Court applications to liquidate failing businesses have picked up this year with the 453 filed to the end of October, already surpassing applications for the whole of last year.The figures are still well below the previous two years (852 in 2018 and 702 in 2019) and are nowhere near the levels seen … [Read more...] about ‘Zombie businesses’ – Raising your company from the dead…
ADVICE
Final stage of IRD transformation – what do you need to know?
The final phase of Inland Revenue’s Business Transformation programme will go live on 28 October. This includes improvements to myIR, as well as other changes for businesses and employers. Whilst some changes to the background processes will not require any alterations within your business, there … [Read more...] about Final stage of IRD transformation – what do you need to know?
Limiting interest deductions – how am I affected?
In March, the Government announced that it was proposing to limit interest deductions for residential rental investment properties beginning in October. To summarise, the restrictions will begin from 1st October 2021. The amount of the restriction will depend on whether the interest is … [Read more...] about Limiting interest deductions – how am I affected?
IRD to take Real action against Estate Agents
Stuff reported this week that Inland Revenue has announced a crackdown on real estate agents who under-report their income, or overstate their expenses, to pay less tax than they should. The tax department said the industry was the next focus of its ongoing enforcement work to target the “hidden … [Read more...] about IRD to take Real action against Estate Agents
IRD declare “Covid ‘grace period’ over”.
Inland Revenue’s grace period for tax debt is over, and IRD is applying to liquidate greater numbers of businesses over unpaid taxes. As part of the response to Covid-19, in April last year Inland Revenue was given discretion to be more flexible with deadlines. As a result, the number of … [Read more...] about IRD declare “Covid ‘grace period’ over”.
IRD chase residential property investors – are you affected?
Inland Revenue is cracking down on residential property investors who have sold without paying tax on the profits. Most interestingly, the department is proactively matching tax returns with property transactions and asking tax advisers to do the same. The bright-line test requires tax … [Read more...] about IRD chase residential property investors – are you affected?