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2020 Provisional Tax - Payments Due on 7 May 2020

2020 Provisional Tax – Third Installment

Many of you will have 2020 Provisional Tax payments due on 7 May 2020.  Please note that 2020 is the year that just finished on 31 March 2020 and not the year we are currently in (which may be significantly impacted by Covid-19).

If you find that you are unable to make this payment of Provisional Tax due to the Covid-19 Virus, there are a couple of options that are available to you:

  1. We can contact Inland Revenue and advise that you are unable to make payment. Inland Revenue will allow you to set up a payment plan for when things are back up and running but will require you to give them payment dates now. You may be able to renegotiate these dates if things don’t get back to normal as soon as we expect; or
  2. Make the decision not to pay the provisional tax right now, but use Tax Traders at a later date to purchase tax paid.  The idea of this is that it allows you to pay your tax at the right dates which saves you from late payment penalties, and the interest rates are lower than those at Inland Revenue.

We know that this is may be a stressful and uncertain time so please get in touch with us if you would like to discuss your options or have any queries. We are here to help.

Take care and look after yourselves.