Robley Baynes – Page 2 – Robley Baynes

18May 2023 by Robley Baynes

BUSINESS REGISTRY – THE COMPLETE SET UP

Getting your business registered completely can be a hefty task at times. Before getting into the nitty-gritties of business registry the full corporate solution subscribe to our YouTube channel for daily business and personal finance tips: https://www.youtube.com/@robleybaynes5602/shortsWhat is Business Registry?A company register is a register of organizations in the jurisdiction they operate under. A statistical business register has a different purpose than a company register.Business Registry SystemOn 1st February 2023, TRGD commonly know as The Registrar General Department launched a registry system called CROS (Company Registry Online System). This System was created to submit electronic documentation to the registry to make the business registry process easier and faster.Types of Business RegistryThere are 4 common types of business registry done in Trinidad and Tobago which are:Sole Trader/ Sole Proprietor - A…

27Apr 2023 by Robley Baynes

Payroll Management Cont’d

Payroll

PAYROLL MANAGEMENT CONTINUED With the assistance of innovative technological systems your payroll process/management can be up to date and accurate. About Payroll Software’s/ Systems Payroll software’s are internet-based technology used by companies to manage and maintain employee paychecks and more. Get the HR & Payroll Solution That Suites You Best Robley Baynes Tax and Accounting Services provides a variety of HR and payroll services that can assist with a smooth workflow such as: Global Employer Record Services Having a global employment of record partner for all your employee relations, payroll and HR matters simplifies the personable administrative flow of business, leading to increased employee happiness. Higher engagement starts here with our global employer record services. Immigration and visa services We need to relocate our workforce to manage your international expansion…

19Apr 2023 by Robley Baynes

Payroll Management

Payroll

When it comes to paying employees, the country’s laws made the payroll function a time-consuming nightmare for the small business owners.In Trinidad and Tobago statistical data has shown that small business owners spend an average of eight (8) hours a month performing payroll functions. That's twelve (12) full working days a year that could be spent generating Sales, Prospecting new business opportunities, Improving products or Services, or Servicing customers. WHAT IS PAYROLL?Payroll is usually defined as the total number of employees paid a salary through the company.WHAT IS PAYROLL MANAGEMENT? Payroll management refers to the administrative process of financial recording of an employees’ salaries, wages, deductions, bonuses, and net pay and may extend to other HR related obligations such as vacation, sick leave, casual leave etc.THE BENEFITS OF OUTSOURCING A PAYROLL…

05Apr 2023 by Robley Baynes

Understanding PAYE in Trinidad and Tobago

Payroll, Tax Planning

If your business/company employs persons, then it’s likely you’ll need to register under PAYE so they can pay tax to the Board of Inland Revenue. What is PAYE? PAYE is a Board of Inland Revenue (BIR) automated system for collecting income tax payments from employed persons throughout Trinidad and Tobago. What Does PAYE Mean? PAYE also known as Pay-As-You-Earn, is a tax paid to the BIR once you cross the monthly income barrier of $7500 or annual earnings of $90,000 (Effective of Jan 1st, 2023) you pay 25% of the added value. As an employer you pay employees’ taxes to BIR directly from their salary. This means that when an employee receives their salary, all their deductions for tax and payments like standing orders or loan deductions would be paid…

29Mar 2023 by Robley Baynes

Six Strategies your small business can use to survive inflation

Small Business Guides

Six Strategies your small business can use to survive inflation. If you’re a small business owner, it’s likely you’re feeling the pressure of uncertain economic conditions, rising costs and the impact of inflation within Trinidad & Tobago. For many small businesses, the natural reaction to inflation is to raise prices for their products or services; however, this can cause you to lose customers and make it difficult to survive in competitive markets post COVID-19 period. In this blog, we’ll share some beneficial tips and strategies on how to deal with inflation so that your small business is able to survive any financial challenges that come it’s way. What is inflation and how can it affect your small business? Inflation is a ascent in prices, which can be interpreted as the…