Empower Your Business

Accounting is Just the Beginning

By

Does Anyone Care?

I was recently appointed to look after a family business who used a large, long-established firm of Chartered Accountants in Hastings to look after their accounts and tax affairs for many years. This firm charged many thousands of dollars in fees and my fixed fees were about 50% of theirs.

As I worked on their accounts and tax I noticed there were a few things the previous accountants had not taken care of:

  • Donation rebates. What with school donations and donations to their favourite charities going back four years we managed to obtain a total rebate of $1,980. The clients were unaware they could claim.
  • Child Care rebates. This time going back three years we managed to get a rebate of $1,550. The clients had been told by the kindergarten that they may be to get a rebate but had never got around to claiming.
  • Working for Families. The clients were unaware of the increase in income thresholds and their income had dipped in the recession so here there is over $6,000 on the way. The previous accountants had said it was not their job to deal with Working for Families.
  • Redundancy Tax Credit. Mum had been made redundant but wasn’t aware that a tax credit was available for redundancy. The tax credit is being processed by the IRD but will amount to $360.
  • Old Credit Balance. There was an old credit balance on GST of $780 just sitting there as bold as brass on the IRD website account information, just begging to be claimed seemingly unnoticed!
  • Student Loan Credit Balance. Here there was a $160 credit balance, from 5 years ago, again just unclaimed.

The result of all this? One very happy family, a case of wine coming my way plus me left shaking my head in wonder as to what else is out there in their client base and that of many of the other larger firms of accountants out there as this scenario is not uncommon…

If you want someone who really does care to look after your accounts and tax contact 0800 ASK NICK or email nick@abac.co.nz. You won’t be disappointed!