Laois Chamber’s Post

Attention all Australian business owners! Are you unsure about the requirements for registering for GST (Goods and Services Tax)? Here’s a quick guide to help you navigate the process smoothly! Threshold Check: If your business has a GST turnover of $75,000 or more in any 12 month period (or $150,000 for non-profit organizations), you are required to register for GST. If you reach the GST turnover prior to registering, you are required to backdate your GST Registration and lodge BAS paying GST regardless of if you have added GST to your services or products Types of Businesses: Some businesses need to register regardless of their turnover, such as taxi and ride-sharing drivers, even if their turnover is under the threshold. Registration Process: You can register for GST online through the Business Portal on the Australian Taxation Office (ATO) website or we can assist. Benefits of Registration: While it involves compliance responsibilities, registering for GST allows you to claim credits for the GST included in the price of goods and services you buy for your business. Filing Obligations: Once registered, you'll need to lodge regular BAS (business activity statements) to report and pay GST collected and claim GST credits. Remember, staying informed about GST requirements is crucial for your business’s financial health and compliance. Check the ATO website or get in touch for personalized guidance. https://lnkd.in/gcCVYHrM... Contact me for your Free 60 min discovery call to learn more about how our expert bookkeeping services can free up your time to benefit your small business. Let KML Bookkeeping be your trusted advisor in maintaining financial clarity, Compliance and efficiency!

I've been commissioned by TheMJ to look at how many local authorities in England have engaged with the Local Government Association's Corporate Peer Challenge. Under the Best Value Duty for local authorities in England - issued under Section 26 of the Local Government Act 1999 - statutory guidance requires authorities to have hosted a Corporate Peer Challenge or Finance Peer Challenge within five years. The guidance was published in May 2024, though draft guidance was published in July 2023. According to the guidance, authorities are required to publish the recommendations they receive and "act promptly" on them. If authorities fail to do so, it's an "indicator of potential failure" because it demonstrates a "lack of awareness and reluctance to acknowledge weaknesses". The Office for Local Government has arrived at a similar position. Our research suggests that 37 per cent of England's authorities have not met the threshold required under statutory guidance - with some authorities having never held a Corporate Peer Challenge or Finance Peer Challenge since the process was established in 2011. Even discounting the period they were paused during the pandemic, 28 per cent of authorities will still not have met the threshold. That doesn't mean that authorities are evading scrutiny. Authorities are regularly subject to reviews by Ofsted for schools, the Care Quality Commission for care homes, the Chartered Institute of Public Finance and Accountancy and the Local Government Association. However, it's clear that the rising number of authorities issuing a Section 114 - and the associated concerns with governance and performance - are having an impact on the perception of the entire sector. According to polling by Ipsos in April, while the public acknowledge that authorities have been setback by significant under-investment, when asked to choose three words to describe authorities, 27 per cent chose the word 'unaccountable' - the third most chosen word - compared to four and three per cent respectively that described authorities as 'honest' and 'open'. By contrast, in 1998, 24 per cent described authorities as 'open'. Authorities have been resilient in difficult circumstances. They have continued to deliver for their residents. But in order to demonstrate that they are committed to public service reform and maximising value for money, a sensible place to start would be to give the Ministry for Housing, Communities and Local Government re-assurance that they are well governed. Doing so will provide a healthy foundation to build on the partnership approach that the Government wishes to establish with England's authorities.

