Our learning series begins...
We recently announced the launch of our QUICKStart tool into the Manage Tax menu on your dashboard. Part one of our learning series features the Delay an Upcoming Payment scenario.
With a provisional tax date approaching, many taxpayers find their tax due date doesn’t suit their plans. The scenario Delay an Upcoming Payment allows you to set up a purchase arrangement in advance of a provisional tax date to meet your client's provisional tax obligation.
Clicking on this scenario will direct you to our Finance tool. Here you can:
- Select the provisional tax date and enter the amount of tax required;
- Set up a customised payment plan to suit your client;
- Choose whether tax funds are to be held in Tax Traders' tax pool or transferred to IR automatically following settlement;
- Save, print or email your estimate for review with your client.
- When you are happy to proceed, simply click 'Submit' to process your order. You'll receive an email notification with your invoiced payment plan.
Our team will make sure the requested tax is set aside for your client in our tax pool at their provisional date.
HOW DOES FINANCING TAX BENEFIT YOUR CLIENT?
- By booking tax prior to their provisional date, your client can obtain the benefit of a cheaper interest rate through the traditional upfront interest payment option, compared with buying tax at a later date.
- Your client saves on Use of Money Interest charges and potential late payment penalties by ensuring the right amount of tax reaches IR at the right date.
- When choosing a payment plan for their tax purchase, your client can determine a date or instalment arrangement that suits their cashflow.
- Delaying their tax payment allows your client to keep cash in their business for other expenses or capital investment instead of using other more expensive funding lines.
Our learning series continues over the coming weeks - keep an eye out for our newsletters. If you have any questions or want to set up a training session, our team is always happy to help. Feel free to get in touch: firstname.lastname@example.org.