From Lance’s desk!
It’s March again, scarcely believable but that is what my diary says…
There are many things for those in business to do by 31 March, please see separate article on Page 2 in this newsletter. All businesses need to consider all points in this list (including farmers).
Tax changes so far are minimal and just the usual. The few confirmed changes are set out below. We are still waiting to see what is to happen with the proposed changes to depreciation of buildings, Brightline tests, interest deductibility and residential ring-fenced losses. The old rules definitely apply for the 2024 tax year and we will let you know once we know what the new rules will be and what their likely impact will be. What I can tell you is that it is very unlikely all the complicators added by the previous Government will be removed completely or quickly.
As an office, I am very pleased to say that the last 6 months have been significantly better than the previous 2 ½ years. We are currently working at maximum capacity to complete the 2023 round of financials and tax returns before final due date of 31 March 2024. We believe we have all in hand but if you have any doubts about your reports please contact the office as soon as possible
So then, for the 2024 year reporting and tax requirement, we currently believe we are in great shape. Our staffing ratios are finally getting back to the desired level and that will mean that we will be able to continue to improve our service delivery to you. As 2024 unfolds, we do anticipate getting more up to date which will benefit absolutely everyone; clients, bankers, team members and my sanity. Workflow and scheduling are getting an overhaul. Please see the article about Workflow Scheduling on Page 3 in this newsletter. Our Associate Chartered Accountants, Maria Livingstone and Amanda Hutchings will be increasing their client involvement throughout 2024 and 2025 to assist me further.
As the month draws to a close, we wish everyone a very enjoyable Easter break and encourage you to remember that the Easter message is so much more than hot cross buns and Easter eggs. Please take care out there and feel free to give us a call if you have any concerns at all.
Best wishes,
Lance
