Chartered Accountants Auckland

One of the best things about being an accountant (yes there are some) is the ability to get up close and personal with some of the best businesses on the planet.  What’s not so great is being a messenger for the IRD.  Early in my career, I had an incredibly uncomfortable meeting with an elderly gent who just wouldn’t believe it was illegal to claim his glasses and hearing aid, even though he needed them to do his job.  It was quite the battle, I can tell you, so instead of boring him with legislation I told him about the court case where a personal trainer was sentenced, to home detention, for claiming running shoes and that even plain clothes police were taxed on their clothing allowance.

Now, I’m not saying it’s fair. Personally, I’m on your side but is there a way around these laws?  The answer is advertising.   I don’t know how you feel about having your business branding plastered all over your designer jeans but it’s one way to make them tax deductible.  Without advertising, most clothes fail under the scrutiny of a ‘brown-trousered’ tax investigator (unless they’re uniforms or health and safety wear).  We’d hate you to get caught out so why not quizz yourself to see if you can pick what’s deductible below?

“Life, as a business owner, isn’t perfect but your outfit can be”

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Boutique Financial Chartered Accountants & Business Commentators

Copyright © 2017 Boutique Financial Limited Chartered Accountants Auckland All Rights Reserved. This publication must be read in accordance with the attached disclaimer and does not provide an exhaustive statement of tax law.

Inventory Accounting explained

July 3rd, 2015 | Posted by Accountants Auckland in Accountant in Auckland | Chartered Accountants Auckland - (Comments Off on Inventory Accounting explained)

sh 2WTF!  It’s not a saying you’ll find on many (if any) Chartered Accountants websites but it sums up the complete disbelief I felt when I ordered a pair of size 6 shorts online recently only to receive a pair of ginormous extra long pants!  Not good for a shorty like me and not good inventory management either.  On that note, one of New Zealand’s leading inventory management software companies, Unleashed, gives us lowdown on the basics of inventory accounting below: