Normally, when you make a mistake with a tax return, you can voluntarily choose to tell the IRD. Any person or business who are liable for paying tax can make a voluntary tax disclosure. You can make voluntary disclosure at any time in writing or by calling IRD. Even if you have already received a tax audit notice, you can still make a voluntary tax disclosure. This can be done in the initial interview stage or during the inspection of your records.
What’s the benefit of making a voluntary disclosure?
Saving on penalty charges.
Making a voluntary disclosure you are showing the IRD that your willingness to put things right. In many cases, penalties on any tax shortfall can be reduced by 75% or even 100%. It would be better off making a voluntary disclosure than the IRD to find inconsistencies with your tax payments.
How can we help you?
It’s always to set your tax matters straight before the IRD finds out. It only saves you money but will certainly help you sleep well in the nights. Talk to us if you want to make a voluntary disclosure but you are not sure whether or not that you have to do the voluntary disclosure. Contact us for a meeting and we will tailor our services to suit your needs.
