22Oct 2019 by admin
What Is Tax Management?

What Is Tax Management?

Tax
What Is Tax Management?No one likes to pay taxes. But taxes are the law.Below are our view on Tax Planning from the Accounting & Advisory Team at Robley Baynes Tax & Accounting ServicesTax ManagementTax Management means dealing with the Tax matters of a Company with the view to maximising the after-tax rate of return on Investments after ensuring voluntary Tax Compliance:To ensure an effective Tax Management System and Process within your Company as a Business owner you must ensure the following:Ensure that it keeps proper books and records.Deduct Tax at source where it is necessary e.g. VAT, PAYE etcFile all Returns on time e.g. Monthly, Bi-Monthly, Quarterly and AnnuallyRemit all Taxes Contributions on time to the Board of Inland Revenue in Time, If applicableComply with all notices received from the…
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17Oct 2019 by admin
Reduce Your 2019 Taxes with Tax Saving Tips from the Pros at Robley Baynes Part 2

Reduce Your 2019 Taxes with Tax Saving Tips from the Pros at Robley Baynes Part 2

Tax Planning
A Two-Part SeriesPART 2.We started the conversation on the Benefits of Tax Planning within your business as part of our MINIMISE YOUR STRESS, mind your business Series.We are happy to provide you with the next 5 tips to save on your business taxes, straight from the pros at Robley Baynes Tax & Accounting Services1. Keep Your Records OrganizedDon’t lose time running your business in January and February by scrambling to get your books and receipts together for tax preparation.Get organized now and stay organized. Clean books and detailed supporting documentation will ensure you take advantage of all tax incentives and avoid late filing penalties and will keep your tax preparer fees down.2. Hire Independent Contractors Instead of Full-Time EmployeesThe benefit to having independent contractors instead of employees is that you…
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15Oct 2019 by admin
Reduce Your 2019 Taxes with Tax Saving Tips from the Pros at Robley Baynes Part 1

Reduce Your 2019 Taxes with Tax Saving Tips from the Pros at Robley Baynes Part 1

Tax Planning
A Two-Part SeriesPART 1.Taxes are an important aspect of running a business.You need to be aware which taxes to pay and when they are due. It can be overwhelming, but Tax planning can help you file on time and claim the right deductions.Here experts share the most effective business tax saving tips you can try.Below are the top 4 tips to save on business taxes, straight from the pros at Robley Baynes Tax & Accounting Services:1. Don’t Put the Business Cart before the Tax HorseBusiness owners often get bogged down with the Business Operations and lose sight of their main tax issues, sometimes to the detriment of their businesses.For instance, Business Owners will only push the growth and development of their operations ignoring the Tax Impact on this growth, only…
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09Oct 2019 by admin
The National Budget 2019/2020 – Accountant’s Report

The National Budget 2019/2020 – Accountant’s Report

Events
ACCOUNTANT’S REPORTFinance Minister Colm Imbert has presented the budget for fiscal 2020 in the Parliament. The Minister assured that efforts are underway to address the deficit of $5.2 billion or 3.1 percent of the country's GDP.The Minister proposed a number of incentives covering the labour, social services, crime, and the environment sectors. These incentives signify the that the economy is moving one step further to recovery from the historical deficit budgets.The major items our Firm considered mentioning for this Year’s Budget:THE ENVIRONMENT The Government’s commitment and stated goal of placing the environment at the centre of national development. The move of eliminate the use of Styrofoam and single-use plastics within the national economy is one step further in this direction. Government offices will switch out their plastic water bottles for…
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09Oct 2019 by admin
Tobago Received $2.283B, 4.3 Percent On The National 2019/2020 Budget

Tobago Received $2.283B, 4.3 Percent On The National 2019/2020 Budget

Events
TOBAGO RECEIVED $2.283B, 4.3 PERCENT ON THE NATIONAL 2019/2020 BUDGETTobago continue to be at the front burner of the national Agenda Finance Minister Mr. Colm Imbert Today has reveal Six (6) initiatives to improve the way of life for the 65,000 plus citizens of Tobago.These matters discussed by the Honourable Minister of Finance Mr. Imbert is as follows:ACCESS TO ADDITIONAL FINANCE:The Tobago House of Assembly will be allowed to borrow money to finance projects on the island.Describing this as an historic move, Finance Minister Colm Imbert said for the first time since the formation of the Assembly in 1980, the Minister of Finance has authorised the use of bond financing in the amount of $300 million to fund critical development projects in Tobago based on the creditworthiness of the Tobago…
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