Tax Debt Questions and Answers
Do you help my type of business overcome tax problems?
Yes. We can always help you with your tax problems. Tax Debt Management help most businesses with tax arrears, irrespective of size or turnover, complexity of the tax debt, disarray of business records, or the location of your business within New Zealand.
Do you help individuals as well as businesses with tax arrears?
Yes. Tax Debt Management offers tax debt help to individuals as well as businesses. If you have a tax bill that you can’t cope with please call us and we will do our best to help you.
I have outstanding Tax Returns as well. Can you help?
Yes definitely. We are Accountants and can help you put your house in order. Many of our clients with tax debt issues also have outstanding tax returns and we are pleased to help.
It’s important to restore your relationship with the IRD so give us a call immediately.
Can you help with Student Loan Debt?
We can help you with student loan issues by negotiating with the Inland Revenue Department and exploring other alternatives. Penalties and interest add to your problems and your debt can rapidly become unmanageable.
How much will it cost to deal with IRD problems?
Tax Debt Management will fix your tax debt problems for a fixed fee. We are upfront and open about the cost of resolving your tax problem but first we need to assess your situation. This is why we offer a free initial consultation. Your circumstances are likely to be unique or at least different to many of our clients and it’s important that you only pay for the services we need to provide. Tax Debt Management charges are fair and affordable and we will not charge you any fees that you have not agreed to. What’s important to us is that the stress on you and any compounding tax arrears are addressed as quickly as possible.
How long will it take to clear my tax arrears?
Unless we find a considerable inaccuracy in the Inland Revenue assessment we can’t make your tax bill disappear overnight. However, we can usually find a realistic tax solution to deal with even the most challenging tax arrears quickly.
Should I ask my accountant for help?
If you think your accountant can help you, then that’s probably who you contact first. However, many accountants are time-poor despite their best intentions, or they don’t have our specialist skills to deal with tax debts or the resources to negotiate with the IRD on your behalf. If your accountant can’t help you, ask them to refer you to Tax Debt Management or you can contact us directly.
Why shouldn’t I go to the IRD directly?
It is important that you contact IRD as soon as possible if you have not done so. If you don’t have an accountant who can help you and you do not wish to use our services, you should contact the IRD directly. However don’t expect to talk your way out of your tax problem, especially if you have put off dealing with it for some time. Tax arrears can be legally complex and financially difficult and the Inland Revenue take them very seriously. Representing yourself may not accomplish the best outcome and it often does not. You will need to be able to negotiate on significant points, provide correct financial statements, and be able to come up with a payment plan that is acceptable to the IRD but realistic for you. You don’t want to put yourself in a worse financial position. We have found that having an independent, professional organisation like Tax Debt Management advocating on your behalf adds weight to your case. We will give the Inland Revenue confidence that your tax debt will be satisfactorily resolved and your tax and compliance obligations will be met in future.
What kinds of tax debt options might you negotiate?
- An installment arrangement where you pay off an agreed amount over time
- Writing off an agreed amount of debt
- A combination of the two
- Other options depending on your circumstances