The timing for processing 2022 income tax returns has now been completed without any covid related delays causing difficulties. However adverse weather conditions have meant that Inland Revenue has given leeway for filing to 31 May for the third time in four years.
The income tax return cycle now moves into processing the 2023 tax year, with technology improvements meaning that there is now virtually no delay after year-end before processing can begin.
Changes for GST invoicing and record keeping came into effect on 1 April 2023. The changes are intended to modernise record-keeping systems, which should mean reducing or eliminating piles of paperwork. New terminology of taxable supply information will replace the current term tax invoice. It is important to note that if your invoicing practices are compliant with the previous rules, then they will comply with the new rules.
If you have any queries over tax or accounting issues, Please get in touch with our office for further explanations.
