In New Zealand, provisional tax has long been recognised as a stress point for small businesses. Many small business owners struggle to grasp the concepts of provisional tax and terminal tax. Another pain point with provisional tax is the mismatch between when a business makes a profit and when it pays its provisional tax. Under the old rules of provisional tax, payments are made three times a year in equal amounts.
AIM will also reduce the risk of penalties and interest on provisional tax. Both of these methods can produce results that are very different from the actual business performance especially given the outside influences which can affect business performance, including everything from economic pressures to natural disasters.
Xero and AIM overcome these problems by using the power of cloud accounting, coupled with the experience of your business adviser. At Xero, we know that almost all business owners rely on their advisers for provisional tax advice. Many advisers also guide their clients on the choice of software that is most appropriate for their business. We know that it is crucial to help business advisers to understand and accept AIM if it is to be widely adopted by small businesses.
Your business adviser will use your data from Xero to calculate your AIM provisional tax every two months. This gives your business adviser another opportunity to help you with advice about your business performance, as well as providing valuable tax advice.
We understand that sharing up-to-date information and collaborating on advice are essential features of AIM, and Xero makes this easy. Protect your construction business against invoice scams. This startup shares how they use beautiful design in everything they do. Celebrating women in business. Xero and Capital One partner to help rewire the small business economy.
Change the way you work with reports. Your email address will not be published. Posted by Grant Anderson. Protect your construction business against invoice scams by Guest 20 November This startup shares how they use beautiful design in everything they do by Sarah Richards 17 November Celebrating women in business by Craig Hudson 15 November Change the way you work with reports by Mark Blundell 26 July Leave a reply Cancel reply Your email address will not be published. Popular this week Protect your construction business against invoice scams 20 November This startup shares how they use beautiful design in everything they do 17 November GEW Celebrating women in business 15 November 3 ways you can give your firm a fresh start in 17 December Xero and Capital One partner to help rewire the small business economy 11 May Our best stories, delivered weekly.
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