FAQ's

1. Do I need a Chartered Accountant?

The simple answer is no, you do not need a Chartered Accountant, or in fact even an Accountant!

However, having a Chartered Accountant provides you with the certainty that your business decisions are beneficial to your business, as we know what the numbers mean!

Perhaps, even more importantly, you will have peace of mind that you are acting in compliance with all taxation laws and those laws applicable to you or your entity.

Back to top 2. What is the difference between an Accountant, Chartered Accountant and a Tax Agent?

Anyone can call themselves as Accountant, however only a Chartered Accountant has the recognised skill and expertise by the governing Accounting body – Chartered Accountants Australia and New Zealand (CAANZ).

To be a Chartered Accountant, you must:

• Be a Member of CAANZ,
• Be bound by a Code of Ethics and must continuously undertake mandatory personal development training,
• And have trained for a minimum of seven years.

A Tax Agent is anyone who registers with the IRD to prepare client tax returns. Tax Agents are not necessarily Chartered Accountants.

HM Consultants Limited has 3 Members of the Institute, with Anna, Natasja and David being Chartered Accountants, in addition Anna holds a Certificate of Public Practice. Jasmine is a Provisional member of CAANZ and is currently undertaking her studies to become a Chartered Accountant.

Back to top 3. How much does a Chartered Accountant cost?

We charge based on the time is takes to complete a job, the less time it takes to prepare your financials, the less we will charge. We believe in training you to prepare as much of your financials as you can, because not only does it mean that your fee will be less, but it also means you will have greater understanding of your business! Win, win!

Back to top 4. Is it easy to switch from my current Accountant to HM Consultants Limited?

If you are looking at making the shift to HM Consultants Limited, come and have a chat as we have a free one hour consultation – so you have nothing to lose! Once we’ve both decided that we’re a great fit, we will send a letter to your previous Accountant asking if there is any professional reason as to why we shouldn’t act for them. Then, we will have you sign our Letter of Engagement which stipulates our Terms & Conditions.

Back to top 5. Do I need to register for GST? Can HM Consultants assist with registration and filing?

Registering for GST can be affected by a few factors. You must register if:

• Your turnover is over $60,000 in any 12-month period, or is likely to be over $60,000 in the next 12 months or
• Your Prices include GST.

If either of these apply, you must register within 21 days.

HM Consultants can work with you to calculate if you need to Register for GST, and if you do - can assist you with filing your GST Returns.

Back to top 6. I need help processing Payroll and Payroll Filing, Can HM Consultants assist?

HM Consultants can assist you with all your Payroll Processing. We can also work with you to ensure you Payroll Information is filed when it is due and that payments are made on time.

Back to top 7. I am looking to start a business, can HM Consultants assist me with choosing the best structure?

If you are looking to start in business, HM Consultants can assist you with choosing the best structure for your situation. We can talk you through the tax benefits and limitations of each option and work out which solution works best for you from sole trader, partnership, company or trust.

Back to top 8. I have formed a trust, Can HM Consultants prepare Financial Information and Tax Returns?

If the Trust is engaged in a taxable activity, then the income will need to be returned to the IRD. HM Consultants can prepare detailed financial statements and prepare a tax return to ensure you are fully compliant with the tax legislation.

Back to top