Understanding Tax: Use of Money Interest (UOMI)
Last time on our blog we discussed Terminal and Provisional tax. The fun is not yet over… this week we thought we might tackle Use of Money Interest, or for short, UOMI. So what is UOMI? Use of money interest is the IRD charging you interest on the tax you have underpaid, effectively trying to discourage […]
Understanding Tax: Terminal vs. Provisional
Tax. It’s the dirty word all business owners flinch at. Newcomers stress about that second year hit, and everyone winces when the lump sums leave their bank accounts. But how many business owners understand tax? And how many newcomers know what to expect? We thought we’d put together a blog breaking down some of the […]