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Staff Expenses

You can reimburse employees for actual expenses they’ve incurred while doing their job.

These expenses include:

  • meals
  • clothing
  • mileage
  • tools.

Reimbursing allowances are not taxable. However, if the payment is more than the employment related expenses, the excess amount is taxable.
 

To calculate the reimbursement allowance, you need the employee to provide a receipt. This needs to be based on average costs and be a reasonable amount. Add the amount of tax-free allowance to your employee’s net salary or wages (after PAYE) when you pay them. Show the total tax free allowance paid in your wage book. Do not show the tax free amount on your employment information schedule.

 

Alternatively, if you are regularly reimbursing the employee for a particular cost, you could pay them a regular allowance instead.

 

KiwiSaver employee deductions are calculated on the excess amount at the employee’s normal rate according to the agreement between the employer and the employee.

Source Information:

https://www.ird.govt.nz/employing-staff/paying-staff/allowances/reimbursing-allowances

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For Every Professional who has had their Price Questioned………

A customer asked me how much I would charge to paint his two story foyer.

My reply: $1500

His reply: WOW, just to paint a couple walls? Why so much?

My reply: Well, this estimate also includes for the non productive factors.

He questioned: What is non-productive factors?”

My reply: Just the usual things like taxes, insurance, rent, fuel etc, etc.

I asked: How much do you think it should cost?

He responded matter-of-factly: Around $800 at the most… It’s just painting and a fairly simple job right?

I calmly said: Okay sir, for $800 I invite you to do it yourself.

He said: But…. I don’t know how to.

I replied: Okay, for $800 I’ll teach you. So besides saving you $700, you’ll get the knowledge for the next time.

It seemed right to him and he agreed.

I continued: To get started you will need tools, drops, ladders, scaffolds, brushes, poles etc…

He said: But I don’t have all this type of equipment and I can’t afford to buy all of these things just to paint my foyer.

I offered: Okay then, for an additional $200 I’ll rent my equipment to you.

Okay, he says.

I replied: So on Tuesday I will be available to start teaching you.

He said: But I can’t on Tuesday I only have time today.

I said: I’m sorry sir, but Tuesday is the only day this week that I will be available to teach and rent you my equipment. The rest of the week is already scheduled for other customers.

He exclaimed frustrated: Damn! That means I gotta rearrange my schedule and sacrifice my whole Tuesday?!

I said: That is correct sir!

I will also provide you with a list of all the materials you will need to go to the store and purchase for this job.

Also, loading of the van for your job will take place Tuesday morning around 6am. After the project is complete, all equipment and tools need to be cleaned and reloaded back onto the van.

He asked in disbelief: At 6am???

Nope! Way too early for me! So much work just to do a little bit of painting!

You know what, I’ve been doing some serious thinking and I’ve decided that it would be best if you just went ahead and did the job for me. $1500 seems fair now and I’d rather it be done right by true professionals.

The moral of the story for any buyer:

When you hire a professional to do a job, you’re not only paying for the labor and material being used. It also includes:

  • Knowledge
  • Experience
  • Tools
  • Services
  • Punctuality
  • Accountability
  • Professionalism
  • Accuracy
  • Guarantee
  • Sacrifices
  • Safety and security

No one can denigrate other people’s work by judging prices.

Only by knowing all the elements necessary to complete a certain project can you estimate the true cost.

Copy and Share this everywhere to support craftsmen and entrepreneurs of all types.

#price #value #pricing

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Cyber Security Help

Tips for reducing your risk of a Cyber Attack

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Friendly Reminder Template

Here are some friendly reminder samples you may like to use for chasing your overdue debts. 

If you want any further assistance, please contact Noeline on 021 023 93466 or email info@thebookie.co.nz.

GOOD MORNING ACCOUNTS

Just a friendly reminder, your account is now outside its credit terms and has an outstanding value of $xxx.xx.

If you have any concerns or require copies of invoices regarding this overdue amount, please don’t hesitate to contact us at xxxxxx@xxxxxxxx.nz or phone 09 xxx xxxx.

If payment has already been sent, please disregard this email.

ATTN: ACCOUNTS

Just a friendly reminder, your account is now overdue andhas an outstanding value of $xxx.xx

Please pay the attached invoice to our bank acct details: xx xxxx xxxxxxx xx, otherwise please advise payment status.

Regards

ATTN ACCOUNTS:

If payment has not been sent, can you please advise payment of attached invoice or contact us if there is a query on the invoice at xxxxxx@xxxxxxxx.nz

Regards

 

Just a friendly reminder your account is now overdue as per attached invoice. Please contact us xxxxxx@xxxxxxxx.nz or ring 09 xxxxxxx if you have any concerns.

Please disregard this email if payment has already been sent.

