With the first recovery year after the COVID-19 era coming to an end, businesses are now looking to declare and submit a far better report of business activities that transpired throughout the year 2022. Many businesspersons have expressed their desire to ensure that their tax filing documents are submitted early in order for their accountants to have sufficient time to submit their tax return forms before the March 15th deadline. As such, businesses should ensure that all assets, receipts, and invoices related to sales, purchases, and expenses are organized in chronological order before submission.
What forms are submitted?
In order to file, businesses, contractors or self-employed persons must submit an SO4 Form for the year 2022, SO4A Form showing estimates for the current year 2023 as well as an IT02/IT07 & IT03 if you operate a Company Limited or Partnership respectively. These forms will basically provide a pictorial image based on figures of what happened on a financial base throughout the assessed year of 2022. These forms are mandated to be submitted online on the TAJ website via the creation of an online account. It is important to note also that businesses who submit an SO1 monthly are also obligated to submit an SO2 Return on or before the 31st of March to show and declare their employees’ statutory deduction throughout the year.
At this point, Bookkeeping shows its Importance
Again, not many businesspersons totally realize the importance of bookkeeping until they are asked for their final figures in relation to their sales, purchases, and expenses for the year. You’ll be surprised by how much scampering and pulling of receipts and invoices are done within this short period by businesspersons. Many of them are not even first-timers and have just still not placed the necessary time to ensure that this valuable business principle and practice is instilled. It’s a known fact that this would not only save you from meeting the Tax Deadline but also plays a pivotal role if you should one day be listed by the TAJ for an audit. As such, it is important to store all receipts properly within a safe area chronologically for at least seven (7) years. This makes it evident that installing some type of recording system will thus not only help you to see things on a practical basis but will also provide you with a safety net to protect you against an audit from the TAJ as you would have already saved yourself from a $2M sanction which is given to businesses who simply fail to implement these practices properly.
If you need help or further information, please feel free to contact us at 1 (876) 902-7259 | 545-6928 or email us at BIZcareConsultationAcct@Gmail.com to arrange your consultation session. Do remember at BIZcare “Your Business is our Priority”. We offer the services of:
- Business Registration
- Tax Filing
- GCT Filing
- Payroll Services
- Consultation Services
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Written by: Kmar Henry [ CEO |BIZcare Consultation & Accounting Firm Limited ]
Edited by: Sheryl Bailey [ Director | BIZcare Consultation & Accounting Firm Limited ]