April 2023 - Inside this issue

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Glen Eden Easter Extravaganza
Xero Basics Training
End of Year Accounts Checklist

Increase in Xero Prices
Important Tax Dates

Glen Eden Easter Parade

We will be joining in the fun this Saturday at the Glen Eden Easter Extravaganza!

Easter Saturday
April 8th 10am - 2pm.

A fun-filled family day, with face painting, candy floss, amusement rides and a bouncy castle, Jiggles the Clown, live music, and an eggciting Easter Egg hunt for the children (prizes to be won include five Easter Hampers and a hollow chocolate Easter Egg for every participating child).

Tael will have their own stand there where we will be supporting Kidney Kids NZ charity. We want to raise their profile and awareness amongst the community and hopefully collect a donation or two for them.

It will be a truly eggcellent day and would love for you all to come and say hello!

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Xero Basics Training

To continue our client training, we have decided to host another Xero online training Webinar.

We will be going back to basics with those who have started using Xero or need a refresher on the basics of the Xero system. We will be looking at reconciling, Xero files and creating invoices and bills using your accounting software.

The training will be held online using Microsoft Teams, Wednesday 26th April at 10am. Training will last approximately an hour and a half.

Please register your interest to attend by clicking on the link below.

You will then be sent an online meeting link the week of the training.

Register here

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End of Year Accounts Checklist

Each year we request your records so we can complete your year-end accounts and income tax returns. It's important to keep accurate and complete records. Accurate records will help us to complete your tax returns faster and avoid possible penalties for incorrect returns or underpaid taxes.

Included with your engagement letter, you will receive a checklist with the information that we require. For us to complete your accounts, it is imperative that we receive all the information requested.

If you're claiming expenses against your income, it is important sufficient records are kept as evidence to support your claims, e.g. receipts.

It is critical that you keep and file your information throughout the year, and records must be kept for 7 years. There are options around keeping and holding your records they include:

Using the Manual files that we have provided (Business, Home Office, Rental).
Keeping your files electronically on a personal computer – ensure that they are safe and backed up regularly.
Using the Files option in Xero and uploading receipts to transactions. This is simple and accessible to all clients using Xero software – the information is then kept safe and secure online, backed up and accessible to us at year end.

If you are not sure how to use Xero files, we are encouraging all our clients to book a checklist meeting before you drop off/send us your records. That way we can show you how best to collate your records to make it both easier for you and clearer for us.

Please book in a checklist meeting by emailing info@taelsolutions.co.nz.

If you have a lot of personally paid expenses that are not recorded in your software, it is recommended that you complete a spreadsheet detailing these receipts to help us minimise the time taken to process these expenses and therefore the cost to you.

Note: Your records must be in English, unless the IRD gives approval to use another language.

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Increase in Xero prices

From 15 March 2023 the monthly price of Cashbook plans has increased:

Non-GST Cashbook plans will increase by $1 - from $13+GST to $14+GST
GST Cashbook plans will increase by $2 - from $20+GST to $22+GST

Please be aware that your Xero invoice has increased to reflect the above increases.

If you have an Automatic Payment (AP) set up with your bank you will need to increase it to reflect the changes.

If you have not already increased your AP for April, please ensure you cover the payment shortfall.

Those on a Monthly Instalment Arrangement (MIA) will also need to check their AP is set up to the new 2024 MIA amount.

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Important Tax Dates

The Tael 2023 Tax Calendars are available from our website to download or you can collect one from the office by appointment only. These have all the tax dates for the 2023 Calendar year.

Upcoming Tax Dates:

11 April - Terminal Tax for 2022 period (please note normally due on 7th April but extended due to public holiday)

7 May - Final instalment of 2023 Provisional Tax is due for payment.

28 August - First instalment of 2024 Provisional Tax is due for payment.

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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

ASWEFA has been benefiting from the outstanding service Tael Solutions has provided for a number of years. During these years ASWEFA has changed names, expanded from one company holding to 6 company holdings as we have franchised and developed 3 new sites and franchises. We not only contract Tael for monthly and annual account processing but they also manage our Trust accounts and IRD requirements. As well as this we hold quarterly financial meetings to have them assist us to explore and set financial goals and address areas of increased costings or potential sales opportunities to ensure we run at maximum capacity. These meetings involve looking at everything from staff capacity and future requirements to site/machinery/technical requirements to ensure we are future proofing our business as much as possible. They know our business well and can make observations with a fresh set of eyes that always provoke new thoughts and ideas. We are privileged to provide this reference and recommend Tael for any business big or small – but in particular if you are wanting to grow as they have become an integral part of our business and contributed to our success.

Treena Myers - ASWEFA Regional Office - Forklift training providers

I moved our law firm’s accountancy and business advisory work to TAEL Solutions over a year ago now and I have been consistently impressed with its energy, focus, and command over every aspect of how the business side of our practice operates and augmenting a better run, more efficient business. I highly recommend TAEL solutions to those looking to improve their business financial performance.

I moved our law firm’s accountancy and business advisory work to TAEL Solutions over a year ago now and I have been consistently impressed with its energy, focus, and command over every aspect of how the business side of our practice operates and augmenting a better run, more efficient business. I highly recommend TEAL solutions to those looking to improve their business financial performance.

Doug Cowan - Cowan Law

I wish I had found the team at Tael earlier! As a small business owner with minimal experience and understanding of Accounting and Bookkeeping, I've learnt a valuable lesson: 'surround yourself with the right people' The contrast between Tael Solutions and my previous firm couldn't be greater. They understand my business and provide the insight, recommendations and guidance that I so desperately needed. The team at Tael are a pleasure to deal with and I am confident that I'm in good hands.

Mike Covich - LocoMedia Limited

TAEL Solutions Ltd have been processing our accounts for two years now. For the first year they completed and prepared the annual accounts prior to auditing and for the second year we moved to full monthly accounts and looking after all tax issues, right through to Board Reports and preparation for auditing. As a Not for Profit organisation we especially appreciate the advice we get in regards to our responsibilities in our reporting for Community Services (Department of Internal Affairs) and our major grant providers. We are a small team and prefer to put our efforts into the provision of support services to our “kids” and their families. I would recommend Natasha and the team at TAEL Solutions to any SME or NFP requiring accounting services and professional support to help grow their business and to ensure that good accounting and governance practices are provided.

Keith Mackenzie - Chief Executive, Kidney Kids NZ

More Testimonials

April 2023 - Inside this issue

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