Local Authorities are now emailing businesses who may be eligible for the Power Up grant. The email includes details on how to register. Don’t delay with registering, the Power Up registration portal is open for a limited time in order to get payments to businesses before the end of the year.  Registering is similar to ICOB registration and is quick and easy. Please go to mycoco.ie/powerup for further information on the eligibility criteria. If you have not received an email and think you may be eligible please contact your Local Authority.  What is the Power Up grant? The government announced the Power Up grant as part of Budget 2025 for businesses in the retail and hospitality sector. The Power Up grant has a budget of €170 million and the grant for eligible businesses is €4,000.  Who is eligible for Power Up? There are two types of qualifying business: a business that received the second payment of ICOB and continues to meet the ICOB criteria businesses in the hospitality and retail sector that did not have a rates bill in 2023 may qualify if they meet the criteria    Those businesses should check with their local authority to check eligibility once the scheme goes live REMEMBER - Register on https://lnkd.in/exmjnqjD  by Friday, 8 November 2024. #grants #mycoco #accounting #business

Attention New Zealand Small Businesses! With the financial year end (31.03.2024) approaching, here are 5 essential tasks to consider this week: 1. Thoughtful Spending: Take the time to invest in expenses and operating costs. Consider renewing insurance premiums, software subscriptions, and stocking up on office supplies. These expenditures can help reduce your tax bill by lowering your profit. Spend wisely and prioritize necessities. 2. Timing for Asset Purchases: It may be beneficial to hold off on buying assets over $1000 (Exc. GST). Such purchases are typically depreciated, so consider making them earlier in the financial year to maximize depreciation claims. 3. Managing Bad Debts: Identify and address any bad debts before 31.03.2024. Ensure they meet IRD requirements for deduction. Consult with your bookkeeper to handle this matter. 4. Schedule a stocktake: Record the value of your inventory as of 31.03.2024. Proper valuation of your stock is essential for accurate financial reporting. 5. Document Work in Progress: Compile a list of all work in progress on your last trading day of March. Include materials purchased but not yet used, work started but not invoiced, and ongoing jobs. Share this information with your accountant. For personalized advice tailored to your business or industry, feel free to send me a private message. Wishing you a smooth end to the financial year!

I paid for the knowledge that I have in order to build a business. I paid for mentorships, training, and education. I did so, so that I could provide knowledgeable and accurate services my clients needs. I am able to help with multiple needs because of my education. So PLEASE understand my services are “Fee for Service” (most require deposits/ retainers) whether you’re friend, family, or foe. I can’t pay my insurance or electricity,etc with how cool we are or how long I’ve known you, or our level of kinship. Not to mention I’ve an assistant and tech team that has to be paid. Our business model is straightforward: we charge a set fee for the services we provide. This ensures transparency and that you only pay for what you need.” Any additional services or documents incurs additional fee! Now we can barter even ! BUT… Terrill Miller TMM Financial And Tax Services is a business, NON- PRO BONO!! If you’d like more details about our fees or services, feel free to reach out. We’re happy to provide a detailed breakdown.” ✅Discounts or No charge services at my discretion!! Services: 💜Business Tax Preparation(AFSP Certification) 💕Business Formation 💕Business Compliance 💕Tax Debt Resolution 💕BOI-Beneficial Ownership Information Reporting*** 💕Tax Planning 💕Bookkeeping 💕Notary Public 💕DIY Credit Repair & Monitoring 💕Business Funding 💜Registered Agent (Arkansas) 💜Travel 💜 Insurance(L&H, P&C, Prepaid Legal) 💜Transitional Housing Program (Homeless Shelter) 💜Grant Writing Provided by way of: ⬇️⬇️⬇️⬇️⬇️ #TMMFinancialAndTaxServices https://lnkd.in/gHsm4zuX #WingzofHope https://lnkd.in/gEQyhbUJ #WingzOfAPrayer (Continuum of WOH) #DivaTravelz https://lnkd.in/gXkqMzbn

