Hi,
I have some losses I'm hoping to claim tax back on that I think I require a accountant, can anyone recommend anyone?
Ideally I don't want someone that's going to take a percentage of the tax back as the losses are quite high.
Recommended accountant for tax return
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23-10-2019, 12:21 PMRyrynzRecommended accountant for tax return
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23-10-2019, 02:09 PMstoplossYou might find a friendly accountant on here that would lap up the chance to get some money back from IRD for you :)Quote:
Originally Posted by Ryrynz
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23-10-2019, 02:12 PMJay
Are you currently sending a return in with your profits?? - e.g. deemed a trader??
Once you make a claim, you will have to keep sending returns in, cannot pick and chose what years to make a return
Also may pay to say what area you live in to narrow down the field a bit
Don't use one, just a small trader and do it myself -
23-10-2019, 09:17 PMBeagleSome free advice, don't go there.Quote:
Originally Posted by Ryrynz
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13-11-2019, 10:32 AMRyrynzDon't go where? To an accountant?Quote:
Originally Posted by Beagle
I haven't sent anything in with my trades before so I haven't been deemed anything but there have been a fair amount of transactions over the years.
I'm probably in over my head so I need help. I'm in the Wellington area. If I had to do returns every year that would be fine I guess, I have records back to 2013.. -
13-11-2019, 10:38 AMstoplossI'm not sure but just because you might have copped a hiding in the past year , doesn't mean you can suddenly become a trader and claim it .....Quote:
Originally Posted by Ryrynz
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13-11-2019, 02:31 PMBeagle
The only way to attempt to get tax back on share losses is to declare yourself a trader. You will have to present a significant body of evidence to verify your claim and yes, you will have to file tax returns back from when you started trading in 2013. Are you sure you want to do that ?
This will mean any profits you have made in the last 6 years are taxable and any profits you make in the future will also be taxable. Any good local chartered accountant in the yellow pages should be able to give you good advice on this. Ask around amongst friends and business associates and extended family for a recommendation of someone local. -
13-11-2019, 04:40 PMstoplossBeagle does that potentially open him up to not declaring those profits at the time and penalty tax etc ?Quote:
Originally Posted by Beagle
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14-11-2019, 09:29 AMBeagle
Yes, late payment penalties and potentially interest use of money as well. I assume he's filed tax returns already for 2013-2018 years. You can only file amended returns going back four years. I think this is a real can of worms that should only be opened if it absolutely must be and has implications for this person for all future share investing as well as past investing / trading.
Some good advice from a good local accountant in Wellington should be taken. IRD are very, very reluctant to pay out refunds on share losses.
I won't comment any further on this subject as professional advice should be taken ASAP.