Are you experiencing serious tax related problems?
Do you have many years of tax returns outstanding?
Are you about to be liquidated / bankrupt?
Do not worry let IBBZ Accounting help you, we will genuinely help you to solve all your tax problems.
IBBZ Accounting are tax specialists. With our taxation knowledge, we provide consulting services when our clients are faced with complex tax affairs. Our services include: settle your overdue taxes, file your overdue tax returns, voluntary disclosures, tax relief and tax audit help.
All taxpayers are required to fulfil their tax liability in full and on time. However, in some instances, this is not possible and, on a case,-by-case basis, the commissioner of IRD may be able to provide relief. In a Standard Practice Statement 18/04, IRD highlight specific situations where it is appropriate to apply for relief. These include but are not limited to; hardship/ inability to make payment, bankruptcy/liquidation, or events/emergency occurring outside the control of the taxpayer. In the situation of serious hardships, S 176 of the TAA 1994, provides the option for the commissioner to not recover pending payment.
Overdue tax return
If your tax return is overdue then IRD may do default assessment which may not be correct reflection of your tax debt. When we file your overdue tax return then we get to know the correct position of tax debt. Overdue tax returns brings tax debt and penalty. The longer a tax return is pending, the higher the penalty will be. IBBZ Accounting can provide tax debt solutions. We help you to file overdue tax return and avoid further penalties.
Settle your overdue tax payments:
There may be multiple reasons all beyond your control that have led to overdue tax. The longer this overdue amount remains out of repayment arrangement the higher the penalties will be. IBBZ Accounting can represent you when it comes to IRD tax settlement. We will check the correctness of tax bill it may not be correct to start with, then we will work along with you to come with the repayment plan. With our knowledge and experience, you can trust us to solve all your tax issues and do not have to worry about IRD's demand and investigation.
There may be a time when you want to disclose or edit your previous tax position. With voluntary disclosure the IRD will consider reducing your tax debt by minimising the penalty. IBBZ Accounting can advise when and how you need to voluntarily disclose.
If you cannot pay your tax and meet your tax due date deadline. We can assist you. It may be due to serious financial hardship or any circumstances beyond your control such as natural disaster etc. We can represent you and negotiate for a tax relief with the IRD. The goal is to achieve a win-win situation. The outcome would be an optimum solution with which both you and the IRD are satisfied. On the condition that the commissioner’s inquiry concludes that relief is appropriate, this will be administered at the discretion of the commissioner. Relief can be provided in the form of a write off, instalment agreement, remit, or a combination of the above. While these options are available, the overall decision on whether these will be granted rests with the commissioner, and no one is automatically entitled.
When it comes to the IRD tax audit, it is very risky to answer IRD’s questions without solid professional knowledge. IBBZ Accounting is experienced in representing you in the IRD tax audit. We will try our best to protect your rights and reduce any potential tax debt.
Below are some examples of our successful tax problems resolution:
The organisation has been doing awesome job in the society. They were praised at many occasions for their good work in the society. However, they failed to furnish GST and PAYE returns on time. And to make it more complex the office administrator filed incorrect returns. The debt was over $500k plus interest and penalties. When we took over the case, it was already in the High Court for liquidation. We worked tirelessly with the office holders to ensure good governance is setup.
We found the problem was not a cash flow. The actual problem was lack of business processes which led to negligence towards accounting operations.
We ensured there was a documented process for each business process such as new employee payroll process, weekly pay process, expense process and so on. We presented the whole case to the IRD demonstrating good governance. All current returns were being filed and paid on time. They had over 40 staff, and now the employees were happy with a new payroll process. The IRD agreed to a repayment plan and all overdue tax was setup under an arrangement. It was a win-win situation, as the IRD received overdue tax, and the client could continue their business operations. The steps we took were both morally and ethically right.
Family Owned Small Business:
This small business had four years of overdue tax returns including PAYE, GST and Income Tax. Upon submitting the returns the debt was over $100,000 and had a penalty of $65,000. They had serious cash flow problems, suppliers, IRD, and staff were not getting paid on time. We found the root cause of the problems. We fixed the problems and made them tax compliant. We negotiated successful payment plan which helped them to repay everything in six months’ time. Currently all tax payments are being paid on time and they are running a successful small business.
Without an accounting background or tax knowledge anyone can make a mistake in tax returns. This working professional was highly efficient in his job but not too good with the numbers. He had a tax debt of over $200k the only option left for him was bankruptcy. But, that would have tarnished his professional career. We investigated his case and did a payment proposal. After several counter offers and negotiations with the IRD, we finally managed to save his bankruptcy. Currently he is a worry free man and we manage all his bookkeeping/filing of tax returns.
