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TaxAssist Accountants Network meeting May 2013

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* * * * * * * * * * * * * * Get rid of top 5? * * * * Put how to calculate the ratios up? * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Network News 2 ... – PowerPoint PPT presentation

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Title: TaxAssist Accountants Network meeting May 2013


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TaxAssist Accountants Network meeting May 2013
3
Agenda
  • Welcome
  • Network Update
  • Technical update
  • Coffee
  • Auto rec software
  • Marketing updates
  • Lunch
  • Best practice sharing

4
Network Update30 May 2013
5
What do you want from these meetings?
  • 90 of you wanted to talk about how to raise fees
  • 75 of you wanted more technical updates
  • 71 of you wanted to hear from additional service
    providers

6
What do you want from these meetings?
  • Marketing- learning from each other on what is
    working
  • Feedback is that you want more group discussion

7
2010 2011 2012 30/04/2013
Franchise Areas 7 13 23 24
Fee Bank 705,341 1,474,484 2,733,749 3,160,375
Number of clients 675 1,452 2,632 3,029
Average Spend 1,044 1,015 1,038 1,043
8
Period ended 30/04/2013 Clients Fee Bank
Average 6 per month 6,212
9
MIN when is a client a client?
  • Documentation signed!!
  • TAIN
  • Standing Order
  • Letter of engagement

10
Standard Operating Manual
  • Now Irishised and will be emailed this month

11
Issues within your practice
  • Youve told us and weve seen
  • Pricing
  • Cashflow
  • Staff/ workflow

12
Pricing and fee raising course
  • 2-3 hours prep beforehand
  • Practical, hands on look at individual clients
  • Getting rid of bad clients
  • Raising fees
  • Small class numbers
  • With Sarah Robertson
  • August

13
Cashflow
KEY NUMBERS
Debtors 45 Days
WIP 27 Days
Fee Bank of 200,000 39,452
12-18 months Business plan
Cash Received 90 of existing fee bank plus 30 of fee bank added
Standing Orders 35 of fee bank (UK 75)
14
Cashflow
  • Monthly payments key part of our model
  • Improves cashflow
  • Increases customer loyalty

15
Direct debit
  • Now available via Bank of Ireland
  • Account open for 6 months
  • In good order
  • Known to branch manager

16
Next steps
  • Steps are
  • Contact your Relationship Manager first
  • He/she sponsors your application
  • Banking online rep Sandra Dunleavey

17
Direct debit process
  • Client signs a mandate
  • Send to bank for approval (14 day cooling off)
  • Write to client to say you will be taking DD in
    14 days
  • Call for the DD with EFT file via online banking

18
Direct debit process
  • 6 days for funds to clear
  • Un-paids
  • 10.15 on client side
  • 3 on originator side

19
Direct debit
  • Easier to vary charge
  • Easier to increase annual fee
  • Immediate notification if a DD fails

20
Direct debit
  • Contact your branch manager

21
UK Update
  • Simon Dolan
  • SJD Accountancy Group
  • Easy Accountancy
  • Price Agreed
  • On hold
  • MBO
  • Pledges from franchisees
  • External Investors
  • Existing Management Team
  • No effect on us.

22
Ireland Developments
  • First Resale
  • Waterford
  • IFAC
  • Capital Value
  • Short payment terms
  • Exit
  • Dublin Central
  • Shop remains open

23
Technical
  • Online ticketing system for support
  • Frequently asked Questions
  • Income tax 2012
  • Other current issues
  • Personal insolvency

24
Frequently asked questions
  • Residency/Foreign income
  • Non resident
  • DTA can only be resident in one country
  • Centre of vital interests
  • Rental income
  • Foreign trade
  • Permanent establishment
  • Other foreign income
  • UK dividends

25
Frequently asked questions
  • PRSI
  • Directors/spouses
  • Residency/foreign income
  • Unlike income tax you shouldnt pay social
    insurance in two different EU countries at the
    same time.

