Business Accounting & Tax



Annual Accounting

This is a crucial function of business, often undervalued. The preparation of annual accounts is vital to firstly obtain accurate business performance results from which to base future decisions and, just as importantly, getting it right for the IRD so that you can sleep easy.

Many people see their annual account preparation as a cost; however it is a vital function of tracking how the business is performing, what variations from budgets have occurred and identifying how we can work together to maintain improvement of performance and results.

Producing accurate, timely financial statements is critical to help our clients make the important decisions that affect their future.



FBT Management

We keep up with the constant changes to FBT legislation, which means that we can provide accurate advice and support when preparing returns. We will work with you to check that you are fully utilising all applicable exemptions to ensure that you are paying the minimum amount of FBT.

FBT on use of motor vehicles is probably the most common and costly area of FBT – we can advise you on the various options of vehicle ownership so that your set-up provides you with a practical result at minimum cost.



GST Compliance

Before registering for GST, we recommend a consultation to review the various options available.  We can advise on common issues around GST registration: Payments versus Invoice basis and choosing the best GST period to suit your business and cashflows.

The timing of certain transactions can be critical from a GST perspective, especially when considering the impact on your cashflow.

We support several computer based accounting systems designed to make GST preparation easier.

Talking to us can provide you with the level of assurance that you have got it right and fulfilled your obligations in respect of this tax.



Income Tax

We take a proactive approach to tax and consider it our responsibility to work with our clients closely to ensure taxation exposure is minimised through careful planning.

We offer a full range of professional taxation services, based on professional knowledge and longstanding experience.

We have experts qualified in the preparation of income tax returns for trusts, companies and individuals. We have years of practical experience and understanding of GST, FBT, RWT, ACC, Kiwisaver and Student Loans.

We provide advice on, and implementation of, effective tax structuring for asset protection and taxation minimisation.

At tax time, we liaise early to discuss changes in your business that may affect tax calculations and then advise tax payments with plenty of time to allow cash flow planning.



Other Taxes

We can provide advice on a broad spectrum of "other" taxes, including Resident Withholding Tax, Gift Duty, ACC, Kiwisaver, Student Loans and others.

Contact us to be assured that your total tax exposure has been reviewed and all obligations, rights and deductions considered, giving you the confidence that it's right.



Tax Planning

We look ahead for you to help you plan your tax obligations for the following year.  By reviewing your tax position prior to the end of the financial year we can advise you of the best way to legally reduce your taxes.  We can provide you with an accurate picture of what your profit and tax position will be for the year so you can account for them in your plans.  Many opportunities to reduce tax are only available if action is taken prior to the end of the financial year.



Tax Related Special Projects

Receiving notification of an IRD audit can be stressful, as can disputes and tax arrears. We can help by being your IRD liaison, managing the process, negotiating tax penalties and payment arrangements and just being there for you.

If the IRD have chosen to audit or investigate your business, make us your first phone call.

Residency issues relating to departure and arrival dates – these can be critical because New Zealand has a very broad taxation base and these dates (whether for holidays or immigration) can have serious implications on your tax obligations here.



Business Structures

One size definitely does NOT fit all – especially when it refers to how you structure your business.

It is imperative that all the issues - personal circumstances, income tax, asset protection, income streams, financing, risk, security, continuity, succession – are considered when choosing your business structure. It needs to be established the right way from the start in order to avoid issues in the future.

We have significant experience and understanding of the factors affecting structure and work with you to determine the most appropriate structure. Sole-trader; company; partnership; trust; joint venture? Which is best for you?

Take the time to sit down with us and work through the options. Let us guide you through the positives and negatives of each structure so that together we select the structure that best suits your specific requirements.



Trusts & Estate Planning

Trusts can provide an effective estate planning structure designed to provide protection for assets you have accumulated. It is vital to seek professional advice on the best way to achieve your goals.

We can advise you on the various implications of a trust, the obligations of trustees and how to establish and administer the trust. Once formed, to be effective, a trust must be administered in a prescribed manner or some of the potential benefits may be placed at risk.



Budgeting

Taking the time to establish a real and achievable budget is essential… especially in times of business uncertainty.

A well constructed budget, based on quantified and well considered scenarios, provides a pivotal business tool. This is used to compare actual results against forecast, enabling an on-going assessment of business performance and the ability to make changes as and when necessary.

The budgeting process also allows business owners to step back from working in their business to working on their business – a business concept we actively promote.



Cashflow Forecasting

Cash flow – one of the major stress factors in any business, yet one which can be managed using realistic cashflow forecasts. These forecasts reflect the impact that changes in debtor collection days, supplier payment terms, asset purchases, stock levels, finance and debt repayments, tax commitments and dividends to shareholders can all have on available cashflow.

We can assist you in understanding the difference between profit and cash flow and how to manage both using strategies to improve the bottom line and achieve growth.

Many business failures are due to poor cash flow rather than a lack of profit.



WBB Healthcheck

Just like any operating mechanism – your business and recordkeeping whilst being in constant use tends to accumulate little problems as it travels along.

Hence the need for you to take stock of and address any little issues before they grow into major problems.

The WBB Healthcheck is a well considered procedure that analyses your financial recordkeeping to ensure that little issues are highlighted before they cause major headaches.

A WBB Healthcheck not only detects and prevents errors but allows businesses to carry on their daily operations, confident that their reporting systems are providing them with accurate information on which to base their business decisions and meet their ongoing commitments to stakeholders. (Shareholders, IRD, Banks, etc)

Call us now for a no obligation explanation of the value that a WBB Healthcheck can provide to you and your business.



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