IMPORTANT: This post is specific to New Zealand. If you are not a New Zealand business/taxpayer then it is probably not applicable to you.

Taking the step to employ staff is a big one. But the reality is that your business can’t grow much with just one person. There are lots of details to know about when you are an employer, so getting good advice is essential (and doing what your mate does may expose you to the same legal issues he is exposed to, even if he doesn’t know it – so ask a professional, not a friend).

You need to know about your obligations relating to Employment Contracts, Health and Safety, PAYE, Holidays Act and KiwiSaver (to start with). The Ministry of Economic Development have a great website (http://www.business.govt.nz/compliance/paye-and-employment-regulations/becoming-an-employer) with lots of resources and links.

IMPORTANT: This post is specific to New Zealand. If you are not a New Zealand business/taxpayer then it is probably not applicable to you.

I find it frustrating when I buy something for business and get given a receipt or till docket and find that it is not a valid tax invoice. It’s amazing how many businesses issue invoices that aren’t valid tax invoices for GST purposes. So, having the personality that I do, I point this out to the clerk/owner and politely request a “valid” tax invoice. The most common response I get is “we’ve been giving them out like this for years and no one has complained.” Yeah – maybe. But that doesn’t make it right! These rules haven’t changed in the time that GST has been around so there really is no excuse for not getting them right

IMPORTANT: This post is specific to New Zealand. If you are not a New Zealand business/taxpayer then it is probably not applicable to you.

Last month I wrote about things that you should do BEFORE 31 March that could save you time or tax. This month I will highlight things that you should be doing now to make the process of creating your year-end accounts easier.