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ALL CONTENT WAS WRITTEN AND SUBMITTED BY ANDREA RAGOO
Sole traders and entrepreneurs!
So you have your own business…that's great!
So all that you work for is yours…but wait… do you have any other obligations?
Any income earned, whether by salary or self-employment is subject to taxation under the laws of Trinidad & Tobago.
In any economy, taxation is the practice of a government collecting money from citizens based on their earnings and/or property. It is used to fund public services such as roads, health care and education.
Therefore, all residents have a responsibility to pay taxes.
So what is your responsibility as a self-employed individual?
TAX | RATE | FREQUENCY |
Income tax (on profits) | 25% up to $1m 30% over $1m | Annual |
NIS for employees (only if you have employees)
| As per NIS schedule | Monthly |
Health Surcharge | $429 | Annual |
VAT (if sales are over $500k annually) | 12.5% | Every other month (according to your assigned VAT period) |
Green fund levy (on gross sales) | 0.3% | Quarterly (Partnerships |
Business levy (if higher than income tax) | 0.6% | Quarterly |
Payment dates:
PAYE, NIS & Health Surcharge – 15th every month
Income Tax – 30th April (with the filing of the tax return)
Business Levy – last day of each quarter (Mar, June, Sep, Dec)
Corporation Tax – last day of each quarter (Mar, June, Sep, Dec)
Green Fund Levy – last day of each quarter (Mar, June, Sep, Dec)
VAT – 25th of every other month
N.B. For Sole Traders, Income tax is only paid if your income is over the $72,000 per year threshold.
For salaried/wage earning persons, who also have their own sole trader business, the total annual wage/salary must be added to the income earned from the business. This total income is what becomes chargeable for tax (less any relevant deductions). If this totals less than $72,000 per year, for example, then no income tax is payable.
Filing Date:
Filing your Income Tax return is done usually on April 30th (or the date specified by the Board of Inland Revenue).
P.S., If you registered and operated a business for any part of 2019, then filing is mandatory. (even if no transactions occurred and no money made)
Penalties and interest:
For not filing tax returns – sole traders and partnerships incur $100 every 6 months after the first 6 months; companies incur $1000.
Please note that all penalties relate to each period of filing returns. For instance, for a sole trader if income tax returns are not filed for 2017 (due in April 2018) then by October 2018 you would owe $100, by April 2019 you would owe $200 plus a penalty will start to accrue for missing another Tax Return filing date. So by October 2019 you would owe $300 (for the 2017 return) and $100 (for your 2018 return) a total of $400, for companies the penalty would be $4000 by that date.
For not filing VAT Returns – 8% of what was payable plus interest
Non-payment of taxes generally incur 25% penalty and 20% per annum interest until the amount is paid.
While getting a tax refund may seem like it's a good thing, a tax return is actually a 0% interest loan which you give to the government, instead of you having the money work for you - to reinvest in your business and generate more income.
We invite you to respond with questions after this article, so we can clear things up for you at the Board of Inland Revenue.
The Timely Entrepreneur Resource and Research Centre hosts ‘KNOW IT & FILE IT’, a complete Taxation Session to understanding your tax obligations AND a FILING POP-UP where you file your taxes on the spot with our accountant. Enjoy this one-time offer with great discount on filing charges.
SEE COSTS BELOW:
INVESTMENT IN ‘KNOW IT’ Session only - $350TTD
FILING YOUR TAX RETURNS POP-UP only ENTRY FEE - $100TTD
SESSION & FILING POP-UP - $350TTD
SOLE TRADER FILING FEE – TOTAL $1000TTD. Down-payment of $500TTD to be paid on day of pop-up and balance to be paid upon delivery of receipt.
PARTNERSHIP FILING FEE – TOTAL $1200TTD. Down-payment of $600TTD to be paid on day of pop-up and balance to be paid upon delivery of receipt.
Our accountant is making the commitment to have your filing done by the due date April 30th, 2020.
Don’t wait, sign up here:- https://www.thetimelyentrepreneur.com/index.php/entrepreneur-sessions-workshops
Here’s the link again:- https://www.thetimelyentrepreneur.com/index.php/entrepreneur-sessions-workshops
By Andrea Ragoo
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As we enter the marvelous month of March, we recognize women internationally. The celebration of International Women’s Day has been long overdue as the roles of women have grown considerably over the last few decades. With a theme, “I am Generation Equality: Realising Women’s Rights” to be celebrated on March 8th, 2020 serves to honour all the women in our lives, who impact us directly, indirectly and even on occasion.
Some of you may ask:
How many roles can a woman have?
Have their traditional roles changed that much over time?
Is gender inequality really still an issue?
Didn’t we already shatter the glass ceiling?
Aren’t women respected in the workplace, homes and on the streets?
Well, the truth is, you’d be shocked by what statistics reveal regarding those questions. And let’s put it this way, the findings highlight a negative response to most of these questions. If you are surprised, I urge you to venture forth to do a bit of research in your spare time.
Individuals, both men and women are extremely valuable assets to our society by their very nature, genetic make-up, personality and mannerisms. However, women today are still very much undervalued, their talents and abilities exploited, and even subjected to treatment no respectable individual should be exposed to.
