Navigating the Dairy Downturn - Support is only a call away
August 22, 2023
We have a variety of tools to assist you in managing this tough period efficiently.
o Cashflow Forecasting
Taking control of your cashflow is crucial, especially in tight months. We can help you identify any cashflow gaps and develop a plan to navigate through them effectively.
o Provisional Tax Estimates
As provisional tax is based on your prior tax years income it is likely your current provisional tax instalments are too high. We can assist you in making an estimate or re-estimate of provisional tax. We can also arrange early refunds if provisional tax has been overpaid.
o IRD Instalment Arrangements
If you are unable to make full payment of outstanding taxes with Inland Revenue it is always best to notify them upfront. In some cases, they will consider instalment arrangements for paying outstanding tax and may even waive late payment penalties.
o Income Equalisation Scheme
Farmers can take advantage of the specially designed Income Equalisation Scheme to even out their taxable income over tax years. We can assist you in utilizing this scheme to optimize tax efficiency and smooth out irregular tax payments.
o Working For Families
Working for Families Tax Credits entitlements are based on your annual family income. With reduced income, you may be eligible for increased payments and if you currently receive a lump sum payment at the end of the year you can also change the frequency.
If you have any questions, please contact your Campbell Tyson advisor, or call our 24/7 helpdesk on 0800 883 718.