Category: Tax

It's YOUR move now! It's important to know what's your next move as it pertains to your company's Tax Management Strategy. We are happy to evaluate the topic of exemptions to better equip you for success in 2019 and beyond. TAX EXEMPTIONS An exemption is a legally-allowed reduction of the reported amount of taxable income. The following are some examples of exemptions allowed in Trinidad & Tobago: A deduction from taxable income of a resident of Trinidad and Tobago where the total income does not exceed Seventy-Two Thousand ($72,000) which is the amount of the personal allowance for a year of income. Pensions - Those under the National Insurance Act. Interest for saving accounts accruing to resident individuals on saving accounts or on Bonds or other Similar Investment instruments. Depending…

Taxable or Non-Taxable?This is one question always on the mind of every business owner!We have chosen to inspect the question of Taxable Income on this week's post, better equipping you for success in 2019 and beyond.TAXABLE INCOMETaxable income is a taxpayer's gross income, minus any allowable tax deductions or exemptions.A tax rate is applied to the taxable income figure to determine the amount of tax payable by a taxpayer.Many types of income can be included within the taxable income classification within Trinidad and Tobago including the following:CompensationDividend incomeGambling winningsInterest incomeLottery winningsProfits from the sale of real estateProfits from the sale of securitiesTip incomeOther types of income that are not classified as taxable income, including the following:Child support paymentsIncome paid into a retirement accountInheritancesScholarshipsWelfare Benefits or GrantsWorkers' Compensation paymentsAs an entrepreneur…

It’s critical that you understand Taxation Terminology and principles as an Entrepreneur. We are committed to providing guidance as it pertains to Organisational and Personal Financial Matters.Below are our view on Tax Evasion from the Accounting& Advisory Team at Robley Baynes Tax & Accounting Services.TAX EVASIONTax evasion is the wilful avoidance or underpayment of a tax. Both individuals and business entities can engage in tax evasion.There are a number of ways to evade taxes, such as not reporting taxable income and overstating the amount of applicable tax deductions and tax credits.Those found guilty of tax evasion can receive substantial fines and may also be charged with criminal offenses that can result in a person serving time in jail.Tax evasion differs from tax avoidance, where a taxpayer is using legitimate methods…

Tax Planning Vs Tax ManagementIt’s critical that you understand the difference between the two! What techniques your business is currently utilising? Is it Tax Planning techniques, Tax Management techniques or even both! Knowing the Comparable differences will have a major impact on your Business profitability.Below are our view on Tax Planning vs Tax Management from the Accounting & Advisory Team at Robley Baynes Tax & Accounting Services.Tax Planning Vs Tax ManagementTax Planning is all about planning of taxable income and planning of investments of the Tax Payer. As against, Tax Management deals with the proper maintenance of financial records, audit of accounts, timely filing of the return, payment of taxes and appearing before the appellate authority, whenever required. Some of the major comparisons includes:TAX PLANNINGTAX MANAGEMENTThe objective of tax planning is…

What Is Tax Planning?If you fail to plan, then plan to fail!!!! The success of your business depends on it!Below are our view on Tax Planning from the Accounting & Advisory Team at Robley Baynes Tax & Accounting ServicesTax PlanningTax Planning is a broad term that is used to describe the Process utilised by Individuals and businesses to pay the taxes due to the Tax authorities e.g. Board of Inland Revenue.The process includes such elements as Managing Tax implications, understanding what type of expenses are Tax-Deductible under current regulations. In general planning for Taxes in a manner that ensures that the amount of tax due will be paid in a timely manner.Thus, Planning for Taxes involves knowing:Income that currently Qualify for TaxationIncome That currently Exempt from TaxationTypes of expenses that…