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LETS GET DOWN TO BUSINESS.

Question :
HelloI am self employed in the tourism industry.  I want to know are we still supposed to be doing end of financial year for tax purposes? I have tried to get in touch with my accountant but have had no luck 

Question submitted 07/05/20 @ 06:41am
Industry: Funding & Finance
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  • Yes, everyone still needs to do their end of year accounts. The ird has quite a good covid-19 section on their website.

    As above, no change to the requirement to attend to your year end financials and tax but be aware that if you have tax to pay, you may be entitled to relief from interest and/or interest if payment is late (mindful the final instalment of provisional tax for many businesses is due today, 7 May).

    If you expect losses in the year ending 31 March 2021 (ie the current financial year), you may want to move quickly to determine a forecast of the loss as this could be carried back to offset profits in the year ending 31 March 2020, and you could get a refund of tax already paid for that year. Best wishes.

    Perhaps try looking on your accountants website for details of how they are operating under Covid-19. As they are not in the office, you may need to try a mobile phone number.

    If you do need help, and continually can’t access your accountant’s services, I’d recommend trying another accountant for now. Most are super busy answering queries and helping with cashflow forecasts etc, as well as sorting accounts and taxes online.

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