ATTN ACCOUNTS:

Can you advise payment details please of attached invoice $000.00 that was due Xxx 20th.

If payment has been sent please disregard this email

Regards

GOOD AFTERNOON

Your account is now overdue for payment. Our terms of trade specify that all invoices are paid by 20th of the month following the date of invoice.

If you wish to discuss any query please do not hesitate to contact us, otherwise we look forward to receiving your immediate payment.

For your convenience our bank account details are : xxxxxx xxxxxxx xx

Thank you for your business and anticipating a prompt settlement of account.

Please disregard this email if payment has already been sent.

 

As a courtesy may we remind you that according to our records $xxx.xx remains unpaid and outside of our credit terms.

Could you kindly arrange for payment within 5 working days for the above amount in order to bring your account back up-to-date.

For your convenience, our bank account details are : xx xxxx xxxxxxx 00

If you have recently made payment, please advise date, payment method and amount paid. Should you have a query that may be causing payment to be withheld we ask that you contact us to discuss this, or pay the undisputed amount and provide supporting documentation for the disputed portion.

Please ensure remittance is emailed to xxxxxx@xxxxxxxx.nz .

Regards

RE: OUTSTANDING ACCOUNT

This is a reminder that your account balance of$xxx.xx was due as of xx/x/17.

 

Please arrange payment of this account today or, if you cannot make full payment at this time, please contact us to make a payment arrangement that is mutually acceptable.

Your prompt attention to this matter would be greatly appreciated. If you have any queries regarding this account, please contact our office as soon as possible.

If payment has recently been made, please accept our thanks and ignore this reminder.

ATTN: ACCOUNTS

Just a friendly reminder, your account is now overdue and has an outstanding value of $xxx.xx

Please pay the attached invoice to our bank acct details: xx xxxx xxxxxxx xx, otherwise please advise payment status.

Regards

 

Dear Sir/Madam,

We would like to take this opportunity to thank you for your valued custom and draw your attention to our trading terms:

20 days after end of month

Please be aware that your account has now exceeded our trading terms and the amount of $000.00 is overdue.

If there is a query please contact us ASAP, if not we expect your payment as soon as possible.

If your payment has been made, please disregard this reminder.

For Direct Deposit our bank details are:

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Non-Profit Organisations

I have been inspired by a wonderful woman I have recently met at BNI who helps under privileged children in Haiti and New Zealand by starting a Charity Tea company. Buying her tea helps to feed children. She does not make any money herself at this stage but is beginning to be noticed by organizations to have tea in their shops and for their staff. Her name is Gil Bredl, and her company is:

https://charitytea.co.nz/ Tea For Charity | Organic Loose-Leaf Tea & Compostable Tea Bags

“We sell tea for charity. Charity Tea is a social enterprise business and we use our revenue to address the issues of world hunger. We exist to make a social, environmental and climatic impact, and we are committed to growing people. “

I have offered to her and all non-Profit organizations free one-off services and a discounted monthly subscription service. At her recent charity event I handed out Bookkeeping Tips, pens and notepads and offered my services. By the way, her tea is great! Each time I drink her tea I know I have helped feed children.

Please feel free to contact me on 021 023 03466 or info@thebookie.co.nz if you would like any help or advise on managing your accounts.

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COVID-19 Wage Subsidy

The Lockdown is with us again and I hope you and your families are keeping safe during this stressful time.

I have some information about the Wage Subsidies and Resurgence Payments that maybe helpful to you.
Please make sure that you read the rules carefully to make sure you are eligible to apply. If in doubt, get in touch with me.

Wage Subsidies

  • Wage Subsidy applications open on Friday 20th August 2021 and will be open for 2 weeks.
  • Due to wage inflation, the amount has increased to $600 per week for a fulltime employee and $359 for a part time employee.
  • The Business must have had a decrease in Revenue of 40% due to Alert Level 4.
  • Please ensure if you are going to apply for this, you keep your workings of your entitlement as you may be asked for it in future years. 
  • https://www.workandincome.govt.nz/covid-19/wage-subsidy/index.html
Resurgence Payment
 
The resurgence payment has been reinstated due to alert level 4. A business or organisation must have had a 30% reduction in revenue over a 7-day period due to the change in alert levels. This is 
 an actual loss, not a forecasted one. Please read the eligibility criteria before applying and keep your workings safe.
 
Create a folder in Xero, or on your PC for all your Covid Subsidy Applications so that it is safe, and you know where to find it if and when you are asked for it.
 
This allows businesses to receive up to $1500, plus an extra $400 per employee, up to a maximum of 50 full-time employees.  The payment does not have to be applied directly to employees and can be used to fund fixed operating costs and the good news is businesses can apply for both payments.
https://www.ird.govt.nz/covid-19/business-and-organisations/resurgence-support-payment/eligibility

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