GOVERNMENT’S DUBIOUS CALCULATION OF $6.25 MILLION BENEFIT FOR SMALL BUSINESS OWNERS The Federal government included the following bold statement in its recent announcement about the accelerated roll out of the new $2 million Canadian Entrepreneurs’ Incentive (“CEI”): “Combined with the increased $1.25 million Lifetime Capital Gains Exemption (LCGE”) announced in Budget 2024, the CEI, when fully rolled out, would make eligible business owners better off when selling business shares worth up to $6.25 million.” Many are understandably confused by the government’s math. How does $2 million + $1.25 million equal $6.25 million? Let’s review the government’s calculation more closely. Under the pre-June 25, 2024 rules, a capital gain on the sale of small business shares for $6.25 million results in an income inclusion of $2,625,000, calculated as follows: ($6,250,000 - $1,000,000 tax-free LCGE) *50% = $2,625,000. Simple enough. Under the new rules (and assuming full roll out of the $2 million CEI in 2029), the $6.25 million capital gain also results in an income inclusion of $2,625,000, calculated as follows: $1,250,000 is the tax-free LCGE with the remaining $5,000,000 taxed as follows: ($250,000 * 50%) + ($2,000,000 * 1/3rd) + ($2,750,000 *2/3rds) = $2,625,000. While the government’s math technically adds up, it hides the fact that there is no relief for the extra tax imposed on the last $2,750,000 which is now subject to the higher 2/3rds inclusion rate. Query whether the government’s math is akin to buying two bags of milk; one for sale at half price and the other at full price and the grocer claiming you saved 25% by buying two bags. Please contact your A+M partner if you have any questions about the 2024 Federal Budget announcements or any other matter. The above content is not complete, does not address all scenarios and is intended for general information purposes only. This memo should not be used or relied on as a substitute for consultation with your Adams & Miles professional advisor.

HOW TO ACCOUNT FOR GRANT IN NON GOVERNMENTAL ORGANIZATIONS (NGOs) When a Non Governmental Organization receives grants, the ideal thing is to not recognize it as a revenue/fund for the month. Rather, it is to be taken to an unrevenue account, and be amortized either yearly, quarterly or monthly as the case maybe. The accountant should find out the duration of the project for which the grant is received. Once the duration of the project is known, the grant is to be amortized for the stated period. Then a journal will be used to recognize the portion due every month, quarter or year as the case maybe. This is to make sure it follows the matching concept principle of accounting that recognizes funds and expenses in the period in which they happen. And once you run a report, you will see the unused portion of the grant sitting in the liabilities account of the organization. Tell us for we will like to know, how does your accountant & bookkeeper account for the grants that your organization receives. We will help with your monthly bookkeeping, backlog data bookkeeping, monthly taxes calculations and remittances. Send us a DM so we can discuss your business and get to work. Follow us for more bookkeeping and tax tips. #ngbookkeeping #bookkeeping #taxes

Interesting post from Jack : I’ve let him have my 5 comments based on a Q&D on the balance sheets of Hillingdon ; Bromley ; Dartford ; Leicestershire whose net aggregate real estate holdings valuations might surprise you. And remember we have 12,000 councils in the UK … many of whom are real estate “ asset backed”. If you divide 12,000 by 4 that’s 3000. If you reduce the estimated real estate values of Councils to half that shown in the Hillingdon Bromley DarfordcLeicestershire Councils balance sheets which are all online to say £250 million that’s still aggregate real estate holdings by local authorities of at least £ 750 billion as a sector … which dwarfs the Black Hole somewhat. Remember the property value of UK in aggregate I’d £5 trillion. So my IFAQ for the coming week is “ how much real estate does your local authority ( and here in SW Herts we pay council tax to a County Council; District Council and Parish Council ie 3 councils) have to own to run efficiently and effectively?” If anyone knows of any accurate data on the value in aggregate of Real Estate owned by UK 🇬🇧 pic’s councils please share it “ for “ Peer” Review!! Good post Jack and good comments in The Municipal Journal

Can you claim more than one R&D grant/rebate in NZ? Yes. In fact I'd even say it's normal for us to claim two payments for businesses, regularly getting 43% cash refunds for their R&D spend, and occasionally higher. People have been asking us to explain these combination strategies more, after raising it in our recent webinar. So here you go - laying it out as clear as I can! https://lnkd.in/gDtUiW8u