Tax time is fast approaching—it’s important to do your homework and know exactly what tax deductions you can claim.
The role of a tax accountant has been continuously changing over the course of the last 50 years, and it is currently undergoing yet another transition period with the growing popularity of cloud accounting.
Preparing your business activity statement (BAS) or income tax return is definitely one of the less glamorous elements of running your retail or ecommerce business.
Close to one million businesses in Australia are home-based – a significant portion of the nation’s business community.
Running a home-based business offers a number of advantages including flexibility, convenience, freedom and cost savings. And when it comes to tax time, operating a business at or from your home means you may be eligible for a number of tax deductions.
We’ve recently added an ABN search feature to the new business.gov.au. This feature is similar to the ABN search feature you may have used on our site previously.
Your business website costs may be claimed as a tax deduction...
It's tax time again. Follow our top tax tips to make tax time a breeze.
There were few surprises for small businesses in the 2016 Budget, but there were still things to smile about. The biggest of these were aimed at boosting innovation and simplifying taxes. Here’s what you need to know:
Are you considering what the legal implications might be for your business if Britain does vote to leave?
Several areas we see businesses concerned with are adjusting business contacts, managing your workforce, and intellectual property rights.
It’s important to realise though that changes will not happen immediately. There will be a period of time when the United Kingdom can negotiate its future relationship with the European Union (EU). The process is regulated by law by Article 50 of the Lisbon Treaty.
During the 2015 federal budget, the Australian Government labelled small businesses as the ‘engine room of the Australian economy’ – driving growth and creating jobs.
A year on, the federal government solidified that moniker. They handed further tax cuts to small business owners and increased the revenue threshold to include a further 60,000 businesses not previously eligible for lower taxes and asset deductions.
If you employ people you need to take the time to understand a number of employment law changes.
In December 2015, we started a GST pilot in which 1,400 businesses sent their GST returns from Xero direct to Inland Revenue. The very successful first phase of the pilot has just wrapped up. The small businesses who participated were enthusiastic:
New proposals will give small business owners a pay-as-you-go option for provisional tax — income tax by another name. This is one initiative in a package of proposed tax changes aimed at reducing the stress of tax compliance for businesses.
The 2016/2017 tax year looks set to be another challenging year for small businesses up and down the country as a result of a number of changes in UK payroll that take effect this April.
From Auto Enrolment to the National Living Wage we take a quick look at the top changes facing payroll for the 2016/2017 tax year.
As an employer, it's important you understand the difference between employees and contractors. You're responsible for getting it right!
Payroll year end can be stressful when you’re balancing deadlines with normal business tasks and activities.
Here’s a summary of upcoming law changes that affect small businesses — check out which apply to you.
We talk to customers and other people curious about sales tax every day. When you talk to so many people, you start to notice recurring themes, and one of those themes are “sales tax myths.” These are the rumors and misconceptions that seem to crop up over and over again. And I totally get it! Sales tax is complicated. And it isn’t always intuitive.
Welcome to 2016!
To help your business start 2016 off on the right foot, we’ve put together a list of changes for business that came into effect from 1 January 2016.
Whether they realize it or not, small business owners spend a great deal of their time trying to avoid becoming a statistic. Accountants are vital to that mission.
From 28 October all New Zealand companies must have at least one director who lives in New Zealand, or who lives in Australia and is a director of an Australian registered company.
New Zealand companies that don’t comply risk being removed from the Companies Register.
If your company doesn’t have a New Zealand-based director, you will need to appoint one who lives in New Zealand or in Australia immediately.
There’s also additional information about directors you’ll need to provide when filing your Companies Office annual returns.
Most government agencies close down over Christmas and in early January. Here’s a list of who will be open and who shuts down for holidays.
It’s coming up to that time of year when you might be planning a staff Christmas party. It's great for morale and a chance to mark the end of the year. But what are the tax considerations?
You may be able to claim as business expenses events such as Christmas functions or giving gifts to employees.
Many people who run a small business use an area in the home for work purposes. You do not have to have an area specifically set aside for the business. If you're doing this, you can make a claim for the area so long as you keep a full record of all expenses you wish to claim.
Last week Revenue Minister, the Hon. Todd McClay announced an industry initiative enabling businesses to file GST returns straight from Xero to Inland Revenue (IR), rather than having to file a separate return. No more filling out forms. Nothing to print, sign or post.
With the weather turning colder and the ski slopes opening up, love it or hate it, pretty soon we’re going to start seeing snow. Whether you’re a consumer who plans to pay for it, or a service who plans to charge for it, you need the answer to one question: is snow removal taxable?
Many, many states had sales tax filings due yesterday, October 20th. Yesterday evening I was chatting with an FBA seller who had waited until the last minute and told me, “I wish there were 48 hours in this day!” Luckily she was a TaxJar customer so it turned out her sales tax filings were quick and painless!
You need to cancel your ABN after you’ve sold or closed your business.
Sometimes an employee will ask you to make tax or student loan deductions from salary or wages that are not at the standard rate.
Negotiations for the Trans-Pacific Partnership free trade agreement have concluded. The 12 Asia-Pacific countries involved account for 36 per cent of the global economy – but what does it mean for your business?
