Demonetisation in India

March 21, 2017
The Indian Government ramps up its tactics for curbing corruption and black money. As part of his war against corruption, black money, money laundering, terrorism financing and counterfeit banknotes, India’s Prime Minister Narendra Modi announced on 8 November 2016 the demonetisation of INR 500 and INR 1,000 notes (worth approximately USD 7 and USD 14) within the country. These large denomination banknotes comprise 86% of the cash within the economy and led to substantial panic as nearly 90% of the country’s...

The move to online retail

March 21, 2017
The internet is now the number one shopping destination globally, and not surprisingly. For customers, it’s ideal. There’s no need to get in the car and visit ten shops without finding exactly what you want. This way, it’s all in one place and you needn’t battle with other shoppers for the nearest and driest car park. We have all become a bit impatient too. Purchases from your phone, tablet or desktop at any hour of the day or night help satisfy...

Turn Customer Complaints into Opportunities

March 21, 2017
Dealing with customer complaints can be both gruelling and rewarding. But being able to turn the situation around so your customer is happy with the outcome can strengthen their loyalty to your brand and inspire some gold standard word of mouth marketing. Communication and attitude are as vital as expert product knowledge. Listen and empathise Let the customer tell their story. Ask questions to clarify. Let them know you want to understand. Let your customer know you can see it (and...

Scam-Proof your Business

March 21, 2017
Scams and scammers become more sophisticated every day. No surprises there. They rely on keeping a jump ahead of people. As businesses step up their investment in new technology and media platforms, scammers find new ways to worm their way in. FYI… Social engineering Many scams fall under the umbrella term ‘social engineering’. These techniques aim to gain people’s trust and con them into letting their guard down to leave themselves (or potentially your business) open to fraud. You might have...

Rural Employment Myth Busters

March 21, 2017
Rural employment has witnessed a revolution in a single generation. Farming businesses used to be closely held concerns employing mainly family; employees largely shared the same kind of employment status; and there were more relaxed attitudes to documentation. It’s different now. Farm employers draw their teams from all over. The compliance environment is highly regulated. Don’t get caught relying on these employment myths: Myth: If my employees are on salary, I don’t need to keep wage and time records or holiday...

Miles to go - Changes proposed for motor vehicles

March 21, 2017
Currently close companies (such as LTCs and QCs) providing a motor vehicle for the private use of shareholder-employees must pay FBT on the value of the benefit provided. This value is based on the availability of the vehicle rather than its actual private use and this means higher FBT compliance costs for close companies. New option for close companies The recently introduced legislation changes this for the 2018 tax year (i.e. from 1 April 2017 for standard balance date taxpayers). Under...

Write off Bad Debts

March 21, 2017
With 31 March looming as the end of many businesses’ financial year, there’s always the prospect of paying too much tax, It doesn’t need to be this way. One of the biggest issues is the importance of writing off bad debts. It seems almost every year we have a client for whom we prepare the annual financial statements, who has a large amount of money owing to them. When we get the results for the year we find there is a...

Spotlight on: Business Reviews and Restructuring

February 24, 2017
Now that the Christmas rush is over, you are probably starting to come back to reality and you may be looking to set some goals for the coming year. Now is a good time to assess whether your business structure is working for you. If you need to talk, please don’t hesitate to get in touch as we may be able to help. There may be a number of reasons you require a formal report on the success or otherwise of...

What Does A Liquidator Actually Do?

February 24, 2017
Insolvency is when an individual, partnership or company is unable to pay its debts as they fall due; its liabilities are greater than assets. Liquidation is one of the ways insolvent companies can be dealt with. Liquidators are appointed either by voluntary appointment or by the High Court. Once a liquidator has been appointed, the Company is formally “In Liquidation” and this will be noted on the Companies Register. This is a public register of all companies registered in New Zealand...

Trading On

February 24, 2017
There is a common misconception that the difference between Liquidation and Receivership is that a Receiver will ‘trade on’ to rehabilitate a business, whereas a Liquidator will stop the business from trading, make the staff redundant and sell the stock. However, this is not correct. The Liquidators have the option to allow the business to continue trading, if they believe that it is in the best interests of the company’s creditors. However, they will only trade on with a view to...
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