26
Income tax 2012
  • USC exemption threshold increased from 4,004 to
    10,036
  • Surcharge where local property tax return has not
    been submitted
  • 5 USC surcharge on property reliefs
    uncertainty as to how this will interact with
    High Earners Restriction
  • Pension and other social welfare income
    pre-populated Form 11

27
Budget 2013
  • It was not about the property tax
  • Michael Noonan
  • my emphasis will be on small and medium sized
    industry.I am aware that the operating
    environment in the domestic economy remains
    difficult, particularly for small and medium
    enterprises. To give this critical sector a
    helping hand, I am bringing forward a 10 Point
    Tax Reform Plan. This Plan includes measures that
    will make a real difference to SMEs

28
Budget Finance Act
  • 10 point tax plan for small business
  • Increase in threshold for applying cash receipts
    basis for VAT from 1 million turnover to 1.25
    million turnover
  • CGT relief for farmer restructurings
  • Extending enhanced stock relief to farm
    partnerships
  • Changes to RD credit
  • Amending the Close Company Surcharge by
    increasing the de minimis level to 2,000
  • Extending EIIS relief to 2020
  • Improvements to start up reliefs for companies
  • Extending the Foreign Earnings Deduction for work
    related travel to Algeria, Democratic Republic of
    Congo, Egypt, Ghana, Kenya, Nigeria, Senegal
    Tanzania
  • Reviewing the carried interest provision
  • Announcing a joint Revenue and Department of
    Finance public consultation Taxation of Micro
    Enterprises Reduction in Compliance Costs

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Budget Finance Act
  • New Property reliefs
  • Georgian houses
  • REITS
  • Withdrawal from AVC fund
  • Top slicing relief no longer available on amounts
    over 200,000

31
Other current issues
  • Revenue activity
  • Focus on contractors
  • Incorporation of medical consultants
  • E-audits IDEA software
  • Accounts extracts queries
  • Enforcement action
  • IXBRL

32
Other current issues
  • Budget date changed
  • Budget 2014 will be in October rather than
    December to comply with new EU rules
  • Likely income tax deadline for 2013 to be brought
    forward
  • Discussion about leaving the payment deadline as
    31st October

33
Other current issues
  • FRS 102
  • New accounting standard to change accounts
    formats to match IFRS
  • Required from 2015 onwards
  • FRSSE can still be claimed
  • FRS 102 main changes
  • Terminology changed
  • Income Statement V PL
  • Statement of Affairs V Balance Sheet
  • Cashflow statement required

34
Anti-Money Laundering
  • Requirement to identify clients before entering
    into business transactions
  • Increased requirements for politically exposed
    person
  • Most clients will qualify for simplified
    identification requirements
  • Intentionally filing incorrect tax returns is a
    money laundering offence

35
Company Bill 2012
  • Not expected to become law until late 2014 or
    2015
  • Possible to have only one Director
  • Memorandum Articles of Association to be
    replaced
  • Term Limited changed to CLS
  • Changes to audit requirements for
  • Group companies
  • Limited by guarantee companies
  • No changes on late filing

36
Personal Insolvency Act 2012
  • Signed into law in December
  • Insolvency Service set up in March
  • First applications due at end June
  • Changes to Bankruptcy legislation
  • Three new arrangements
  • Debt Relief Notices (DRN)
  • Debt Settlement Arrangements (DSA)
  • Personal Insolvency Arrangement (PIA)
  • Does not apply to taxes or other Government
    charges

37
Debt Relief Notices
  • Unsecured Debts less than 20k
  • Net disposable income of less than 60 per month
  • Assets lt 400
  • 75 of debt must be gt 6 months
  • If gt 50 of debt paid DRN will cease
  • Discharged from debt at end of DRN period

