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Here is some information about our checklists designed to help reduce the risk of mistakes:
Business Valuations Checklist and other help
Questionnaires and checklists for annual accounts
Questionnaires and checklists for GST returns
Notes for clients buying a business
Share Transfer Checklist and checklist for declaring a dividend
Here are some notes about some of our publications designed to enhance your practice
Newsletters with a big difference - clients enjoy reading them!
Do you know about Independent Business Valuation Standard AES-2 ?
Compliance became mandatory from 1 April 2002
Paragraph 4 of the standard reads:
"While the scope of this standard is limited to independent business valuations engagements by members of the Institute of Chartered Accountants of New Zealand, much of the guidance contained in this Standard may be of relevance to other business valuation engagements and to other business valuers."
Expect:
1. The standard may be used for litigating any business valuation.
2. IRD could be expected to call for working papers to support any valuation.
3. To use the standard for guidance in all valuation work, even transferring shares to a family trust.
And here’s your solution - the Business Valuation Package:
We’ve done all the work for you…..
1. A checklist matching each paragraph in the standard. It also includes a list of things to:
Ask when interviewing the person instructing you.
Look for when analysing the accounts.
Consider when gathering information.
2. Points to consider when determining the normalising adjustments needed.
3. Worksheets for common ways to value small and medium size businesses.
4. Lots of letters. We think you will need eight of them so we have written them for you.
Engagement letter
Indicative valuation engagement letter
Engaging independent expert
Request for information letter
Letter to solicitor
Letter of representation
Letter when both long and short form reports to be used.
Letter to go with draft report.
5. We have even prepared your reports!
Long form
Short form
Indicative valuation
6. The paper has been designed to assist, particularly, with valuations of small and medium sized business enterprises.
1. The checklist will help ensure you comply with each item in each paragraph in the standard.
2. You will be provided with some specific solutions to generalised statements like paragraph 35 which reads:
"The member must carry out sufficient enquiries….."
3. You will have ready made letters to send out.
4. You will have ready made work sheets to prepare your valuations.
5. You will have ready made reports designed to contain all the things to be included in the reports.
6. Our ready made package will save you time on every assignment.
7. If you were to try to comply with the standard without this package it would take many hours of additional work on each assignment.
8. Our guarantee : If you buy and you do not think the product is up to standard you can advise us within 14 days of receipt and there will be no charge.
Conclusion
We believe we have covered just about everything needed to comply with the sixty-four paragraphs in the standard. Our work runs to 40 pages. Not all of them will be needed for every assignment. The way to use our work papers is to cut and paste the parts you are going to use. So far as we can, we have tried to reduce as much as possible of the process to YES/NO, tick the box and fill in the gaps.
Investment
Your investment for the package is $175 + GST.
To order now, please click here
IRD looks for proof you have taken care when things go wrong. Our annual accounts questionnaire is divided into a tax and a business questionnaire.
The business questionnaire runs to 15 pages. Four of them are explanatory notes so clients can find out what we require. For example we explain there are rules for valuing stock and we can also supply the client with note as to how this must be done.
The questionnaire is constantly evolving. We have tried to design all our questionnaires and checklists to leave an absolute minimum of gaps.
This set of papers comprises:
Business questionnaire
Tax questionnaire
Rental questionnaire
GST adjustment sheet to hand to your client when job finished
Schedule of matter to raise with client at review
Insolvecy letter to give to insolvent clients
Interests Register
Checklist of documents to be returned to office after signing
Checklist for annual accounts
Checklist for partner reviewing accounts prior to completion
Investment
Your investment for the package is $375 + GST.
To order now, please click here
We think accountants must ask the right questions or risk major errors. We have found more than twenty questions needed to cover most situations which could crop up.
A checklist is also important. Our GST review covers eight points. this is in addition to the checklist used by the person preparing the return.
We also have a method of proving we have not stripped GST off an account in error or left one unstripped. We carry out this check every time. At first we lost time but now we are so used to doing it we face GST inspectors with confidence.
Investment
Your investment for the package is $40 + GST.
To order now, please click here
There are so many things to tell a buyer to look out for, we have compiled a checklist. It is ideal to sell to people after giving them free advice or as a give away to those who consult you.
Investment
Your investment for the set of notes (You can dupicate as many copies as you wish for your clients) is $65 + GST.
To order now, please click here
There are dangers when transferring shares. You can reduce your risks by following a checklist. Similarly, a checklist can reduce risks when declaring a dividend.
Investment
Your investment for the package is $125 + GST.
To order now, please click here
Here are the topics available so far:
1. What can I claim?
2. Asking your bank for a loan
3. Your annual account
4. Advertising
5. Entertainment Expenses
6. How to deduct PAYE
7.Trusts
8. A brief guide to GST
9. Leasing rental properties
10. FBT notes
Investment
Your investment for any three papers is $75 + GST.
To order now, please click here
There are about 18 different topics in each 4-page newsletter, which is designed to cover all aspects of business.
We constantly get tremendous feedback on the quality of our newsletters, because clients tell their accountants they enjoy reading them.
There are four issues per year, which will reach you by:
These dates have been chosen to fit as best possible with provisional tax dates for 31 March balance dates. We try to keep your cost of postage to a minimum.
When you buy our newsletter, you buy just one issue at a time. Your risk is minimal. We do not believe in locking our clients into an annual subscription.
E-mail us now for some samples
Investment
Your investment for each issue is $138 + GST.
To order now, please click here
Why do practices near you buy Tacks Fax?
SAVE hours of learning time because Tacks Fax digests and explains new tax laws for you.
Tacks Fax ALERTS you to dangers in the tax system.
Tacks Fax provides timely REMINDERS so you can better look after your top clients.
Best of all, you get all this for just over $2 per week. BE SAFER - INVEST IN TACKS FAX
Could these topics have helped you:-
Simplification of the new Attribution rules - bringing you the significant points.
For new businesses or sole traders converting to companies ACC pays only at the minimum rate - special rule for last 13 weeks before balance date.
Home as secondary place of business - FBT consequences for car. There are more changes about to take place.
Shareholders leaving profit in company - risk of overdrawn accounts - three ways of avoiding this.
Partner or defacto is a spouse for tax purposes.
Family trusts and accrued interest, currency gains and losses, shares in non grey list companies.
Each Tacks Fax deals with approximately five different topics the above is only a small sample of topics covered during the 2000 year.
Purpose of Tacks Fax
To highlight dangers for tax practitioners.
To analyse and explain in easily digestible terms changes to tax laws.
To draw attention to any opportunities for minimising tax for clients.
Guarantee
We are so confident Tacks Fax will work for our clients, we do not ask for an annual subscription. We charge half yearly payable in arrears. Your maximum risk at any time is one issue - a mere $15.64
Your investment for 5 issues per half year is $68 + GST.
To order now, please click here
© Copyright Small Business Institute Limited 2001
The information supplied in this web site has been researched with care. However, the author and the company accept no responsibility to anyone for any error which may occur in the information provided. Visitors are advised to consult their normal source of expert advice before acting on anything read here.