Tag Archive for: News

Sari Hodgson 2011 - Savage and Savage

A Way Forward

/in , /by

It is now seven months since we lost Sari, time has just flown by but at the same time her loss seems so fresh. And not just for me, many clients worked with Sari as their financial and business advisor for more than 30 years so we know you all miss her guidance and friendly face as much as we do in the office.

While we can never replace Sari’s personality and client knowledge we can replace her skills. That is something I have had a real focus on when looking for the right buyer for the business.

I was determined not to sell the business to the highest bidder, I wanted to find someone with the same ethos as Sari and me when it comes to putting clients and staff first. Some of you will have already met Susan Cooper who has been working from our offices for the last six weeks or so; I have decided that Susan is the right person for us to work with. I say ‘us’ because it is a decision I have made with advice and guidance from the staff at Savage & Savage.

Susan is a Chartered Accountant with her own sole-practitioner business – Susan Cooper Chartered Accountants. Susan’s business has a very similar client profile to ours and it has grown to the stage she needs some office support, something we can help her with. Susan and I have agreed on the terms of sale and we expect her to take over the business on  the 31st January 2024 with a new brand to be launched a month or so later. There are many details she needs to take care of, things like new branding, new website, new signage etc so she is going to take her time rather than rushing things at this time of the year.

Susan has also asked me to remain with the business to help her manage the process of combining the two  businesses, so I will still be hanging around the office every day. You are all very welcome to contact me if you have any queries about the sale process, but it is our intention to make everything as seamless as possible for clients, both ours and Susan’s.

Susan and I will be hosting some client functions in the new year so you will have the chance to meet her, and her clients can be introduced to our office and staff.

Sari’s passing was the end of an era for the Savage family as we move forward with a new owner for the business. I have established a small annual prize in her name for the top accounting student at Waimea College where her father and founder of Savage & Savage, Noel Savage, was the chairman of the board back in the 1960’s and where Sari and her brothers went to school. Supporting students is something Sari has done for many years and it is a privilege for me to be able to continue this support in a small way.

Thank you all for your kind words about Sari and your support over the last seven months, I appreciate so much.

Kind regards

Neil

Trust Tax Return Rules

/in , /by

The rules have changed for information required when filing a Domestic Trust tax return.

At the time of filing a trust tax return we are now also required to provide detailed information (name, address, IRD number etc.,) to IRD on the following:

  • “Settlors” (people contributing to the Trust assets)
  • “Beneficiaries” only if they have received funds from the trust in the financial year
  • “Power of appointment” persons – Details of the person/s able to appoint trustees
  • Details of the amount and nature of settlements made in the financial year
  • Details of monies put in/taken out through the Beneficiary(ies) Current Account
  • For assets in the trust such as land and buildings, the method of valuation e.g. cost price

This means we need a lot more information from you and if you don’t know these details for the above, we, or you will need to contact your lawyers for the information because we MUST have this information when we are filing tax returns.

Obviously, if you are able to supply this information to us directly, you will save yourself some lawyers’ fees.  If you cannot provide all this information, it may lead to increased fees from us and the lawyers to obtain the information.

Click here to go to IRD’s website

World Class Wine List

/in , /by

The Nelson Hospitality Association held a celebration of all things excellent in the industry every two years before the industry was severely impacted by the Covid pandemic. At the celebratory dinner awards were handed out to the best front-of-house person, the best barperson, best security professional, best young chef, best chef and best restaurant among others and I was invited to judge the best beverage list award for several years.

When it comes to judging anything the process has to be clear, even if the final award winners come down to the personal choice of the judges, I set up a process that ensured the Best Beverage List was able to be won by any hospitality business. I judged the various lists based on suitability for the venue (be it a bar or fine dining restaurant), the selection of non-alcohol drinks as well as alcoholic drinks, the inclusion of local wines, the selection of drinks available by the glass, the design and readability of this list and finally my perception of how much effort was put into crafting the list.

If you print a wine list in black print on a red card then you will go straight to the bottom of my class, and probably will end up wearing a dunce’s cap too. Black on red is one of the hardest colour combinations to read, especially in the dim lighting of a restaurant, and owners need to present something that can be read, not just something that has cool design features.

The last factor is important because many beverage companies offer to prepare the wine lists for venues and these can be very good beverage lists, but it’s the owners and bar managers who put a lot of effort into crafting their own lists that really stand out.

Nelson restaurant and bar Hopgood’s & Co has been shortlisted for the Best Designed Wine List at the World of Fine Wine World’s Best Wine Lists Awards 2022

One venue that never entered the local beverage list competition is Hopgood’s & Co Restaurant & Bar, owner Kevin Hopgood told me that while they are really proud of the things they do to create a great dining experience when it comes to local awards he doesn’t want to enter everything, and the beverage list is one he chooses not to enter.

