How to finalise the tax year by using our Residual Income Tax (RIT) Tool
By using our RIT Calculator – the most advanced tool in the market – you can optimise your client's tax position in minutes. You no longer have to figure out how much tax is needed at each date; the calculator will do it all for you.
Do it all online in few minutes:
If you’re an individual taxpayer, we recommend you ask your Accountant to contact Tax Traders so we can get the best outcome for you.
How does it work?
Enter the RIT or specific payment amounts into our RIT Tool and any payments made to or credits in the client’s Inland Revenue (IRD) account for the tax year concerned. The RIT Tool takes into account any transfers from the tax pool from settled tax finance or buys, as well as any finance or buys on invoice (with the option to exclude these from the final calculation).
It also will recognise any deposits in the pool, allowing you to select which deposits are utilised. If there are deposit surpluses you can determine how you would like these applied.
The RIT Summary will specify the tax required at each provisional date and funds will be apportioned accordingly. If there are shortfalls, the necessary tax purchases will be automatically lodged. Once completed, your client’s provisional tax requirements with IRD will be met.