11Jul 2024 by Robley Baynes
VAT in Trinidad and Tobago

VAT in Trinidad and Tobago

Tax
In Trinidad and Tobago, Value Added Tax (VAT) is a tax on goods and services. VAT is added from the initial production of goods and services to the point of sale. The amount of VAT the user pays is based on the cost of the product minus any costs of materials that were taxed at a previous stage. Understanding VAT A value-added tax is a tax that is added to goods and services at every level of the supply chain. The tax is usually passed on to the consumer or end-user. It is based on consumption rather than income. In contrast to a progressive income tax, which levies more taxes on the wealthy, VAT is charged equally on every purchase. VAT is levied on the gross margin at each point…
Read More
11Oct 2023 by Robley Baynes
Crucial Accounting Tips For Small/Start-up Business

Crucial Accounting Tips For Small/Start-up Business

Financial Management, Robley Baynes, Small Business Guides
As a small or start-up business owner, one of the major things you need to consider before you commence operations is your business taxes and accounting. Many start-ups regretfully leave this for later, but this is something you’ll want to get to work on as soon as possible. In this article, we’ve provided 6 tips which you should consider before starting a business or in the early stages of business. As Captain Number Cruncher, Robley Baynes can assist you with the specific areas provided below. Track Your Expenses From Day One From the very first purchase, you’d need to monitor and keep track of your expenses to reduce tax liabilities. Often a business owner’s core focus is creating or maintaining products or building clientele whilst neglecting the accounting aspect of…
Read More
07Sep 2023 by Robley Baynes
A Guide To Management Accounts

A Guide To Management Accounts

Robley Baynes, Small Business Guides
Did you know that it’s very simple to track business growth? Using management accounts, your business can have access to valuable insights that will increase revenue and business growth.  WHAT IS MANAGEMENT ACCOUNTS? Management accounting is a discipline that involves generating and presenting financial and non-financial information to aid managerial decision-making within an organization. While there is no universally agreed-upon set of principles for management accounting, there are several key principles and concepts that are commonly followed.   THE BENEFITS OF MANAGEMENT ACCOUNTS Management accounts allow you to have access to detailed information of the operations of your business. The analytic report usually contains vital information such as the cash flow, the profit and loss position and the financial operations. Without a full grasp of how your business is performing,…
Read More
27Apr 2023 by Robley Baynes
Payroll Management Cont’d

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…
Read More
19Apr 2023 by Robley Baynes
Payroll Management

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…
Read More