Tax Issues

[Neilcnx]

We live in Yasothon

 

My wife started a partnership with her mother a few years ago for a small business that lost money. Because of that she didn't think she needed to file reports. Now she's being threatened with penalties that need to  be paid quickly under threat of jail.

 

She doesn't even know an auditor or anyone else who can offer advice on how to handle this.

 

If anyone of you has experience with this, please help.

 

Thanks

Neil Alper

[ubonjoe]

Not directly related to Isaan. Probably best on the business forum. Moved to there.

[Neilcnx]

Thanks a lot.

 

Neil Alper

[meatboy]

all business should be registered,otherwise you will attract not only the tax,vat man but jealous others in the same.

how do the authorites know they lost money if no records were kept.

best for them to go see an acountant.

they might want to see how they live and what has been bought during the partnership.

my advice is keep well away,dont get involved.

[meatboy]

29 minutes ago, meatboy said:

all business should be registered,otherwise you will attract not only the tax,vat man but jealous others in the same.

how do the authorites know they lost money if no records were kept.

best for them to go see an acountant.

they might want to see how they live and what has been bought during the partnership.

my advice is keep well away,dont get involved.

as an acountant in the uk.i had many dealings with the tax/vat man.

if no books were kept,also was there a bank acount showing the profit /loss,they will be at the mercy of the authorites.

so as this is thailand their best bet is to come to some agreement.if they were trading for a few yrs.they should have some idea of how much they lost.

so depending on what is on show,a few brown envelopes might do the trick.

[Michael Hare]

19 hours ago, Neilcnx said:

We live in Yasothon

 

My wife started a partnership with her mother a few years ago for a small business that lost money. Because of that she didn't think she needed to file reports. Now she's being threatened with penalties that need to  be paid quickly under threat of jail.

 

She doesn't even know an auditor or anyone else who can offer advice on how to handle this.

 

If anyone of you has experience with this, please help.

 

Thanks

Neil Alper

I live down the road in Ubon and own an agricultural company. We work through an accounting firm in Ubon. All our accounts every month are sent to this firm. All receipts, invoices and stock takes. In January of each year the yearly accounts are summarised and then audited. Tax, if any, are paid in February-March. 

 

All companies must by law file monthly accounts and then yearly accounts. I am informed that partnerships are no different. Right from the start of your wife and mother-in-law forming the registered partnership, they should have been filing monthly accounts. If they have not done so then they are in big trouble. The partnership as you say was not making money, but they still have to file the yearly partnership accounts and submit a tax return. 

[Neilcnx]

21 hours ago, meatboy said:

as an acountant in the uk.i had many dealings with the tax/vat man.

if no books were kept,also was there a bank acount showing the profit /loss,they will be at the mercy of the authorites.

so as this is thailand their best bet is to come to some agreement.if they were trading for a few yrs.they should have some idea of how much they lost.

so depending on what is on show,a few brown envelopes might do the trick.

Thanks meatboy for both posts. My wife is meeting with the head of an accounting co today and i've confirmed banks keep monthly statement since account opening date. She's also kept all material purchases so, perhaps there's a better arrangement to be made.

[meatboy]

On 22/3/2560 at 7:15 AM, Neilcnx said:

Thanks meatboy for both posts. My wife is meeting with the head of an accounting co today and i've confirmed banks keep monthly statement since account opening date. She's also kept all material purchases so, perhaps there's a better arrangement to be made.

thats good news,it might just be a small fine for not registering.best to plead ignorance.they might ask where the money came from to set up the business? and as i said earlier keep out of it.