38
Debt Settlement Arrangements
  • Unsecured debts gt 20 k (no max)
  • 5 year period
  • Personal Insolvency Practitioner must be of
    opinion Debtor is insolvent with no likelihood of
    becoming solvent within 5 years
  • All debts treated on a pro rata basis
  • Once in a lifetime only

39
Personal Insolvency Arrangement
  • Similar to DSA but can include secured debt
  • Max debt 3m unless all creditors agree increase
  • 6 year period
  • Arrangement must be supported by at least 65 of
    creditors and at least 50 of secured and 50 of
    unsecured
  • Must have worked with the MARP for at least 6
    months (unless insolvency practitioner is of the
    opinion no reasonable chance of solvency)

40
Personal Insolvency Practitioner
  • Act is 121 pages long 1 page on regulation of
    Personal Insolvency Practitioners
  • Will be regulated by Insolvency Service
  • Indemnity bond of 600,000 or
  • Covered by compensation fund with at least 9m
    fund
  • Fees of practitioner to be regulated and will be
    paid as part of the DSA or PIA
  • No fee for DRN - MABS

41
Coffee
42
Brendan Woods Autorec
43
Marketing
44
Agenda
  • National marketing
  • New sectors
  • Training initiatives
  • Network news roll out
  • Merchandise

45
National marketing
  • Newstalk campaign
  • 6 month campaign
  • 2 week bursts followed by 1 week in the month
  • Consistent presence
  • Mixture of 20 second ads and 5 second stings
  • Largest investment to date

46
audience recap
highly desirable AB25-44 audience well educated,
well informed opinion leaders career focused,
dual income homes high earners willing to
spend lower levels of price elasticity high
spend propensity on travel and leisure
47
National marketing
  • Site launch results
  • 6 weeks to register with Google
  • Boost to SEO rankings
  • Shows Google we are fresh
  • Newsletter sign-ups dramatically increased
  • How it works/ fixed fee pricing page now number 3

48
New markets High tech start-ups
  • Eco system for high techs booming
  • Spin offs from larger companies

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A flavour of some of the events
51
Who is the client?
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How can we engage?
  • National level
  • Sponsorship of key events
  • Speaking at tech events
  • Advertising on siliconrepublic.ie other tech
    websites

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Blacknight web hosting solutions
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New markets Contractors
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New sectors Contractors
  • USP
  • Meet with client face to face
  • 23 shops across the country
  • Fully compliant service
  • Easy to use bookkeeping service

64
Contractors How can we engage?
  • BGE 200 contractors
  • Talks with CPL
  • Work with local companies

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Network News
  • 2 editions a year
  • Updates from across the network marketing
    initatives, technical updates and Franchisee News

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Example Introduce new franchisees
72
Press clippings
73
Example - achievements
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Franchisee Content
  • We need YOU to contribute!

76
Training
  • 46

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Staff training
  • Introduce staff to each other
  • TaxAssist missions and values
  • Customer service and Some client selling skills
  • August date
  • Improve retention

79
Tax return season training day
  • Tax refreshers
  • Major pitfalls
  • Time management techniques for tax return season
  • Marketing activities to help during tax return
    season
  • Late August

80
Merchandise
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Social Media Updates
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Social Media Dos and Donts
  • Incomplete profiles/ wrong images
  • Ignoring posts
  • Being unprofessional
  • Putting quantity over quality

88
Social Media updates
  • Posting without proofreading
  • Comments follow you
  • Think before tagging

89
Social media dos
  • Ask questions
  • Cross promote your social media profiles
  • Check your emails periodically for new contacts
  • Custom tabs on your Facebook page

90
Social media dos
  • Follow key targets on twitter retweet and
    mention their names
  • Invite your email list to follow you on twitter
  • Create a Systematic Approach
  • Share linked in content via your groups

91
Lunch!
92
Goals
  • To share best practice
  • To pick up tips and hints
  • Consensus is not vital!
  • Stay on topic!
  • One person at a time!
  • Keep notes
  • Be ready to feed into group
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