Provisional Tax Reminder
For those of you who are provisional tax payers, an early heads up that your first provisional tax instalment for the 2023 income tax year is due on 29th August*. Instalment estimates are based on your last filed income tax return, our team are currently checking Inland Revenue’s expectations against your current year earnings and will be in touch to confirm what you need to pay by mid-August.
While this should give you plenty of time to manage your payment obligations, we know the instalment dates prescribed by Inland Revenue aren’t always convenient and can create cashflow headaches. We can help you put together a tax plan to suit your business, including the option to access our tax pooling intermediary service, which gives you more flexibility and choice about when to pay your income tax. Using tax pooling means you don’t have to be concerned about Inland Revenue penalties and interest - you do pay the tax pooling intermediary some interest but this is less than Inland Revenue’s current rate.
As your accountants, we can help you meet your obligations in a way that best works for you. If you’d like us to help you put together a tax plan, take up the tax pooling service or simply find out more, please get in touch with us today. And remember, if your income circumstances change throughout the year, let us know as there may be provisional tax (and interest) consequences.
*Please note: standard provisional tax due dates apply to those clients who have a March balance date and file GST on a 1 or 2 monthly basis. Different dates will apply for those clients who have different balance dates or GST filing cycles.