05Apr 2023 by Robley Baynes
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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17Oct 2019 by Robley Baynes
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 Robley Baynes
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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