Filing IR4 2019

[Beano]

Having a problem filing the 2019 IR4 this year
Have the DLN ...
Will have to resort to a paper return
Anyone else with problems?

[artemis]

Having a problem filing the 2019 IR4 this year
Have the DLN ...
Will have to resort to a paper return
Anyone else with problems?

Same here. I thought I would check again when they are up and running again 26 April.

[Anthonyacat]

Hold your horses guys! The IRD forms are rarely available on their website prior to about the 22nd, because they don't want people filing before they get the March PAYE on the 20th.

This year I'd expect a further delay until their IT system shutdown finishes on 26 April. I went to check when I filed my earliest returns last year, but for some reason my system is showing 17 June, which seemed strange, until I remembered my son was born 15 March last year and significantly delayed my workflow

[Beano]

I completed the IR4 and mailed it out last week.
Time to do the IR6 and IR3 now

[Beano]

Hold your horses guys! The IRD forms are rarely available on their website prior to about the 22nd, because they don't want people filing before they get the March PAYE on the 20th.

This year I'd expect a further delay until their IT system shutdown finishes on 26 April. I went to check when I filed my earliest returns last year, but for some reason my system is showing 17 June, which seemed strange, until I remembered my son was born 15 March last year and significantly delayed my workflow

If you leave the filing so late like after the 7th of May how do you accurately pay your third provisional tax payment ?
When you take the "S" option and your taxable profit is well over the "uplift" & you do not make up the shortfall of tax by the 7th of May you could be up for interest on the provisional tax payments one and two.
I cannot imagine there would be many property investors that would intentionally file after the 7th of May.

[Beano]

Hold your horses guys! The IRD forms are rarely available on their website prior to about the 22nd, because they don't want people filing before they get the March PAYE on the 20th.

This year I'd expect a further delay until their IT system shutdown finishes on 26 April. I went to check when I filed my earliest returns last year, but for some reason my system is showing 17 June, which seemed strange, until I remembered my son was born 15 March last year and significantly delayed my workflow

When I was working we filed our audited financial result to the wellington stock exchange on the first working day.
Now that we are retired we just take it easy and file our tax returns in the first fortnight :-)

[BlueSky]

Same here.

A GST De registration question - My next provisional tax needs to be paid by May 2019. I no longer need to be GST registered anymore, last income was back in Nov 18. What is the process to cancel my registration and adjust provisional tax ?

[Beano]

Same here.

A GST De registration question - My next provisional tax needs to be paid by May 2019. I no longer need to be GST registered anymore, last income was back in Nov 18. What is the process to cancel my registration and adjust provisional tax ?

You need to make a GST adjustment for assets retained.
I assume for provisional tax you would estimate tax on the 31 3 2019 tax return.
Are you ceasing trading ?

[BlueSky]

You need to make a GST adjustment for assets retained.
For assets retained that I get depreciation , is it better to do ths adjustment after a complete year ie better depreciation value.
I assume for provisional tax you would estimate tax on the 31 3 2019 tax return.
Are you ceasing trading ?

Self employed contractor.

[Anthonyacat]

If you leave the filing so late like after the 7th of May how do you accurately pay your third provisional tax payment ?
When you take the "S" option and your taxable profit is well over the "uplift" & you do not make up the shortfall of tax by the 7th of May you could be up for interest on the provisional tax payments one and two.
I cannot imagine there would be many property investors that would intentionally file after the 7th of May.

An interesting view. And one that would apply to all businesses, not just property investors. A few counterpoints.

To start out with, I've never heard of May as being considered "so late" before. The average Chartered Accounting firm completes their work fairly evenly throughout the year, finishing maybe 10% in April, with the last 15-25% of their accounts in February and March of the following year. I personally hate last minute rush work, and aim to get almost all my returns completed by end of September. But the point is that lots and lots of investors (and other businesses) file after the 7th of May.

Also, using the "S" option, you're actually up for interest on P1 and P2 payments regardless of whether you pay your P3 exactly correct, overpay, or underpay. IRD re-calculate your 'what should have been paid' as 1/3 of the total for the year; if P1 and P2 were underpaid relative to that, there's a UOMI calc. But by definition it's just a rough estimation and not intended to be exactly correct. At approx 8.2% the IRD's interest is certainly more expensive than a bank, but not exactly punitive - so long as you avoid their additional penalties by paying at least the minimum required. In most cases you'll know whether your year has gone immensely better than previously, and can pay a bit more.

Lastly, you strictly don't actually need to have 'filed' your return to accurately pay your third provisional tax payment. You just need to have calculated your taxes, which by the sounds of it has already been done.

While I agree that calculating your taxes by 7th of May would certainly be ideal, it's just not practical in many circumstances.

[BlueSky]

You need to make a GST adjustment for assets retained.
I assume for provisional tax you would estimate tax on the 31 3 2019 tax return.
Are you ceasing trading ?

I haven't yet completed my returns for March 2019 , how do I get them to change the provisional payment as my income is half the previous year.

When does the asset depreciation stop , when the income stops or when you stop self employment totally as I still would like to contract if I secure a good contract.

[Beano]

I would not "cease " and cancel gst registration as it looks like you are still in business
Slowing done but when business comes you still work
Just estimate a lower income for the pending year for the ird

[jack2016]

Hi guys, I have just started a company managed by an accountant and a long standing PAYE job. I have not filed an individual tax return before, due to PAYE job. But I just got an email from IRD to my personal IRD number saying to file my ITT by July. What does that mean? (Ie does that mean they think I have secondary income / non-PAYE to be declared ?)

[Anthonyacat]

Want to amend my previous post but has been too long.

What I described in the post in terms of Use of Money Interest was correct until 31 March 2017. As of 2018 and future years, so long as the correct "S" provtax is paid by it's due date, there will be no UOMI charged on Prov1 and Prov2 payments.

[Beano]

By
1: using "s"
2: filing your IR4 by 7th of May
3: paying all your provisional tax correctly
4: paying all your terminal tax before or on the 7th of may
You avoid the use of money interest
Which could be material when year on year taxable income has substantially increased
Many thanks to anthonyacat for his clarification and research.
Ps is this enough encouragement to file in April ?