As we take a day to understand, respect and value women, I want you to remember that the role of women living in the 21st Century has been significantly transformed, thereby causing women to adapt as well. With responsibilities as the family matriarch, the breadwinner of the home and, too often the only disciplinarian with kids, women have forged ahead in their journey to boost their professional competence, careers, and even become entrepreneurs on their own volition and also out of necessity.
The need for women to not just survive, but to thrive has become greater, and surpassed anticipated levels of success. Working women in all spheres, whether in the home, workplace or streets have advanced to become tough, stronger, more resilient and forward-thinking individuals as they take up the mantle and continue to make their mark in the world.
Our Weekly Challenge - What is expected of you on this exceptional day?
The answer is simple.
Just cherish, recognize and appreciate the effort, dedication and contribution made by women in your life and across the world regardless of race, religion, age, occupation or culture.
Helpful Tips for Women all over the World:
- Be strong – No matter how tough a situation may seem, it will be a new and radiant day tomorrow: full of possibilities, opportunities and more promising realities.
- Be the change – It’s okay to be different. You take the lead, set the trend, sit back and watch others follow.
- Be resilient – Yes words do hurt, especially from those closest to you, but only if they are given power. Take that power and energy redirecting and transforming it to harness something positive from it. Also know when to silence negativity.
- Intimidation and fear are things in the past – You are as good as anyone else and most times even better. Be confident in your skin.
- Know your worth – You are not a result of how you allow people to treat you. You are so much more: beautiful, brave, blessed and brilliant. So from today, how about you give yourself some credit and stop being your biggest critic.
- Believe in your ability – God is on your side. Have a little faith, it goes a long way. “If God is for you, who can be against you.” Never forget, you’re more than a conqueror. If God brings you to it, believe that he will definitely see you through it.
- Take care of you – Women, there is only one you, uniquely created, remarkable, talented and highly favoured. Love yourself as much as you would another person, and set aside time daily or weekly to pamper or treat yourself. It’s super important that you nurture the physical self and nourish your mental and emotional side as well.
Wherever women go, they venture to see change, make a difference and infuse an atmosphere of dedication, commitment, diligence and respect.
The role of a woman should never be taken lightly as we continue to progress and strive for betterment through avenues of education, career, family, spirituality, relationships and even modern, luxurious comforts.
WOMEN, YOU ARE OUR TRANSFORMATIONAL LEADERS, GAME CHANGERS, TRENDSETTERS AND PIONEERS OF TOMORROW.
As I wrap up this post, I wish to extend a warm and heartfelt thank you to all the women out there, with a special congratulations in order for all the corporate women and female entrepreneurs, each and every woman who braves the struggle that exists in hopes for equality, fairness, and a better, brighter future.
Happy International Women’s Day 2020!!
Sources:
https://quotesgram.com/img/success-quotes-by-famous-women/11628660/
https://www.brainyquote.com/quotes/hillary_clinton_458752
About Niala
I am a Freelance MSE & Social Media Advisor, the Owner/Founder of Gia’s Creative Studio and YBTT Mentor/Advisor providing ‘Insights from a Creative Entrepreneur’ on transformational leadership, strategy, forging a legacy, motivation and success.
Niala Ramkallawan, MBA, BSc.
You can find me on:
LinkedIn - https://www.linkedin.com/in/niala-r-71b12742/
YBTT - https://ybcaribbean.skysthelimit.org/volunteer-profile/15317
Facebook - https://www.facebook.com/giascreativestudio/
Instagram - https://www.instagram.com/giascreativestudio.868/
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ALL CONTENT AND PHOTOS WRITTEN AND SUBMITTED BY CRYSTAL FOYLE
“You have gifts to share with the world. You are not alone. You are not flawed. You are human.”
(Tim Ferriss)
As entrepreneurs, we endure more than the average person, there is the struggle of writing our own pay cheques, paying employees and much more.
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ALL CONTENT AND PHOTOS WRITTEN AND SUBMITTED BY NIALA RAMKALLAWAN
Time is the essence of our very being as individuals and entrepreneurs alike. It is significant for our workflow, business, home and even relationships. In several countries across the world, the month of February welcomes National Time Management Month. Here in Trinidad and Tobago, we acknowledge this event, but do not expend ample resources or exert much effort to benefit from the real value of time.
The topic of time is an element of every subject matter - be it in History, Physics, Mathematics or Bookkeeping; by department such as Accounts, Human Resources, Information and Communication Technology or Research and Development; by industry whether it is Food and Beverage, Oil and Gas, Manufacturing, Processing or Hospitality, and even field of studies such as Astrology, Anthropology, Archaeology or Genealogy. In a nutshell, time matters.
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- Written by Niala Ramkallawan
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ALL CONTENT AND PHOTOS WRITTEN AND SUBMITTED BY CRYSTAL FOYLE
People talk highly about the ‘business’ side of being an entrepreneur, but don’t mention what it takes from you at a mental, emotional and physical level.
When I started my business, I didn’t think that it would take more from me mentally and emotionally, so I just prepared myself for the physical part of it.
I just started a business and dived into being and entrepreneur without hesitation of what it will cost me.
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- Written by Crystal Foyle
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