Tax Management & Compliance
You’ve registered your business and have begun trading effortlessly. This is something you love and you’re now focused on growth and achieving your business objectives. After some time, you become aware of your business’s statutory obligations and don’t know where to begin. What taxes do I need to pay? When should I file my tax return? Why is the tax rate so high? Why am I being charged interest and penalties?
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Don’t worry, we can help! Contact us today. Let us focus on keeping your business compliant and you can focus on your business.
Tax Management has taken on an entirely new meaning in today's economic environment. Businesses recognize their social responsibility and are carefully considering the planning of their business strategies to minimize overall tax exposures.
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For most business owners, meeting their tax obligations can be a complicated and troubling process. With frequent legislative changes and the risk of being penalized, business owners have no choice but to meet their respective tax obligations and find great difficulty in doing so. We can help! Contact us today. Let us focus on keeping your business compliant and you can focus on your business. Our suite of services include the following:
Board of inland revenue registration
Companies are required to register separately for a Board of Inland Revenue and other tax account numbers on incorporation. Sole traders may also be required to obtain other tax account numbers with proprietor’s individual Board of Inland Revenue file number functioning as the business’s Tax Identification Number. These numbers are required to remit taxes and other statutory payments and to correspond on any matter with the tax authority.
Board of inland revenue representation
We have several years of experience in lodging successful objections and making representations to the Board of Inland Revenue on behalf of our clients. We possess knowledge and core competencies required to represent our clients’ interests to the highest level and have successfully pursued waivers of penalty and interest charges, reversals of incorrectly computed tax assessments and closing of tax accounts upon cessation of business activities.
Payroll services
Several of our clients have outsourced their payroll function to us and as they continue to expand their employment pool, we ensure that their periodical payroll obligations are met and that the business is compliant with its obligations of deducting and remitting the correct payroll taxes and other statutory deductions to the relevant authorities. We also prepare TD4’s and the business’s from employees for lodging with the Board of Inland Revenue.
Value added tax services
Businesses that meet the threshold for Value Added Tax (VAT) registration must register for a VAT account number and comply with the provisions of the Value Added Tax Act as amended. The reporting threshold is currently TT$500,000 in a twelve (12) month period. We assist clients with preparing and lodging their VAT returns periodically and in an efficient and timely manner.
Tax preparation
Our diverse knowledge of the taxation of entities and the statutory obligations of all businesses regardless of the nature of the industry and business structure allows our multi-disciplinary team to accurately compute taxes payable and prepare and lodge the various returns on our clients’ behalf in a timely and efficient manner. We analyse the underlying business documents, understand the business and its operating environment, review and/or audit and/or compile Financial Statements under the relevant financial reporting framework and advise businesses on their tax and other statutory liabilities. We prepare returns and compute tax liabilities on behalf of Sole Traders, Limited Liability Companies, Not-for-profit Companies and other Non-Governmental Organizations, Individuals, Partnerships etc.
Tax management
Tax Management or Tax Planning is the process of analysing the financial condition, operating structure and strategic intent of a business to reduce its overall tax liability. It involves planning your business activities in a manner that takes advantage of the many available tax breaks and allowances that can legally reduce your tax liabilities. Tax Management requires great knowledge of the legislation, industry and the client’s business activities and should be advised on by professionals who are experts in their field. Our multidisciplinary team can help.
Tax Management or Tax Planning or even Tax avoidance should not be confused with Tax Evasion. Tax Evasion is illegal and there can be severe consequences for a business and/or the business owner(s) if this is practised.
Read our Tax Avoidance vs Tax Evasion FAQ for more details.