--- title: "CHECKLIST: CAN YOUR BUSINESS SURVIVE THE HOLIDAY PERIOD?" description: "While the Christmas/New Year period is traditionally a slow time of year for business, you still need to meet your expenses.\n\nEnsure your bases are covered before you clock off for the year.\n\n1. Plan ahead\nDo a budget to figure out how much you are going to need to cover your overheads. This is especially important if it’s going to be several weeks before you start earning a crust again.\n\nA cashflow forecast will help you identify any issues before they become problems.\n\n2. Get your cashflow in order\nYou can achieve this by:\nPrioritising jobs you can complete quickly so you can invoice clients straightaway.\nIncentivising early payment for completed work by offering a discount.\nChasing outstanding invoices.\nSeeing if you can re-negotiate payment terms with suppliers.\nReducing unnecessary spending.\n3. Don’t forget taxes\nIRD expects GST and provisional tax payments to be made on January 15. Interest of 8.22% and late payment penalties apply if you don’t.\n\nHere’s a tip: If paying both is going to hurt the bank account, prioritise paying the GST. You can utilise the services of an IRD-approved tax pooling provider such as Tax Management NZ to pay the provisional tax later. They reduce IRD interest by up to 30% and eliminate late payment penalties.\n\nAs always, we’re happy to work with you so you have nothing to worry about while you enjoy your summer break." image: https://web.archive.org/web/20230130125043im_/https://balanceca.nz/wp-content/uploads/2018/11/link-hoang-31747-unsplash-1024x683.jpg --- [![Ecom](https://balanceca.nz/hubfs/raw_assets/public/codfina/images/image_web/Logo_1.png)](https://balanceca.nz/) - [Home](https://balanceca.nz/) [![Ecom](https://balanceca.nz/hs-fs/hubfs/raw_assets/public/codfina/images/image_web/startup.png?width=60&name=startup.png) Start-ups](https://balanceca.nz/start-ups) [![Established](https://balanceca.nz/hs-fs/hubfs/raw_assets/public/codfina/images/image_web/establishedbusinesses.png?width=60&name=establishedbusinesses.png) Established Businesses](https://balanceca.nz/established-businesses) [![Agricultural](https://balanceca.nz/hs-fs/hubfs/raw_assets/public/codfina/images/image_web/agriculturalbusinesses.png?width=60&name=agriculturalbusinesses.png) Agricultural Businesses](https://balanceca.nz/agricultural-businesses) - [About](https://balanceca.nz/about-us) - [Services](https://balanceca.nz/services) [![image](https://balanceca.nz/hubfs/raw_assets/public/codfina/images/image_web/services_1.png) Annual Accounting & Tax Services](https://balanceca.nz/services#nav_f4) [![image](https://balanceca.nz/hubfs/raw_assets/public/codfina/images/image_web/services_2.png) Business Support Services](https://balanceca.nz/services#nav_f4) [![image](https://balanceca.nz/hubfs/raw_assets/public/codfina/images/image_web/services_3.png) Business Development](https://balanceca.nz/services#nav_f4) [![image](https://balanceca.nz/hubfs/raw_assets/public/codfina/images/image_web/services_4.png) Business Planning](https://balanceca.nz/services#nav_m4) [![image](https://balanceca.nz/hubfs/raw_assets/public/codfina/images/image_web/services_5.png) Cashflow Management](https://balanceca.nz/services#nav_m4) [![image](https://balanceca.nz/hubfs/raw_assets/public/codfina/images/image_web/services_6.png) Accountability Coaching](https://balanceca.nz/services#nav_m4) [![image](https://balanceca.nz/hubfs/raw_assets/public/codfina/images/image_web/services_7.png) Succession Planning](https://balanceca.nz/services#nav_m4) [![image](https://balanceca.nz/hubfs/raw_assets/public/codfina/images/image_web/services_8.png) Organisational Review](https://balanceca.nz/services#nav_b3) [![image](https://balanceca.nz/hubfs/raw_assets/public/codfina/images/image_web/services%20icon-9.png) Governance](https://balanceca.nz/services#nav_b3) [![](https://balanceca.nz/hubfs/raw_assets/public/codfina/images/image_web/services-10-01.png) Specialist Māori Sector Services](https://balanceca.nz/services#nav_f4) [![](https://balanceca.nz/hubfs/raw_assets/public/codfina/images/image_web/11_Connections.png) Connections](https://balanceca.nz/services#nav_b3) # BALANCE Take control of your finances with BalanceCA, your trusted partner for all your accounting and financial needs. 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Tags: [Business](https://balanceca.nz/blogs/tag/business) --- ![Balance CA](https://balanceca.nz/hubfs/kamato-1.png) [Balance CA](https://balanceca.nz/blogs/author/balance-ca) Updated: June 05, 2023 Jan 20, 2024 2:58:56 PM --- [![](https://web.archive.org/web/20230130125043im_/https://balanceca.nz/wp-content/uploads/2018/11/link-hoang-31747-unsplash-1024x683.jpg)](https://web.archive.org/web/20230130125043/https://balanceca.nz/wp-content/uploads/2018/11/link-hoang-31747-unsplash.jpg) While the Christmas/New Year period is traditionally a slow time of year for business, you still need to meet your expenses. Ensure your bases are covered before you clock off for the year. #### 1. Plan ahead Do a budget to figure out how much you are going to need to cover your overheads. This is especially important if it’s going to be several weeks before you start earning a crust again. A cashflow forecast will help you identify any issues before they become problems. #### 2. Get your cashflow in order - You can achieve this by: Prioritising jobs you can complete quickly so you can invoice clients straightaway. - Incentivising early payment for completed work by offering a discount. - Chasing outstanding invoices. - Seeing if you can re-negotiate payment terms with suppliers. - Reducing unnecessary spending. #### 3. Don’t forget taxes IRD expects GST and provisional tax payments to be made on January 15. Interest of 8.22% and late payment penalties apply if you don’t. Here’s a tip: If paying both is going to hurt the bank account, prioritise paying the GST. You can utilise the services of an IRD-approved tax pooling provider such as Tax Management NZ to pay the provisional tax later. They reduce IRD interest by up to 30% and eliminate late payment penalties. As always, we’re happy to work with you so you have nothing to worry about while you enjoy your summer break.   ![image](https://balanceca.nz/hubfs/raw_assets/public/codfina/images/image_web/Logo_1.png) ##### Balance Whanganui - [0800 480 062](tel:+640800480062) [06 348 0062](tel:+64063480062) - [whanganui@balanceca.nz](mailto:whanganui@balanceca.nz) - 10 Dublin Street, Whanganui, 4500 PO Box 670, Whanganui, 4540 ##### Balance New Plymouth - [06 769 5389](tel:+64067695389) - [newplymouth@balanceca.nz](mailto:newplymouth@balanceca.nz) - 141 Powderham Street PO Box 593, New Plymouth Central, New Plymouth 4310 ##### Balance Stratford - [06 765 6156](tel:+64067656156) - [stratford@balanceca.nz](mailto:stratford@balanceca.nz) - 199 Broadway, Stratford, 4352 PO Box 670, Stratford, 4352 Balance Official 2026. All rights reserved. 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