Need Accountancy Help

[BrassMonkey]

Hi,

I need help as I have my end of year coming up soon.

I have a Thai Ltd Partnership that has not traded since the Tsunami closed the business down. Last years end of year accounts were submitted and all taxes paid. In fact I paid more taxes than was really due. I was told by my Accountant that was the best thing to do...

Is there a firm of honest Accounts out that that can advise me and offer a quotation for either closing down this company or submitting end of year accounts for this year? Cash is getting short as I have money tied up in land.

I have been told by my current Accountant that it would cost too much to close the company down and its best to keep it or try and sell it...

Any help please...

[Wekhin]

I guess that the reason that your accountant told you to pay more tax than it was really due is because it helped make their work easier and to satisfy the tax people that you pay taxes. That is not necessary. You can avoid it if your accounting-related documents are in order and up to what they should be.

If your limited partnership is unlikely to do business this year and the next, it is better that you close it down. Closing a limited partnership is much easier than closing a company, and should not cost too much. From your situation, I think selling it is harder and it requires due diligence of accounting books, debts, obligations, etc. That will certainly cost you more. But if you may have the idea of using it to do business in the future, you better keep it and do all the required filings. What you should do is to compare between costs of keeping it with costs of closing down plus cost of setting up a new one in the future (if you will do it again).

My firm is based in Bangkok and I understand that you are in the south. But if you are interested, please email me at [email protected].

[BrassMonkey]

Many thanks for your reply. I will email you direct...