What to do if you have overdue tax returns
Running a business can be hard and filing of tax returns can be the last thing on your mind. We have seen many cases where business owners are at-least 2 years behind in filing their tax returns. Problems such as cash-flow issues, day to day running of the business and the uncertainly of the final tax bill prevents the timely filing of tax returns.
But does late filing of tax returns help?
The simple answer is NO. It only aggravates the problem. Not filing tax returns on time does not mean that you do not have to pay any tax. It means when the returns are filed you will not only have a tax bill but that bill will be inflated by late payment penalties and interest charges.
But what if you filed the tax returns and did not have the fund to pay it all?
Not a problem, we help our clients enter into arrangements with the IRD to pay it off over time. By doing this you will avoid late payment penalties while remaining compliant with your tax obligations.
All business face problems and the IRD are aware of this. There are multiple ways we help our clients to keep on top of their taxes. Running away from filing tax returns or delaying payment as much as possible does not work and will land you in more trouble.
As the saying goes nothing is certain but death and taxes. We cannot help you with death however contact us today if you want to keep on top of your taxes.