Tax Planning – Robley Baynes

15Mar 2024 by Robley Baynes

Tax Planning For Business Profitability

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…

20Dec 2023 by Robley Baynes

5 Tips To Simplify Payroll In 2024

Financial Management, Payroll, Tax Planning

Operating a small business often involves navigating a critical, yet time-consuming element such as payroll, especially when you have employees who expect to receive their paychecks on time. Payroll essentially determines how you and your staff get paid. In this guide we’ve demonstrated strategies that can simplify your overall payroll process in the new year to come. As a small business owner, you can streamline the efficiency of your payroll by using the following strategies we’ve provided below: Use of Direct Deposit/Online Banking Create a Payroll Calendar Distinguish how your employees would be paid Outsource a payroll professional Keep policies and procedures clear Use of Direct Bank/Online Banking The first tip to make payroll more efficient is to make use of Direct Bank Deposit. Direct Deposit allows small businesses to…

17Nov 2023 by Robley Baynes

A Guide To Taxation for a Sole Trader Business

Tax Planning

Small business owners, especially new business owners, usually have quite a bit on their shoulders to maintain. From management of staff, payroll, bookkeeping, marketing, and business operations it can be a task doing it on your own. However, one of the major things business owners need to consider is that their taxes must be up to date and in order. In this guide, we navigate sole trader taxes, deadlines, income tax returns, business profits, and all filing requirements to prepare small business owners, independent contractors, and self-employed individuals for the next tax year. When setting up a new business, it’s important to learn how to choose a business structure that’s right for you and determine how it will affect the specifics of your business’s taxes. Many small businesses usually levitate…

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…

17Oct 2019 by Robley Baynes

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…