Understanding PAYE in Trinidad and Tobago

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…
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Six Strategies your small business can use to survive inflation

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…
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Cash Flow Tips And Tricks For Your Business

Cash Flow Tips And Tricks For Your Business

Small Business Guides
Cash flow tips and tricks for your small business When it comes to managing a successful business, your main aspiration you’re likely to aim for is seeing your company grow and perform exceptionally well financially on a year-to-year basis. However, cashing in big profits does not mean resting on your laurels: you also must consider keeping your cash flow consistent. Where the profits that you make can provide a good indication of whether your business is operating efficiently, your cash flow is the metric that shows how money is entering and leaving your business. And if you need a positive cash flow, you need to ensure that more money is entering the business than the amount that is going out. It’s a fact: any small business comes with operational costs…
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SME Financial Essentials:  Accounting In a Digital Space

SME Financial Essentials: Accounting In a Digital Space

Events
Robley Baynes is excited to announce a collaboration with JMMB SME Resource Centre to present SME Financial Essentials - 6 Webinar Series. The SME Financial Essential Series is designed especially for entrepreneurs, business owners, directors, CEOs of growing businesses with a focus on the strategic and operational expertise needed to manage a growing business. The sixth and final webinar of the series is Accounting in a Digital Space on the 15th December, 2020 at 7:30 pm. You will discover: - Why having a manual accounting system is losing you money - The importance of cloud-based accounting system - The ease of implementing a cloud-based accounting system Plus, other smart takeaways you’ll find useful right away. Space is limited, so… December 15th, 2020 at 7:30 pm – Accounting in a Digital…
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SME Financial Essentials:  Fixed Assets

SME Financial Essentials: Fixed Assets

Events
Robley Baynes is excited to announce a collaboration with JMMB SME Resource Centre to present SME Financial Essentials - 6 Webinar Series. The SME Financial Essential Series is designed especially for entrepreneurs, business owners, directors, CEOs of growing businesses with a focus on the strategic and operational expertise needed to manage a growing business. The fifth webinar of the series is Fixed Assets on the 1st December, 2020 at 7:30 pm. You will discover: - Why fixed assets management is important for your business and how it can reduce your taxation - The importance of computerised fixed assets management system - The importance of fixed assets and insurance Plus, other smart takeaways you’ll find useful right away. Space is limited, so… December 1st, 2020 at 7:30 pm – Fixed Assets…
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