Legal & Compliance for Business
Compliance is only expensive when you find out late
Most owners hand everything to an accountant and understand none of it, which is fine until a notice arrives or credit is lost because an invoice was wrong. This session gives an owner enough to ask the right questions and keep the records that make the rest cheap.
You do not need to do it yourself. You do need to know what is happening.
An owner who understands nothing of their own compliance cannot tell whether it is being done well, cannot spot the invoice error that costs them input credit, and finds out about deadlines after they pass.
This is awareness, deliberately. The work should sit with a chartered accountant. The judgement about whether it is being done properly cannot.
What an owner should understand
34 topics across 6 areas. Six areas.
GST BasicsEnough to know what applies to you.6
- When registration is required
- What your supply is classified as
- Input tax credit, and why invoices must be right
- What a compliant invoice contains
- Filing frequency
- What happens when a supplier does not file
Most lost input credit is lost because of somebody else's error that nobody checked.
The Records That Make It CheapYour accountant's cost is mostly your disorganisation.6
- Sales and purchase invoices, filed as you go
- Bank statements reconciled monthly
- Expense receipts with a note of what they were
- Separate business and personal accounts
- Digital copies of everything
- Not doing a year in one weekend
TDS and Other DeductionsThe obligations owners most often miss.6
- When you must deduct
- Common categories a small business hits
- Depositing on time
- Filing returns
- Issuing certificates
- What happens if you did not deduct
The Compliance CalendarKnowing what is due, before it is due.6
- Monthly obligations
- Quarterly obligations
- Annual filings
- Employee-related dues
- Which ones carry interest and which carry penalty
- Who is responsible for each
Working With a CA ProperlyThe relationship that decides how expensive this is.5
- Give them things monthly, not annually
- Ask what you should be doing differently
- Tell them before a big decision, not after
- Understand what they are filing
- Ask what would happen if you were audited
When Something Goes WrongNotices, errors and late filings.5
- What a notice actually is
- Not ignoring it
- What to send to your professional immediately
- Correcting an error you have found
- Voluntary correction against being caught
Questions worth asking your accountant
- What am I filing, and when?
- Is anything currently overdue?
- What records do you need from me that you are not getting?
- Where am I losing input credit?
- What would an audit ask for?
- What should I be doing differently as I grow?
What good record-keeping prevents
- Lost input tax credit
- Penalties on late filings
- An accountant's bill inflated by disorganisation
- Being unable to answer a notice
- Difficulty getting a loan because the books are unclear
- A year-end scramble that produces errors
How the session runs
A chartered accountant or compliance professional works through what a small business is actually responsible for, and shows real examples of invoices that cost their owners input credit. Participants map their own compliance calendar and identify what is currently unclear or overdue in their own business.
What your students leave with
- An understanding of what their business is actually responsible for
- Why invoice accuracy decides input credit
- A record-keeping habit that lowers their accountant's bill
- Their own compliance calendar, mapped
- Better questions to ask their CA
- What to do the day a notice arrives
Scheduled sessions
Nothing scheduled yet
Sessions are arranged with a college once a date is agreed. Ask us and we will find the right person for it.
A student rather than a college? See what is coming up, or ask your placement team to host this.
Compliance is only expensive when you find out late.
Tell us who your students are and what stage they are at. Sessions are free for participants.