Forum Home
PC World Chat
 
Thread ID: 89215 2008-04-24 12:29:00 Any accountants out there? george12 (7) PC World Chat
Post ID Timestamp Content User
662175 2008-04-25 09:11:00 Basically you give your accountant Every thing - I actually got told off several times by mine, not claiming on certain things, building space/usage, the rooms I use as a office, % of this that and the other -

Five years ago what he told me to go home make a list of EVERY single item/place/thing/clothing you may use in your business no matter how big or small you may think it is , even the car to drive to clients houses etc, and :horrified the amount of things I should have been claiming for was scary.

Heres one I didn't think of - do you or partner wash work clothes ?? you can claim laundry expenses. 		wainuitech (129)
662176 2008-04-25 12:13:00 I still think you should get an accountant rather than get opinions off the internet.

For many years I did without one, but they are experts on what you can claim so often what you pay in fees is offset by tax savings.

I am inclined to agree with you.

If people need or want the correct advice and do not have the expertise then those people need to consult a person or persons they trust.

Mind you I must admit I have never consulted a financial advisor and lost all my savings as some people have.

Also if the accountant gets it wrong with the IRD then the person making the return is responsible in any event.

Tax law changes very often and we get amendments to the law and then amendments to the amendments etc.

If I was in business I would get an accountant, a very good lawyer and a few other people who know what they are doing so *I* can get on with with *I* do.

Compliance costs are shocking. 		Sweep (90)
662177 2008-04-25 13:09:00 I still think you should get an accountant rather than get opinions off the internet.

For many years I did without one, but they are experts on what you can claim so often what you pay in fees is offset by tax savings.

They weren't opinions. I study accounting AND all that advise was from the IRD itself. 		beeswax34 (63)
662178 2008-04-26 00:32:00 They weren't opinions. I study accounting AND all that advise was from the IRD itself.

Exactly, I can verify what I read here myself - especially when it's straight from the IRD website.

I am not going to hire an accountant or a laywer. I've done a few business income tax returns and 10+ GST returns with no issues. I appreciate the advice to do so though, as I'm aware that mistakes can be costly.

Anyway I've worked out the adjustment for home office and vehicle expenses for the year on my GST return and that's that. You might get another thread when I get round to doing my income tax return sometime in the next few weeks but perhaps not, as I did that one last year without a hitch.

This thread was just to make sure I was claiming for everything I could (that matters).

Thanks everyone for you input. 		george12 (7)
662179 2008-04-26 07:17:00 Basically you give your accountant Every thing

I've been doing it for years. Its not hard, you have a query you can ring IRD for confirmation of what you can and can't claim.

And we went from GST registered to not GST registered and back to GST registered again too.
And we closed 2 businesses and reopened as a partnership.

You don't HAVE to claim depreciation. If its worth it, the do it. But sometimes it isn't. Like the fittings in my shop isn't. And depreciation can come back later to cost you. 		pctek (84)
1 2