Provisional Tax is something that we take seriously at SMYD Chartered Accountants – and we like to be proactive about it! We know how much it sucks to get an extra tax bill at the end of the year, so instead we review and adjust your provisional tax amounts as we go.
Traditionally, provisional tax is calculated by looking at the amount of tax you paid last year, then the IRD adds a 5% uplift on it, it’s split into 3 instalments – that you pay it throughout the year.
We want to make sure you don’t get any nasty tax bill surprises. So, we use the advantages of Xero, as it’s so easy for us to review your P & L, see what your profit is year to date, and we advise you to pay more provisional tax if needed. Then there is no unexpected big terminal tax payment at the end of the year.
Check out the payment dates for Provisional Tax on the IRD’s website
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