That doesn’t mean the Hopgood’s & Co beverage list isn’t very good, in fact, it is world-class. They were recently shortlisted for the Best Designed Wine List at the World of Fine Wine World’s Best Wine Lists Awards 2022. To put this shortlisting into perspective others on the same shortlist are Mesa in Macau, China; House of Tides, Newcastle upon Tyne, UK; Hakkasan, Abu Dhabi, UAE; Lazy Bear, California, San Francisco, USA and Astrid & Gaston, Lima, Peru.

One other New Zealand venue has been shortlisted too, Charlie Noble in Wellington is entered in the Most Original Wine List category. The World of Fine Wine Awards have entries from all around the world and include some of the finest bars and restaurants.

So how much effort goes in to designing a world-class wine list? Hopgood’s & Co owner Kevin Hopgood told me they put a lot of focus on getting their beverage list right, not only do they have to offer diners a decent selection, the wines need to be able to pair with dishes they serve as well as being affordable. “If we get it right then the right wine will enhance the food we serve and vice versa, the food you’re eating will affect the flavours of the wine so we try and make sure we offer something that will pair with our food and that people will love.

“We are approached almost daily by wine reps and winery owners who want us to put their products on our wine list, some of the wines are very good and would probably work nicely with the food we serve but we simply can’t put every wine we like on the menu. If we did our wine list would be a 50 page book and we would need huge storage space for the stocks we would need to carry, so it just isn’t practical.”

The design of the wine list is also important, as evidenced by the fact there is an award for this at the World of Fine Wines Wine List Awards, “people need to be able to find the style or variety of wine they’re looking for easily, but also be tempted by things they may not have tried before, by getting the design right we should be able to make it difficult for diners to choose from an enticing selection” and that’s one of the things Hopgood’s puts a focus on, enticing diners to try something new.

“We want to have interesting and rare wines on our list, we are incredibly lucky to have a few wineries who are prepared to sell us library stocks of aged wines, having a properly aged wine can really enhance the dining experience.”

Because Hopgood’s & Co is also a bar they have an excellent selection of spirits, beers and cocktails too. Kevin says “We have a cocktail specialist working behind the bar so people can drop in for a lovely, freshly crafted cocktail or craft beer and have some food from our bar snacks menu if they don’t feel like a full meal. People often come in early for a drink before they have dinner so we try and make the whole dining experience one people can really enjoy.

“We want people to relax and have a great time while they enjoy the food that comes out of the kitchen, our chefs love making tasty and innovative small plates to go with drinks at the bar.”

The winners of the World of Fine Wine World’s Best Wine Lists Awards 2022 will be announced at a ceremony to be held in London on the 12th of September and if Hopgood’s & Co win, or not, just being shortlisted for the prestigious awards is something to be incredibly proud of and to celebrate. https://worldoffinewine.com/

Published in the Nelson Mail 2022-08-31 

 

Do you need to update your RWT deduction rate?

/in /by

From 1 April 2021 a new top tax rate of 39% was introduced for individuals who earn over $180,000 a year.

If you may earn over $180,000 in the 2021 – 2022 year, it is recommended that you update your RWT rate with your bank (you should be able to do this in online banking) and also, if applicable, contact your Investment Portfolio Manager and update the RWT rate for your investments (not the PIR which should remain at 28%)

For any dividends declared by your Company that we do the calculations for, we will apply the higher rate for DWT.

Even though the new rate applies from 1 April 2021 the option to increase it with banks and IRD has only recently been made available. Tax on some income may therefore have been under-deducted for part of the year which may create a terminal tax liability.

Covid-19 protocols in our office

/in , /by

The new Covid-19 traffic light system introduced by the Government has caused much confusion, however, despite that and now that Covid-19 has emerged in the Nelson region it is important we all take sensible precautions to avoid spreading the virus.

We have decided we will be open for anyone to visit our office without a Vaccine Passport, however if you are unwell or have any cold-like symptoms or other illness please refrain from coming to the office.

We are able to meet with you via a Zoom meeting if required and are always available to be contacted by phone and email.

If you are not double-vaccinated please advise us on arrival and ensure you wear a mask, if you are double-vaccinated we do not require you to wear a mask if you are just dropping something off but would prefer everyone wears a mask in meetings.

Either way, when you visit our office please sign in or scan the Covid-19 QR Tracing Code displayed in the office, even if you are only dropping something off.

We are required by law to ensure we record the details and time of visit for everyone who enters our office.

