McElroy Dutt Limited

This is a core part of our services and is provided by a qualified and experienced accounting team.

We can assist in the following areas.

Some frequently asked questions about accounting are:

1. Why do you need an accountant

2. What does my accountant do

3. How much does my accountant charge

4. What accounting system should I have

5. How does my system link with my accountant's system

6. Who should do my basic accounting work

7. Why should I prepare 'Periodic Accounts'

8. What information is required to prepare my annual accounts

9. What should be my accounting 'Balance Date'

10. What other legal obligations do I have relating to 'Annual Accounts'

11. What information and records do I have to file with the Companies Office

12. What is a Due Diligence

13. I am buying a business - How will the due diligence be done

14. What information is required for due diligence

As accounting software has become more versatile, easier to use and more affordable, many businesses now have in-house accounting systems. However they do not always get good training or ongoing support from their software providers.

Within our team we have accountants who have the experience and skills to provide training and ongoing support for some selected software. We are an accredited 'Partner' for:

Frequently asked questions that our team can assist with include:

1. What are the preferred or most commonly used accounting software for a business of my size
2. What are the various costs involved
3. What training is available
4. Can a checklist be done for the end of month procedures
5. Can I upgrade my software and what will it cost
6. How does Banklink work
7. Why is Xero becoming so popular
8. How often should I do backups
9. How often should I check if the back system works
10. Do I need to align my in-house accounts with my final end of year accounts prepared by our external accountants
11. What is the best way to send the accounting information to my accountant

Not complying with your Tax Obligations correctly can become an expensive exercise.

There are different types of Penalties and Interest if you get it wrong.

We can help you get it right and be the liaison person between you and the Inland Revenue Department (IRD).

Our experienced accounting team can attend to the following:

Some frequently asked questions about Tax & Compliance that our team can assist with include:

1. What Tax do I have to pay
2. When do I pay my Tax
3. How does the self assessment tax system work
4. What is GST, what records do I keep and how do pay it to IRD.
5. What is FBT and do I have to pay it
6. What Legal documents do I have to keep
7. How do I do my Wages
8. What expense deductions do I get
9. How long do I have to keep my records
10. When do I have to file my Tax Return
11. What types of Income are Taxable and what can be Tax Free
12. What Expenses can I claim to ensure I pay the correct amount of tax
13. How should my Tax affairs be structured
14. What are the Penalties for getting it wrong
15. I have got behind in my Tax Payments - How do I deal with IRD
16. Will IRD enter in to arrangements to pay tax arrears in instalments
17. IRD have notified me of a Tax Audit - How do I deal with it
18. IRD wants to do a GST Audit on one of my GST Returns - How do I deal with it
19. How is ACC Levy calculated and paid
20. Explain how the different types of business structures are taxed e.g. Companies, Partnerships, Look-through Company (LTC), Trusts, Estates, Self Employed
21. I have a Company - What are my obligations under the Companies Act and with the Companies Office

This is another very important area which requires an assessment of your current situation, your forward plan and how do you achieve it.

We have an experienced team to assist you with this and we are able to work in closely with your other professional advisors such as your lawyer.

Some frequently asked questions about 'Trusts' that we are able to advise you on include:

1. What are Trusts
2. Why use Trusts
3. Who should settle the Trust (Settlor)
4. Who should benefit under the Trust (Beneficiaries)
5. Who should manage my Trust (Trustees)
6. How long do Trusts last
7. Who has the power to add and delete Beneficiaries
8. Who has the power to hire and fire Trustees
9. What happens to the income earned by the Trust
10. How is a Trust taxed
11. How should a Trust be administered

 Some frequently asked questions about 'Estate Planning' that we are able to advise you on include:

1. Why should I have a will
2. What should be in my will
3. Who should manage my estate after my death (Executors)
4. How do I pass on my assets and wealth to my family on my death
5. How can a 'Family Trust' be used on my death to protect assets for the future generation
6. Why should I have a 'Power of Attorney'
7. What is a 'Power of Attorney'
8. Are there different types of 'Power of Attorney'
9. What is a 'Memorandum of Wishes' and should I have one

 Some frequently asked questions about 'Wealth Protection' that we are able to advise you on include:

1. I have built up some wealth, how do I protect it from third party claims
2. What are some of the ways of passing my wealth to the next generation and have it still protected from third party claims
3. How can Trusts be used to protect my current and future wealth

Some of the frequently asked questions we can assist with include:

1. Who should own my Business
2. What if I do Business outside NZ
3. What are the 10 Business Commandments
4. What's in a Business Plan
5. What Systems does my Business need
6. How do I prepare a Budget with Cash Flows
7. What does Working Capital mean and how much do I need
8. What's my Break Even Point
9. What are Product Margins
10. What is a Balance Sheet
11. How do I exit my Business
12. What does Working on the Business mean