End of year tax balance date 31 March 2016
We are coming up to the traditional (and often dreaded) end of year tax balance date of 31 March, this date will usually affect all businesses in one way or another. A few key points to be aware of are:
- By 31 March 2016 any taxpayer who is with a tax agent like Walsh & Associates must have their 31 March 2015 income tax return filed with IRD;
- If you run a business with raw materials, stock, or services, you should be looking to calculate the value of this stock or work in progress as at 31 March 2015;
- An important tax date follows 31 March – 7 April 2016 is the terminal tax date for 31 March 2015, basically it means any income tax liability for 31 March 2015 which is as yet unpaid, should be paid by 7 April;
Every taxpayer’s situation is different, if you have any doubt as to your liabilities, don’t leave it to the last minute, contact us now to avoid any tax surprises this Easter!