Wacky business ideas
Wacky business ideas
Ever dreamt of being your own boss? Well, millions of people around the world have turned that dream into a reality and some even claim it’s easy! Recent studies conducted by the Global Entrepreneurship Monitor reveal that 40% of respondents thought starting a business was easy and 46% thought there were plenty of opportunities to start a business. Based on some of the strange, yet successful, business ideas out there, they might just be right.
Have you ever had the urge to send someone a message on a potato? Well now you can! Potato Parcel lets you send a potato with a personalised message written on it. They’ve already sold over 70,000 potatoes! If gifting a vegetable isn’t quite your style, perhaps a pet rock is more appropriate? Entrepreneur Gary Dahl launched the Pet Rock back in the 1970s and despite the craze only lasting about six months, it was still enough to make Dahl a millionaire.
Another common sector for new businesses is the fitness industry. New exercise fads are constantly emerging; one of the more unusual ideas are “rage rooms”. Originating in Tokyo, the rooms are designed to provide patrons with a chance to hurl cups or plates against concrete slabs in an effort to relieve stress. Today, they’ve spread all over the world.
So, get your thinking cap on, the more unusual the idea, the better It is time for you to carve your own nice industry, Give us a call if you want some sound planning advice.
Cashflow
Xmas time is fast looming, for business owners this can prove to be a very stressful time, now would be a good time to check your cash reserves, have you got enough money to see you through until the end of January as most businesses are shut until then. Have you got enough money to pay your staff? You don’t want to run out of money right at Christmas time so now would be a good time to approach your friendly (sometimes not so accommodating) Bank manager. What I’m saying you need to have the ability to cover any shortfall in your cash flow until at least the end of January.
Unbelievable
Recently one of our clients had their provisional tax payments for 2019 refunded back into their bank account. this was a result of Inland Revenue automatically assessing their 2019 tax return based on information they had, without allowing us to complete the return correctly including additional business income we advised our client to return the money to IR however they saw fit to send it back to him for a second time and after many phone calls (We all know how long it takes to contact IR by phone) we convinced them to keep the money. So much for Inland Revenue’s new system and getting it right if the unsuspecting taxpayer wasn’t linked to an Accountant it may have been some time before the error was discovered and they were penalised for unpaid taxes.
Declare it
Inland Revenue is continuing to contact tradies in the construction industry to encourage them to declare all of their income through their GST and income tax returns. While most people in their industry are doing the right thing, they (IR) are reminding your clients that undeclared income can have negative consequences. This can result in tax penalties, and even criminal convictions that could affect their ability to contract for work, and even prison time.
HAVE WE GOT YOU THINKING?
Give us a call on (04) 563 6965 or email: dennis@taxman.co.nz or shawn@taxman.co.nz
Keep an eye out for First New Year’s article!
TAX DATES TO REMEMBER
- 20th December. 2019 - monthly employers PAYE payment…
- 15th January. 2020 - Bi monthly GST Return for Oct/Nov 2019…
- 15th January. 2020 - Second instalment of 2020 Provisional Tax…
The staff at Dennis O’Grady Limited wish you a safe and happy time over the Christmas Holiday period.
We are closed from midday 20 December 2019 and will reopen on 6 January 2020.