Inland Revenue has stepped up its approach to overdue tax with faster follow-ups, closer monitoring, and earlier enforcement for businesses that fall behind.
Part of this shift comes from improved technology and automation, which have allowed them to detect overdue balances sooner and respond more consistently.
Carrying tax debt? Act early.
Inland Revenue is far more willing to work with businesses that make contact before debt snowballs. They encourage businesses to clear overdue balances or set up instalment plans straightaway.
Prevention is better than cure.
Now is a great time to consider your cash flow for the year ahead, factoring in seasonal dips, late invoices, and potential expenses. But you don’t have to go it alone. If you’re dealing with debt – or trying to avoid it – our accountants and financial advisors are here to help.
Disclaimer: This blog has been carefully prepared, but it has been written in general terms only. The blog should not be relied upon to provide specific information without also obtaining appropriate professional advice after detailed examination of your particular situation.
