Tax pooling can provide your business with greater flexibility on your payment of tax and more favourable interest rates if you under or overpay.
Due to the impact of Covid-19, Inland Revenue has recently announced it has extended the tax pooling deadline, after recognising the cashflow difficulties some taxpayers face in the wake of the pandemic. There is also relief for taxpayers unable to determine their 2021 tax liability before their tax pooling deadline.
If your business has been impacted by COVID-19, you will now have 183 days after your terminal tax date (or until 30 September 2022, whichever comes first) to settle 2021 income tax arrangements with a registered tax pooling business, subject to meeting certain criteria. Normally you would have just 75 days after your terminal tax date to pay.
Talk to us about tax pooling for your business. We’re here to help!