March 2024 - Inside this issue

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Annual Records Training

The end of the financial year is nearly here and we will be sending out the new engagement letters requesting your 2024 Financial Year records. As always, we will have a custom checklist for each of you with a list of everything you need to provide.

We understand this can be a daunting task, so we are scheduling a free training to go through the best way to collect the information we need as well as explain why we need it.

This training will be delivered both in our office and online, Tuesday 19th March at 10am until 11.30am.

Please register your interest to attend.

Register here

Xero Tips and Tricks

One of the biggest mistakes made when coding your Xero is not separating out the withholding tax paid on the income. If not separated out, then the income and tax will not be correct, and you will be reporting it incorrectly to the IRD.

If your employer pays your withholding tax, or your bank deducts withholding tax from any income, you will need to capture this when coding.

Here are two step by step guides on how to code withholding tax in Xero:

Coding withholding tax on self-employed income

‍Coding withholding tax on interest income

Scheduling March 2024

We are in the process of finalising the scheduling for the March 2024 accounts.

If you are on a Monthly Instalment Arrangement (MIA), a new MIAs for the 2025 Financial Year are being issued this week. The engagement letter will also have the month your accounts are scheduled to be completed. If you are not currently on an MIA and wish to change to a monthly fee, please email here.

For our time and cost clients, engagement letters will be issued later, closer to the date your accounts are scheduled.

If you have a preference to when your accounts are scheduled due to busy periods, holidays, funding or anything else please contact us asap here.

Please read through your engagement letter, once signed, your checklists will be emailed to you and you will be able to book in your checklist meeting. Engagement letter will be emailed via DocuSign.

We are encouraging all clients to arrange a checklist meeting prior to getting your accounts in. In this meeting, we will take you through the checklist, explain each request and the best way to provide this information. By booking this meeting, we aim to reduce any follow up required for missing information.

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

Important Tax Dates

The Tael 2024 Tax Calendars are available from our website here or you can collect one from the office.

Upcoming Tax Dates:

8 April 2024 – 2023 Terminal Tax is due for payment to the IRD.

7 May 2024 – 3rd Instalment of 2024 Provisional Tax is due for payment to the IRD.

‍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

March 2024 - Inside this issue

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