With this service we go to our client’s site and provide accounting support from daily bank reconciliations, calculation of wages and PAYE, debtor and creditor processing, GST, cash-flow monitoring and forecasting, and monthly reporting for directors and board members. This gives the business owner peace of mind knowing their accounts are being looked after by a professional accounting firm, and without the need to have to hire new employees.

Xero training and conversions – We provide one-on-one customised Xero and Bookkeeping training at your doorstep or in-house. Our one-on-one or one-to-many Xero and Bookkeeping training is done using your real life data, or the demo company as requested. We are also software implementation specialists who can help your business get set up on Xero.

BKED (Bookkeeping Education Centre) – After seeing the need to provide mentoring, training, and support to business owners and budding Bookkeepers (on top of what we already offer), we created BKED. Our courses and mentoring programmes are customised to empower and educate our trainees from both a practical and theoretical approach. We have one-on-one and one-to-many training courses available – we even have this amazing, custom-made training table that breaks out into little pods. How cool is that?

If you are a business owner and would like to learn more about Accounting Principles, Duties and Responsibilities, Strategy, Leadership, Management, and Business Finance, then it is time to get excited.

Warrant of Finance – We offer a Warrant of Finance (WOF) service which involves reviewing the client’s accounting ledger or information. This helps us to identify areas of risk and inefficiencies, which then allows us to prepare a plan for the client so that they can a) get better accounting processes, and b) implement accounting software and add-on tools to help them become more efficient and effective with information within their business.

It is no mystery that creating a successful business takes time! That is why here at GoFi8ure we are Accountants and Bookkeepers in the business of giving you more time, helping you to stimulate the growth of both your business and your passion.

If you would like to find out how GoFi8ure can help your business, send us a message by clicking here.