Refreshments

We have always offered visitors to our office a freshly brewed tea or proper coffee, however, the new Covid-19 protocols means we are unable to offer these refreshments at this time.

We do have a water cooler with disposable cups visitors are welcome to use and, of course, you can always bring your ow hot drink.

If you don’t like these protocols please remember our staff are just doing what is required by law.

The most important thing to remember is to be sensible, be safe and be kind.

Xero Price Increase from September 2021

/in /by

Xero have advised a price increase is coming, from 23 September 2021, the monthly retail price of Xero Business Edition plans in NZ are changing.

  • Starter plans increase by $1.50
  • Standard plans increase by $2
  • Premium plans increase by $3

And, from 16 March 2022 the monthly price of Cashbook plans is changing.

  • Non-GST Cashbook plans increase by $1
  • GST Cashbook plans increase by $2

There is no price change for Xero Ledger plans. This web page tells you more.

All pricing is in NZD and excludes GST.

 

Xero and Multi-factor Authentication

/in , /by

Xero is making Multi-factor authentication (MFA) mandatory for New Zealand customers in 2021

As more people around the world embrace digital technologies, the number of cyber-attacks continues to increase. One of the most common types of cybercrime is phishing, designed to access your online accounts and steal your personal and business information. Xero are custodians of your data and take that responsibility very seriously. To continue to keep your Xero account secure, Xero are making Multi-Factor Authentication (MFA) mandatory for all Xero customers globally in the year ahead.

What is MFA?

MFA is a log in verification process that goes beyond typing in your username and password. It gives you access to your account using something you know (your username and password) and something you have (your mobile device or computer). Think of it like putting an additional bolt on the door. It’s a small but important thing that significantly reduces the risk of unauthorised access to your account, because it’s much harder to steal something you know and something you have. In fact, research shows that MFA can prevent up to 80% of data breaches. The beauty of using your phone as an authentication method is that it’s always with you, which means you can still access your Xero account anywhere, at any time.

How do I use MFA?

To give you fast, easy, and secure access to your Xero account using MFA, Xero have created their own authenticator app called Xero Verify. Xero Verify is now available free of charge in the Apple and Google app stores. It only takes a few minutes to set up and sends a push notification to your phone when you log in, so you can just tap and go.

Where can I find more information?

For more information about the Xero Verify app you check out the details here:

https://apps.apple.com/app/id1510862201

https://play.google.com/store/apps/details?id=com.xero.authenticator&hl=en_NZ&gl=US

For more information about MFA click here:

https://central.xero.com/s/article/Multi-factor-authentication-explained

Personal Tax Rate increase

/in , /by

From the 1st April the top tax rate is set to increase from 33% to 39%.

If you have a company that pays dividends you should do this before the end of March so it can still be taxed at 33%

Talk to us urgently for tax advice around this and other matters relating to your personal tax situation if you are likely to be impacted by the increased tax rate.

Planning to pay the correct tax is important for many reasons, but especially for your business’ cashflow, no one likes the surprise of a tax bill at short notice. We do our very best to ensure clients stay on top of their upcoming tax payment obligations but talk to us if you have any queries.

Minimum Wage Increases on 1st April

/in , /by

As previously announced by the government the adult minimum wage will increase, from $18.90 to $20.00 per hour on 1 April 2021.

The starting-out and training minimum wage rates will also increase on 1 April 2021, from $15.12 to $16.00 per hour.

As an employer, you need to ensure your payroll systems and processes are updated.

COVID-19 Short-Term Absence Payment now available

/in /by
Following the latest Covid-19 outbreak in Auckland, and the Government’s rapid response, today we received the following information from IRD about this wage subsidy.

On 8 February 2020 the Government announced a new COVID-19 Short-Term Absence Payment (STAP) to support employers and self-employed workers.

The STAP is available from 9 February 2020, through Work and Income, to employers for employees, and self-employed workers, who:
• need to miss work to stay at home while waiting on a COVID-19 test result, and
• cannot work from home.

The STAP is a one-off payment of $350.

GST is not payable on the STAP.

For self-employed workers the STAP is considered income, so must be included on their Individual income tax return – IR3.

For employers, any amount passed on to the employee is “excluded income”, so is not included as income or claimable as a deduction on their income tax return. The employee pays tax on the amount they receive. Any excess amount not passed on to an employee is taxable and must be included on the employer’s income tax return.

The STAP is paid on top of an employee’s normal salary or wage for the pay period it is received in, with PAYE and their other normal deductions (such as student loans and KiwiSaver) being made from the total payment.

For more information visit:
Beehive.govt.nz – New COVID-19 Payment Supports Businesses
Work and Income – COVID-19 Short-Term Absence Payment
IRD.govt.nz – COVID-19 financial support for businesses