09.08.2017

Getting finance when you have tax arrears

If you find yourself owing money to the IRD and need to borrow funds to keep your business going or growing, it can be a real challenge. However, it is not insurmountable. While the trading banks don’t like funding those with tax arrears there are some funders out there who will consider it. However, it may well be a better to clear the arrears first to obtain the best finance solution.

Your business partner at Finance New Zealand can talk to you about this in depth, but essentially, the solution is to tackle the funding in two stages – using security, the arrears are cleared first then, with confirmation from your accountant, you can seek the additional funding you require.

If you are under an arrangement with the IRD to pay arrears, you should be able to obtain funds, as long as you’re current with your tax repayments. 

Our team at regularly helps businesses with tax arrears to obtain funding. Here are some examples of recent deals we have brokered.