Our pet hate in this business is seeing penalties on GST and other returns for late filing.
How quickly a late filed GST return can turn in to a mass of late filing penalties and interest charges.
You need to file your returns on time!
I quite often hear that people don’t file their returns because of cashflow issues, or because they just haven’t had the time to complete them. The answer is not to make your situation worse by giving money away to the Inland Revenue.
This is something we see frequently with new clients.
The Inland Revenue are helpful when it comes to payment arrangements and these can be easily managed online. If you file your return and then set up a payment arrangement before the tax is due, you will not incur any penalties. You will be charged use of money interest, but at reasonable rates.
Penalties are not tax deductible, but the interest charges are.
We have clients that set up payment plans most months to spread their cashflow commitments.
If you are having trouble finding the time to prepare GST or PAYE returns, contact us. We can take away that stress and give you peace of mind at an affordable price point.