You can finance tax debt through an arrangement with IRD or by arranging your own loan. Often you will need to arrange your own loan as either IRD are unwilling to finance your tax debt or when they impose a term with repayments that are unrealistic.
When Scott contacted us to get his tax debt sorted out he was stressed as he watched the IRD charging interest and penalties. He admitted that he should have addressed the overdue tax earlier, but life and work got in the way. What surprised Scott was when his bank were not willing to help. Getting
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It’s quite common for people to get behind on their tax, and if it’s not addressed quickly then things can spiral out of control with penalties and interest charged by the IRD. It is more common for self-employed whose income and therefore tax commitments can be unpredictable. Banks typically do not like providing finance for
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As a mortgage broker dealing with self-employed people and small business owners I get asked a lot to finance tax debt. In most cases the people have already been talking to their banks and got the big NO. But sometimes we get the chance to arrange the finance before people have talked to their bank.
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Bluestone Mortgages are a non bank lender who provide home loans for self employed Kiwis who may find it hard to get loans with the banks. While they offer home loans to both self employed and employees, mortgage brokers say they have a real niche for providing affordable long-term home loans for self employed. They
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Recently I was approached by Peter who was looking for a way to finance tax debt after his bank (Westpac) had said they could not help. Peter had relied on his accountant to calculate his tax but there had been some errors, and so he changed accountants who recalculated the previous 2-years financials and he
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