Started by: moanasmith
in: COVID-19 Funding & Support
Started by: masja205
Started by: herasmith
Started by: esjay
Started by: T3 Matariki
Started by: LeanneFM
Started by: bgerding
Started by: axlespring
hi there other than the wage subsidy is there any other support out there for small businesses I have 2 businesses Renovations and a labour hire…thank youMoana
Hey! I wonder if anyone here can provide some advice on setting up a business as a company or sole trader. I am a Practising Visual Artist keen to create my brand and set up a business to sell original artworks as well as Editioned prints through my website and galleries/stores. I am looking to also expand and explore other products I can create later down the track that uses my art. Any advice would be awsome! thank you so much :)
I am closing on a contract for consulting services to a US Foundation and wanted my accountant to provide advice on the contract but they’ve let me down with a very slow response this week. Is there a tax incentive to having the contract be between the US entity and my company as opposed to my personal name as the “contractor”? I am invoicing from my registered company so expected the contract to state the two entities being the “Foundation” (client) and my registered company, with me signing as CEO/Director. Is this a huge issue in NZ?
I have heaps of ideas which would make my business more successful, if only I could afford to see them through! How do I find an investor?
Hi there,I am a few weeks away from launching a business which will assess, place and train young people into sales, business and customer roles (front-end) – think an apprenticeship into business rather than the trades. It aims to solve the problem of finding good sales people and attracting grads and non-grads into this profession (many people ‘fall’ into this area). They will undergo assessment to ensure they have raw capabilities and once placed into a company (mostly aimed at tech sector and some other purpose led companies) they will take part in a 12m training program to get them up to speed quicker (mix of online modules and fortnightly facilitated zoom calls). Given the government’s focus on getting young people into work, I am trying to see if there would be support for this kind of venture but keep reaching dead ends. Funding is not essential but would mean we get going quicker and could help more young people and NZ businesses. If anyone has any ideas on how to approach this or relevant connections that could help? Thanks very much for giving it some thought.
Hi there,I operate an essential business of petrol station and was trading under Level 4 of Covid19 as well. I claimed a wage subsidy for my employees. One of my employee whom I claimed the wage subsidy for was unable to work during level 4 as there was no one was available to look after her son while she was at work. She was only employed for less than two months and there was no annual leave available for her. As it was a tough time for everyone; I paid her annual leave in advance from the wage subsidy I received at 80% rate of her average pay without work to cover later on when she was back at work. I have deducted 16.47 hours from her worked hours and she still owes me 25.81 hours paid in advance. Now she has left the job and owe me the annual leave paid in advance (25.81 hours). Could you please confirm that she is liable to pay me the annual leave paid in advance and I can recover that as a debt from her.
Can we use the wage subsidy to pay Kiwisaver contributions for our staff?
Our sales are only just getting close to 50% of last year’s sales. We have wage subsidy until 3 July. Based on cash in June (from May invoicing) we will probably qualify for the wage subsidy extension. Based on invoicing, we are on a projection to go over 50% sales and will not qualify for the wage subsidy extension. What will be the basis of this extension – does revenue mean cash or cash+receivables in this case.
Hi, I am about to open an online business to supplement my income. I currently work full time andI earn close to the threshold of the 30% income tax bracket and I predict that my earnings will pass the earning threshold in my first year of trading. Can you please advise whether I should register as a sole trader or company?
Hi There, firstly thank you for your services, I have gained a lot from the forums. We are a Restaurant trading in Level 2 at about 70% of our normal Sales Revenue which would not see us as eligible for the round 2 wage subsidy. However our profit has been significantly impacted (over 50% down) due to the shift of sales to Uber and the fees we pay them along with all of our full monthly expenses. Even our packaging costs have doubled due to the amount of takeaways. Do you think the 2nd wage subsidy will extend to businesses in the same position as us?
One of my employees that we gained the main wage subidy for has left his job. We need to employ another person to get the job done as we have wage subsidy for all other employees and so cannot apply the ‘spare’ wage subsidy for other employees. I have been unable to get an answer to this question from WINZ website, and you cannot call or email anyone there. Does the wage subsidy scheme allow for what I am wanting to do? It makes sense within the policy framework to allow for this, as we need all hands to the pump to save our business. But we don’t want to proceed unless it is allowed for in case we fall foul of the system and have to pay back when we can ill afford to.
How do you account for interest incurred on a revolving credit facility that includes private use?
Hello,I am running a small bed & breakfast with two rooms, quit a stressful job as a chef in October last year and welcomed my first guests end of January this year. It is a lot of work, with cleaning, preparing breakfasts, picking up and dropping off guests from airport and town.i am doing this as a sole trader as it was advised by my accountant and you can read the same on IRD’s website. But IRD told me now it is not a business and I have passive income. Well, at the end of a day it doesn’t feel like being passive. Why is this now not considered a business? My accountant told me, that I can claim costs against my business income which wouldn’t be possible if it is not a business.
Hi there, I run a small online retail business selling womens evening wear.I am looking for advice or help with setting up my finances the right way, in regards to separating the business from my self, keeping a track of income and expenses the most easy and sufficient way (if possible) and setting aside earnings for tax. I am 22 years old with minimal knowledge in business, Any help would be greatNga mihi nui !
How can I get properly unbiased advice about options in dealing with aggressive IRD action over alleged personal debts that cannot now ever be paid as a result of covid19. Accountants cannot help. Tax lawyers want you to pay them to negotiate on your behalf. Insolvency ‘experts’ want you to pay them to help you into bankruptcy.