When they approached us the business was under IRD’s audit for the past five years. They did not have a good bookkeeping system. They were not able to answer IRD’s questions during the audit process. After reviewing the business, we decided to redo the bookkeeping and revised the tax returns for most of the tax periods. We represented them during the audit process and answered the question of IRD tax investigators. We achieved satisfactory outcome of their audit. Today, we manage their ongoing bookkeeping and tax returns, and currently they are successful business.
When they approached us they had a tax debt of $140k, they were handling all negotiations with the IRD themselves. They already made payments of about $250k on their account. They sold their family home, all other assets, but the debt was still out of control. They were very distressed. We worked with them to seek financial relief and we negotiated a set amount of payment for the repayment of debt. Currently they are running successful & profitable business, they are also looking to sell the business. They are receiving offers from potential buyers as the business books are much cleaner now. We currently manage all their accounting and tax affairs.
We have a 3 step process:
1. Study your case and do investigation to validate your tax debt;
2. Scope the work which includes sorting out all overdue tax returns;
3. Solve your problem after careful analysis of your financial position and arrange repayment of your tax debt.
In a nut shell our approach is different from any other accountant/tax lawyer. Basically we are a builder who like to build a strong business. The strong business is always morally and ethically right. They pay their creditors on time including the IRD. And most importantly they are profitable business. End of the day it is you who is taking the risks of running a business, so you should be cash rich.
We help you to find out what are the problems in your business, and when someone else in your industry can run a profitable business and they why you Cannot. We help you to build a business from which you can create wealth. Once you start running a successful business, and then we work with you on stage 2 which is asset protection, tax minimisation and wealth planning.
Testimonials from our clients
We have over 200 written testimonials.
For full list of testimonial refer Testimonials
For Google Reviews click here Google Reviews
Here is just a summary of few:
Hi, Thank you so much to the team at IBBZ for helping me with my tax. I had reached desperation and wasn't making any progress with my accountant, i had been summoned to the high court by IRD and the IBBZ team helped me to seek an adjournment and get the professional help i required to negotiate and settle my debt with IRD in record time! I couldn't believe it!! I am so grateful for their professionalism, accuracy and expertise !! I highly recommend IBBZ !! thank you so much now i can continue to work and have integrity as a NZ citizen!! it feels amazing.
Source- Google Review
"Very pleasant, Generally easy to deal with. Explained process well, making things run smoothly. Great outcome!! Would recommend to any business"
"The IBBZ Team handled discussions with IRD on our tax matters superbly. Their initial estimates of results were delivered efficiently, and with a minimum fuss. Furthermore, their advice on the various ratios and indicators for the business will be invaluable for future planning for success."
"I had a long term problem with IRD due to mistake in one of my tax returns, which I had not been able to resolve for a long time. Good thing I was able to find IBBZ and they responded to my request for assistance regarding my problem. Ravi has been wonderful in handling my case and resolved my problem very successfully. Thank you, Ravi and IBBZ. Glad to have reached out to you."
"I am very pleased with the end result RE- negotiating on my behalf with IRD. Thanks Sandy."
“I approached IBBZ mid 2015 for dealing with an intransigent IRD department looking to bankrupt me. They dealt with IRD and mentored me through legal and financial dealings. I avoided bankruptcy saved the business and received a large refund. I recommend IBBZ ”
“I discovered that I had a tax liability going back five years as a result of incorrectly assuming my tax obligation relating to company share allocations (from a global multinational). Upon discovering that I had not been handling the shares correctly, I contacted Saurav (from a google search) who promptly assessed my situation and took me through what my obligations were and what was required to self declare my overdue tax liabilities to the IRD and bring my account up to date. Saurav submitted the correct tax returns going back to 2011 and the overdue tax obligation was fully paid, however I was hit with overdue penalties and interest totalling approx $11,000. Saurav negotiated on my behalf with the IRD and was able to have the total amount amount remitted;with no penalties or interest being payable.”
"Saurav and Sandy have been so awesome with helping our business and myself get out of debt. If it was not for them, we don't know we would have gotten this far and out of debt without them, and we are forever grateful to them."
“IBBZ worked for a year on my behalf to negotiate a settlement with the IRD that I was happy with and, importantly, could afford. I always felt they acted in my best interest and gave me honest feedback and advice. Their knowledge and expertise were a welcome comfort in what was a stressful time for myself and my family. I have no hesitation in recommending them to others in the same situation.”
"IBBZ have always answered any questions I have had. Very pleasant to deal with. The outcome RE the AutoXXXX Ltd tax debt is very pleasing and I am extremely happy with this."
Please get in touch with us today for a confidential discussion.