Robley Baynes – Robley Baynes

04Sep 2024 by Robley Baynes

Trinidad and Tobago Tax Benefits

Tax

The term "tax benefit" refers to any tax law that helps you reduce your tax liability. Benefits range from deductions and tax credits to exclusions and exemptions. They cover various areas, including programs for families, education, employees, and natural disasters. In Trinidad and Tobago, there are several tax benefits and incentives designed to encourage investment, reduce the tax burden on individuals, and support economic growth. Understanding Tax Benefits Tax benefits help individuals and corporations reduce their overall tax bills. These benefits are a significant part of the tax regulations and legislation set by local, state, and federal governments. Types of Tax Benefits in Trinidad and Tobago Personal Income Tax Benefits: Personal Allowance: Individuals are entitled to a personal allowance of TTD 84,000 annually. Income up to this amount is not…

22Aug 2024 by Robley Baynes

Budgeting For The Upcoming Financial Year

Financial Management

As the financial year comes to a close, it’s crucial for businesses to start preparing the budget for the upcoming year.This can be a challenging task, especially with the unique needs of each business type. If you don’t have an accounting background, you might find it even more tricky. However, with proper planning and strategic thinking, you can set your organisation up for financial success in the new year.Budgeting for the upcoming financial year involves creating a detailed plan for managing your income, expenses, savings, and investments.Here’s a step-by-step guide to help you with the process:Review the current or previous year’s financial positionAnalyse Past Spending: Look at your profits and expenses from the last year. Identify areas where you overspent or underspent.What does your revenue forecast and expenses look like for…

11Jul 2024 by Robley Baynes

VAT in Trinidad and Tobago

Tax

In Trinidad and Tobago, Value Added Tax (VAT) is a tax on goods and services. VAT is added from the initial production of goods and services to the point of sale. The amount of VAT the user pays is based on the cost of the product minus any costs of materials that were taxed at a previous stage. Understanding VAT A value-added tax is a tax that is added to goods and services at every level of the supply chain. The tax is usually passed on to the consumer or end-user. It is based on consumption rather than income. In contrast to a progressive income tax, which levies more taxes on the wealthy, VAT is charged equally on every purchase. VAT is levied on the gross margin at each point…

15Mar 2024 by Robley Baynes

Tax Planning For Business Profitability

Tax Planning

In today's competitive business environment, tax planning goes beyond mere compliance; it becomes a strategic tool for enhancing profitability and ensuring sustainable growth. Effective tax planning is a vital component of financial management for business owners, influencing key decisions and shaping the path to growth and success. The Impact of Tax Planning on Business Decisions Tax planning is an essential component of maximizing business profitability. By strategically managing your business's tax obligations, you can effectively reduce tax liabilities and increase your bottom line. Here are some tax planning strategies that can help improve business profitability Maximizing Profitability By strategically managing your tax obligations, you can reduce your tax liabilities and increase your bottom line. This additional cash flow can be reinvested in your business to drive growth…

23Jan 2024 by Robley Baynes

Planning For The Upcoming Financial Year

Small Business Guides

There’s no escaping the fact that 2024 may just be a crucial and challenging year due to the previous activities in 2023. However, once you focus and create a financial plan for the upcoming year you should be able to deal with what 2024 has to offer. Yet, while there’s not much we can do to influence the global macroeconomic and geopolitical picture, there are plenty of ways to ensure our own finances are robust enough to deal with whatever the next 12 months bring. In this guide we’ve provided a couple of important tips to assist with the planning for your business for the year of 2024. Auditing An audit refers to the examination of the financial position of the business. It’s important to start with auditing the financial…