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Chartered Accountants

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

How collaboration can help grow your business

Posted on Apr 12, 2019 by admin

In a market that is full of entrepreneurs and small businesses, collaborating with a business that complements yours can be a powerful tool to share your marketing budget and be introduced to new audiences. Regardless of what industry you are in, combining resources and efforts with another business can enable you to easily reach goals and builds mutually beneficial connections. Grow your network:Making lasting connections with a target audience is the key to being successful. Partnering with other businesses can help expand your networks, introducing you to people that you may otherwise not have the opportunity to meet. Collaborating with […]

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Understanding superannuation contributions for small business owners

Posted on Apr 12, 2019 by admin

Employer superannuation contribution tax (ESCT) refers to the tax that is taken from any cash contributions made to your employees’ superannuation accounts, including KiwiSaver. The rate of ESCT to deduct can vary for each staff member, making it necessary to ensure that you follow all of the required steps as an employer. Firstly, you must work out each employee’s ESCT rate, which is calculated based on the employee’s ESCT Threshold. For the employee’s income for the year ending 31 March, The ESCT rates from 1 April are: 10.5% for $0 to $16,800. 17.5% for $16,801 to $57,600. 30% for $57,601 […]

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The pro’s and con’s of using someone else’s money

Posted on Apr 1, 2019 by admin

Borrowing money to invest, also known as ‘gearing’, can be a risky business. While it can increase your returns when markets rise, losses can be extreme when markets fall. It is important to understand the risks involved when deciding whether borrowing to invest is right for you. Benefits:The main benefits of borrowing to invest are: It gives you more money to invest. If you are on a high marginal tax rate then there may be tax benefits as you are usually allowed a tax deduction for interest payments on the loan. Risks:Some major risks of borrowing to invest are: The […]

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Cashless business

Posted on Mar 25, 2019 by admin

Advancements in technology continue to digitise our world, including financially. In recent years, more businesses and events are turning to cashless systems. Whilst cash still remains popular in businesses dealing in small purchases, such as cafes, if you run a business that handles larger transactions, changing to a cashless system could benefit you in many ways. Managing your money through electronic payments helps you keep track of income and expenditure. If you use a digital system, you have extensive logs of where money came from or is going to, how much you have currently and what you are expected to […]

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Secondary tax changes

Posted on Mar 25, 2019 by admin

The Taxation (Annual Rates for 2018-19, Modernising Tax Administration, and Remedial Matters) Bill passed its third reading on 13 March and will now come into effect on 1 April. The bill amends incorrect secondary tax codes, relieving workers with more than one job who have previously been paying too much tax annually. The IRD will now be looking closer at tax paid by wage and salary earning individuals throughout the year to ensure proper PAYE tax codes are applied. The legislation will now enable automatic tax refunds for about 750,000 people per year. This bill also removes the need for […]

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Raising early stage capital in your business

Posted on Mar 18, 2019 by admin

Raising capital is a step that every startup faces. When a business is brand new, the question of how to get money must be addressed. If you intend to launch a business that needs significant capital expenditure, such as a retail business or a company that employs several other people, then you won’t get far without initial funding. Every investor has pro’s and con’s, and it is best to know what ways will work best for your business. Friends or family investors:Going to friends or family members can be the first point of contact to raise capital for your business. […]

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Before selling your business

Posted on Mar 8, 2019 by admin

Deciding to move on from your business can impact a lot of different people. When selling your business, you will need to consider the effects on all areas of operation from the actual transfer of ownership to the impact on day to day operations. While it is easy to get caught up in the price of a sale, you should take the time to reflect on what selling will really mean. If you have decided that selling is the way you want to go, make sure everything is in the best possible condition for sale. Having all policies, contracts, finances […]

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Succession planning for small businesses

Posted on Mar 8, 2019 by admin

Retirement is a big commitment and even more so for those who are self-employed or run their own business. All the factors that go into the decision to retire are magnified with a business to consider. Selling or closing are not the only paths if you choose to move on, this is why succession planning for your business is a great start for you to see where you want to go. For business owners, planning for your business’s future can be the key to its survival after you leave. With the succession planning process, you will need to set ultimate […]

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Challenges your business can face

Posted on Mar 1, 2019 by admin

Owning and running a small business comes with positives and negatives that maintain a balance. When the negative elements start to outweigh the positives, you have a problem. Every business will face challenges along the way, the trick is knowing what they are and how to deal with them. Clients and customer service:A business is nothing without its clients but that doesn’t mean they are necessarily easy to work with. In the digital age, everyone is heard, meaning good client relations are vital to having a positive business image. Growing your client base comes from well-planned marketing techniques and knowing […]

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Invest in your investments

Posted on Mar 1, 2019 by admin

If you are in a position to invest, it can be a great venture to help grow your wealth as well as provide opportunities for others through your contributions. Before investing though, you need to consider what is the best avenue as there are many aspects of an investment you will need to examine to determine if it is the right fit for you. On a personal level, you will need to make a financial plan, consider risks, establish a timeframe of when you can invest as well as decide how involved in the processes you would like to be. […]

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For many years now Garry Hughes of BDS Hughes Chartered Accountancy and his team have provided us with an exceptional professional service. We have found Garry‘s knowledge in his field of taxation, business planning and financial matters of great value to us, along with providing us additional recommendations for improving our business strategies. We would recommend their friendly and professional services to anyone who is looking for an accountancy service that will improve their business performance.
Jane HandleyDirector Rug Doctor

Latest news

Understanding superannuation contributions for small business owners

Posted on April 12, 2019 by BDS Hughes

Employer superannuation contribution tax (ESCT) refers to the tax that is taken from any cash contributions made to your employees’ superannuation accounts, including KiwiSaver. The rate of ESCT to deduct can vary for each staff member, making it necessary to ensure that you follow all of the required steps as an employer. Firstly, you must work out each employee’s ESCT rate, which is calculated based on the employee’s ESCT Threshold. For the employee’s income for the year ending 31 March, The ESCT rates from 1 April are: 10.5% for $0 to $16,800. 17.5% for $16,801 to $57,600. 30% for $57,601 […]

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