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Chartered Accountants

Trusted advisers of all tax compliance and annual accounting issues facing both individuals and small businesses.

Choosing a bank account

Posted on Dec 16, 2015 by editor

Differentiating between bank accounts can be a tedious task, and many people will simply choose an institution that they are familiar with. There is, of course, a lot to be said for trusting your financial institution. Furthermore, you may be able to bundle your new account with existing ones to get a discount or some form of loyalty bonus. However, you should always do your homework before settling with a banking product. Incrementally higher fees or lower interest rates can make a significant difference to your savings over time. Here are three things you should look when opening a new […]

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Protecting your confidential information

Posted on Dec 16, 2015 by editor

Protecting your business’s confidential information is a high priority for employers, especially when employees leave. Confidential information such as client lists, pricing information, market research data, sales and marketing plans are all considered to be confidential in nature and are at a greater risk of exposure especially when employees leave to take on a role with a competitor. There are some ways to minimise risks and protect your confidential information, including the following: Identify and label your trade secrets Information that is not accessible to the general public and is valuable to the employer is considered confidential information. The information […]

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Committing to growth

Posted on Dec 16, 2015 by editor

Growth is hard. It means changing roles – taking on more responsibilities in your own business. It means expanding in new directions – taking on more risks and, often, more debt.  So why grow? First, recognise that if you don’t grow, your business will inevitably shrink. There are three primary reasons why: Natural loss of customers: Every year, you’ll lose some customers no matter how good a job you’re doing. After all, some customers will move away or their needs will change. Nobody’s client base stays the same forever. New competition: Inevitably, you’ll face new competitors or new types of […]

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Have you considered seasonal packaging?

Posted on Dec 8, 2015 by editor

Even though special seasonal packaging has become an important part of the holiday season for many brands, is it always a worthwhile endeavour for smaller businesses? Getting seasonal packaging right can be difficult and may take a few years of practice which involves making mistakes and then learning from them. Even though it might be an easy way to engage with, and attract new customers to your business, there are still quite a few things that can go wrong. Getting your business’s numbers right in terms of both demand and distribution is very important for a special holiday packaging initiative. […]

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Get the edge on competitors

Posted on Dec 8, 2015 by editor

An important factor to business survival and profit are keeping current customers. t is far more costly to acquire a customer than to retain one. Existing customers are more likely to be future purchasers. They have an established purchasing pattern, favour your products or services and are willing to pay. Here are some simple steps to establishing a customer retention plan Keep the business in front of all customers Advertise regularly. Network regularly. Send email newsletters regularly. The key is doing this regularly. Give current customers good deals Businesses are used to running special deals to attract new customers, but […]

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Managing your working capital

Posted on Dec 2, 2015 by editor

Working capital is the money needed for day-to-day business operations and is often a measure of a business’s liquidity, efficiency and financial health. To ensure your business has adequate working capital, the working capital cycle should be applied. The working capital cycle is the length of time from the purchase of inventory to the receipt of cash from customer sales. The cycle consists of four elements: cash (funds available), creditors (accounts payable), inventory (stock on hand), and debtors (accounts receivable). Maintaining good cash flow requires control over each component. Ways to improve working capital: Invoicing To collect payments from debtors […]

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Setting out terms and conditions

Posted on Dec 2, 2015 by editor

Entrepreneurs embarking on new business ventures often enter new customer and business arrangements.   Setting out the terms and conditions of these arrangements might not be of highest priority to those new business owners with never-ending to-do lists; however, neglecting this aspect of business may create future financial burdens. To avoid monetary disputes and the risk of late payments, the terms and conditions should be established from the beginning of the business deal. The terms and conditions should be in writing and cover the responsibilities, duties, rights and roles of each party. The terms and conditions need to be specific […]

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Eligibility for KiwiSaver

Posted on Dec 2, 2015 by editor

Those who have recently moved to New Zealand for working purposes should check their eligibility for the KiwiSaver scheme. The KiwiSaver scheme is a voluntary long-term savings scheme to help prepare for retirement and an individual’s eligibility to access this scheme is dependent on their citizenship status. To join KiwiSaver, individuals must be a New Zealand citizen or entitled to live in New Zealand indefinitely, normally living in New Zealand and below the age of eligibility for NZ Super, which is currently 65. You cannot join KiwiSaver if you: hold a temporary, visitor or work visa or student permit live […]

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Minimum family tax credit to rise

Posted on Dec 2, 2015 by editor

The minimum family tax credit (MFTC) is set to be increased for the 2016-2017 tax year. The MFTC is a payment made to low-income working families with dependent children who are 18 years of age or younger, so the family has a minimum income, after tax, each week. The MFTC currently guarantees eligible recipients an after-tax income of $23,036 a year ($443 a week). This amount is set to increase on 1 April 2016, to $23,764 a year ($457 a week) for the 2016–17 tax year. The MFTC provides a top-up to after-tax income, giving a working family a guaranteed […]

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I would like to confirm that Garry Hughes has been my accountant for some years now and I can honestly say that I would not consider changing accountants under any circumstances. I am a USA Citizen having retired to New Zealand, therefore I require both a USA tax return completed every year as required by Congressional law and a New Zealand tax return completed every year as required by New Zealand tax law. Obviously this becomes quite a professional understanding by Garry as to what must be reported by each country and the dead lines for reporting and paying. Garry Hughes always performs a totally professional task and I have to say that I have not run into any problems with the work Garry does. I would not consider another accountant.
W. Bruce Johnson

Latest news

Heavy fines for lack of employment records

Posted on December 7, 2018 by BDS Hughes

Employers must keep complete and accurate records of their employees to avoid severe fines. Remain compliant with the Employment Relations Act 2000 and the Holidays Act 2003 and follow the checklist given below. As an employer you must: Be able to show you have paid your employees all minimum employment entitlements like the minimum wage rate and four weeks’ annual holidays Keep records with the name, age, address, and date employees started working, what their job entails, public holiday payments and tax declarations Keep records for seven years even if they have left Ensure all employees have complete and current […]

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