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Have you fallen behind with Tax Payments and have Tax Arrears and IRD late payment penalties?

Tax debt can include Personal Tax, Company Tax, PAYE and GST.

While there are organisations that finance Provisional Tax payments, when funding is required for tax arrears going back a number of years, getting a loan can be difficult. The Banks seem to have a policy not to fund tax arrears, unless it is over a short term which is often unaffordable, so alternative funding options are required to assist.

We have started working with a number of new clients, who are home owners, and have been referred to us by tax experts who can negotiate with Inland Revenue and work hand-in-hand with us to find a lender to reach an amicable settlement with the client and IRD debt. So if you, or your Accountant, do not know how to finance Tax arrears and are late with payments, or you would like to be referred to an Accountant specialising in Tax, call us now and we can see how we can help you.

If you are in trouble with your taxes the following are the key points that we have been advised of:

  1. The Inland Revenue is unable to negotiate with you or your advisers on an arrangement until all your Returns are up to date. This is because until all your Returns are up to date they do not know the extent of your overdue taxes.
  2. In certain circumstances the tax debt can be written off, or reduced. This includes penalties, interest and the core tax debt. An Accountant can give you guidance on these matters.
  3. If your Bank will not assist with finance, where there are overdue taxes, we have alternate sources of finance that will assist.
  4. Tax instalment dates:
    Your provisional tax payment dates depend on the option you choose for calculating provisional tax and when your tax year ends (your balance date). Most people pay three instalments of provisional tax:
    1. 28 August
    2. 15 January
    3. 7 May
    Terminal tax is due 7th of April of the year following the tax year for those with an extension of time.
  5. Late payment penalties:
    Make sure you pay your provisional tax on time. Late IRD payments attract penalties as follows:
    • 1% the day after the due date
    • 4% seven days later
    • 1% for each month the tax remains unpaid.

IRD Tax arrears or penalties are just like credit issues or missed or late loan repayments, life does not always go as planned but when things do go wrong let's try and fix it and work out a plan.

Complete our on line Enquiry Form for a NonBank IRD Tax Debt Loan now. We will be in touch very soon.

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