The perks of tax pooling
Keeping a lump of cash aside to pay provisional tax on your Inland Revenue due dates can be challenging for any business, especially if you have cashflow issues and need money on hand. For some companies and sole traders, tax pooling is the perfect solution. What’s tax pooling?Being part of a tax pool provides more […]
How 2024 Easter timing affects your tax return
Easter weekend fell at the end of March this year, on the final days of the tax year. The timing has some important implications for some of you: Extended 2023 returnsTaxpayers working with a tax agent who have an extension of time arrangement for 2023 tax returns should be aware that returns filed from March […]
Your provisional tax explained
1 minute to readYour provisional tax equals your previous year’s residual income tax plus 5%. However, provisional tax paid in the past may not reflect how your business has performed over the current financial year. Your final income for this financial year will determine whether you’ve overpaid or underpaid provisional tax. Once you’ve filed your […]
Hit by the weather? Get some tax relief
Feeling overwhelmed about tax payments? Here are three ways Inland Revenue can help ease the pain. Get in touch with Inland Revenue or us as soon as possible – we’re 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 […]
Higher income? Don’t forget provisional tax!
2022-23 was the first year in a while without Covid lockdowns or pandemic restrictions, meaning most businesses, especially those in the leisure or tourism sectors, enjoyed a better year. If you’ve earned significantly more this year than in 2021-2022, congratulations! But you may want to consider an additional voluntary provisional tax payment to Inland Revenue. […]
