We thought about recycling the famous Game of Thrones line “Winter is coming”, but looked out the window and realised it’s well and truly arrived. Although the season doesn’t do great things for your tan, it does provide the perfect climate for getting your Xero up-to-date; whether than be on the laptop beside the fire, or on the smartphone beneath the duvet. For some winter is also the time to think about your finances for your upcoming summer break, so that also means thinking about tax.

That’s right, it’s time to bring your accounts up to speed again. Before you check out of work mode to head off and honor the Queen this weekend; can you please snuggle up to Xero and sort it out ready for us to start crunching away from Tuesday the 7th of June. Expect Rose to give you a hurry up if it’s looking like a dog’s breakfast next week.

Xero Tip #261562

If you have your fingers in a few pies; ‘pies’ being clients, markets, projects, regions, sites etc, then logically you’d want to know how each pie is cooking. You would want to know if your finger is going to get burnt so you can pull out; and equally, you’d want to know which pie came with sauce so you could focus your efforts there.

As amazing as it sounds, Xero can do this for you through a sweet function called Tracking. It’s easy to set up and can produce some handy pie stats that could help your business. Check it out here, and get in touch if you want a hand setting it up in your own Xero.

Motor vehicles – how much is deductible?

This is a question that has a few different answers depending on your situation.

  • Sole trader? You can claim based on mileage up to 5,000km at the IRD rate of 72 cents per km. If you want to claim more, talk to us about how a log book once every 3 years could benefit you. Don’t worry they can be a bit smarter than pen and paper these days.
  • Got a company? There’s a few different rules and taxes that are important to think about and take advantage of here. Talk to us about the tax affect of sign-writing, the value of a letter to a shareholder-employee and, the types of vehicles that can have tax benefits.
  • Finance lease, operating lease, bank loan, or just stump up the cash? These can be confusing options and difficult to weigh up – we can often help here and point you in the right direction.

Missed our last blog post? check it out here.

That’s all for now, check out our InstagramFacebook and Linkedin accounts to hear more from us.

Cheers,
Your Outside team

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