The end of the tax year is upon us, so this is a quick reminder that your terminal tax payment is due on 7 April.
If cashflow is a problem and you’re not confident in your ability to make your payment, please get in touch. We understand that cashflow continues to be tough for some businesses and clients, so you’re not alone.
Ways to avoid penalties and interest
Paying tax late means Inland Revenue will charge you use of money interest (UOMI) and late payment penalties. These can really add up and start to make your cashflow situation worse.
There are several ways to avoid this – we can work on your behalf to choose the right option and carry out any applications or paperwork.
One method is to set up an instalment payment with Inland Revenue.
You also have the option of using tax pooling to borrow at a lower rate of interest than the IRD will apply.
Remember, we can apply on your behalf, you don’t have to do this yourself.
Don’t just ignore it
If you can pay your terminal tax, make sure you do so on or before 7 April. If you can’t, please don’t ignore it, even if it seems too stressful – we can work on your behalf to avoid penalties and interest, and find ways to get it sorted out.
We’re here to help, so do get in touch.