Latest news

Provisional tax is about to get easier

posted on

Easier provisional tax is right around the corner for many small businesses, with the new Accounting Income Method (AIM) on track for delivery in April 2018.

Inland Revenue’s business tax update announces AIM is a new option for managing provisional tax through your accounting software. It will be simple and easy to use and will remove a lot of the stress often associated with provisional tax.

There’ll be some great benefits to using AIM. You’ll only pay provisional tax on the profit you’re actually making.

If your business suffers a loss, you’ll be able to get a refund on the overpaid provisional tax you paid in earlier months. You won’t have to wait until the end of the year to get a refund.

As AIM users, as long as you pay what the software tells you to on time, you won’t be charged any penalties or interest.

Back to News