Of all the presidential hopefuls, America’s small business owners would trust Donald Trump to run their operations and champion their cause on the Hill, a new survey from Xero has found.
Did you know that Free Trade Agreements (FTA) can be used by businesses large and small?
As FTAs come into force, you may find new opportunities to expand your business overseas. Or, you may find that overseas investors are interested in partnering in your business operations.
Make sure you understand how FTAs work and what help is available to you!
If you want to reduce greenhouse gas emissions in your business and help the environment, going carbon neutral in your business is a great way to do your part.
If your business is a registered company, a law change means you must have a director who lives in New Zealand – or who lives in Australia and is a director of an Australian registered company – by 28 October.
You’ll also need to provide some extra information about directors and any ultimate holding company with your next annual return.
Make sure you’re sorted by following this quick and easy checklist:
You have to register for GST as soon as you think you’ll earn more than $60,000 in a 12 month period, but you may want to register earlier so you can claim back GST while your business is still small. Make sure you provide the correct information so your registration isn’t delayed by avoidable mistakes.
Sales tax is complex. Maybe you’re new to selling online or maybe you’ve decided to get serious about sales tax compliance. Or maybe you thought you were compliant but a scare (like a letter from a state’s department of revenue!) just convinced you otherwise. No matter what has you tackling sales tax compliance, TaxJar has your back. Here’s how to get started with sales tax compliance, if:
In a nutshell: It is legal and required in some states to charge sales tax on shipping and handling charges. Some states require sales tax on delivery charges only in special cases and some don’t require sales tax on shipping charges at all.
We get a lot of questions about exactly how much sales tax you should be charging your customers.
As with most things in the sales tax world, the answer is usually “It depends.”
This post will explain what factors go into those weird “6.75%” or “9.5%” sales tax numbers you see when charging sales tax to your customers. And we’ll also arm you with the tools and knowledge you need to be sure you’re charging your customers the right amount of sales tax! (And if you’re building your own shopping cart and reading all this sounds like pulling teeth, we get it. Check out TaxJar’s SmartCalcs Sales Tax API and let us handle it for you!)
We see a lot of variations on this question: “A state said I had to register to collect use tax, not sales tax. What’s the difference?”
To make a long story short, sales and use tax generally refer to the same thing: A percentage tax on the price of a sale that is collected by a merchant and remitted to the government.
Chancellor George Osborne announced a tough Summer Budget yesterday in an effort to turn the UK’s whopping £70 billion deficit into surplus. But what does it all mean for UK small businesses?
Xero UK MD Gary Turner shares his thoughts on the pros and cons of this year’s Summer Budget.
Summer is one of the most active seasons for small businesses. Not only do businesses start hiring more people but, according to the Paychex IHS Small Business Index, there tends to be an upswing in the number of businesses started during the summer months. The trouble is some people see their summer business as a seasonal project, rather than as an actual company, so they don’t pay close enough attention to their new tax obligations. To help summer entrepreneurs stay out of trouble, here is a quick breakdown as to what taxes their business has to collect and pay.
In an ideal world, you’d charge one sales tax rate to all customers buying from your online store and that would be that. (Okay, so in a real utopia there would be no sales tax, but that’s really dreaming. Or Oregon.)
The Government this month handed down the 2015 NZ Budget with a few surprises in store. This Budget continues to deliver on National Government’s pattern of fiscal responsibility. This is a positive thing for New Zealand business as it creates an environment of certainty and stability for businesses to invest.
The 2015 UK election results are in and the Conservatives are back in charge, this time governing alone. So what does the new government mean for UK small businesses?
Starting way back in 1995, Connecticut launched its first publication of delinquent tax payers. Washington followed suit in 1997 and now, as of December 2014, 23 states either publish a list or have a searchable database of delinquent tax payers. The thought process behind creating these publicly accessible lists is that if someone owes back taxes, they are more inclined to pay if they are publically embarrassed.
April is what we refer to around here as a “sales tax perfect storm.” Quarterly and monthly filing due dates converge, until almost every online seller has a sales tax filling to make. This means figuring out how much to collect on all channels on which you sell, gathering all that info into a report based on how each state wants to see it, and actually filing and paying.
The ATO app puts tax and super help in your hand, making it easier for you to conduct your tax and super affairs on the go.
If you pay for a website for your business, here are some things to remember about claiming the costs…
Starting a business is a big decision, and needs careful research and planning well before you start trading.
Your website or LinkedIn profile will often be the first thing about your company that a prospective client sees, and as we all know, you only get one chance to make a good first impression.
How the IRS is Increasing Scrutiny of Small Businesses
This short video is an introduction to what you need to know when buying, owning, and selling your rental property.
Find out how the ATO are making taxes less taxing with the introduction of myTax. Visit http://ato.gov.au/myTax for more information and to check if it's right for you
Tax information for employees that need to transport bulky tools and equipment between their home and work. There are rules that you need to check and records you need to keep.
The change to Sunday loadings in the Restaurant Industry: what does it all mean?
Many of you would have already seen news reports that a Full Bench of the Fair Work Commission has decided to reduce Sunday penalties for casuals covered by the Restaurant Industry Award. But what exactly does it mean, what impact will it have on your business now and in the future, and does it suggest similar changes to other modern awards moving forward?