Take advantage of discounted tax for your first year in business

Posted by: Team TvA
Date: 02 February 2021

If you are new to business, a sole trader, contractor, or partnership, you may be eligible for discounted income tax by paying your income tax early.

You might be eligible for a 6.7% discount if you:

  • Are in your first year of business and pay some or all of your income tax before 31 March, and
  • Are self-employed or in a partnership (companies and trusts are not eligible).
  • Get most of your income from the business.
  • Make a voluntary income tax payment before the end of the income year.
  • Elect to receive the discount before the income year’s tax return is due.
  • Do not have to pay provisional tax in the income year, or in the past 4 years.
  • Have not received an early payment discount, any self-employed income, or any partnership income in the past 4 years.  

Think you meet the criteria? or want to know out more?  Contact us, we are here to help.

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