by an85 | Feb 28, 2023 | BIZ-Blog
Since the year 2015, the Jamaican government has worked immensely to improve our current RAIS tax system to be one that can be fully adequate and functional for an online platform. This therefore duly entails or stipulates that each citizen, business, or taxpayer will be given the chance to register an online Tax Account that can be used to not only file or pay taxes but make payments towards traffic tickets, Driver’s License renewal fees, pay property taxes, etc.
How has this improved our Tax System?
A few improvements have been quite commendable since the government made this transition. Most of these are evident or within the area or aspect of having easier access to more payment options. This is widely due to the payment options that are made available on the RAIS or Tax Online platform which entails being able to make payment via credit or debit card, or even via direct funds transfer (DFTN) Other commendable improvements include:
– Being able to submit all monthly filings which include that of GCT and SO1 Filing online.
– Being able to track payments made online when done over a period.
– Being able to make amendments to filing or payments when done incorrectly via the submission of a web message on the TAJ platform.
– Having access to other services such as applying for a TCC or making Motor Vehicle fitness payments.
– Being able to access to download trade license certificates without having to go into a branch.
All these aspects have therefore enabled the government to garner more revenue and ultimately have increased its ability to track taxpayers who have failed to meet their tax obligations.
Is the TAJ Raise System now totally Complete?
Since the year 2022, the Government has been adding its final touches to the system. However, in the said year, there were some major holdups for persons or businesses to submit their final tax returns. As such, this forced the government to give an extension of the Tax Deadline to taxpayers. Thus, ultimately pushing it to March 22nd, 2022. After the implementations of these changes, taxpayers were thus able to navigate the system smoothly since. This, therefore, shows and proves that the government is totally committed to getting the Tax System to where it should be. As such, since 2023 has started there has only been one minor glitch experienced thus far which involves the calculation of ed-tax figures to persons earning below minimum wage. This, therefore, portrays that aside from the minor glitch, things are properly in place for the March 15th tax deadline of the year 2023. Hence, all taxpayers should work immensely to ensure that all tax obligations are met.
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
- TCC Services
And Others.
Like us on:
Written by: Kmar Henry [ CEO |BIZcare Consultation & Accounting Firm Limited ]
Edited by: Sheryl Bailey [ Director | BIZcare Consultation & Accounting Firm Limited ]
by an85 | Feb 21, 2023 | BIZ-Blog
The blue logo of BIZcare has certainly made its mark amongst not only the people of Clarendon but has also managed to travel to other neighboring parishes such as Kingston, St. Ann, Trelawny, and even within sections of St. James. CEO and Managing Director Kmar Henry explains, ‘It has been a wonderful and eventful experience thus far, something that we don’t take for granted either. So, we just want to say thanks to the customers, they are truly the ones that have placed their trust and pushed us to the max always’. Now in operation for seven (7) it’s safe to say that the BIZcare Consultation & Accounting Firm Limited is one that is known for quality, reliable and efficient services within the Middlesex region and Country at large. General Director Sheryl Bailey went on to explain, ‘It does get rough at times, especially within the Tax Season periods, however, we want to always ensure that our customers submit their tax returns on time. So, we always try to ensure that we do everything within our power to make sure that this is done.
History of BIZcare
Starting from within his home in the year of February 2016, Kmar was able to build a brand of trust by directly visiting his customers within the parish of Clarendon. He was able to gain their trust as he would ensure to do everything for them within the compliance field. This includes company or business registration and renewal, Tax Filing, GCT filing, SO1 filing, etc. With the customer base and market demand continuing to grow. He was then positively pushed to open a physical office within the year February 2019 at Shop #13 Atlantis Plaza, 138 Muirhead Avenue, Denbigh P.O. Clarendon. This is now the corporate office of the company which houses the BIZcare team which includes: Kmar Henry (Managing Director), Sheryl Bailey (General Director), Trishana Thomas (Office Admin), Tamara Thomas (Compliance Officer), Nickeitha Morris (Recording Officer), Sanjay Mckenzie (Recording Officer) and Roshane Watson (Compliance Officer).
What to expect for The Anniversary Celebration?
The company will ensure to give out handy gifts to its customers which also includes those of the corporate world. Also, a seven percent (7%) discount will be given throughout the period of February 1st to 8th 2023. This will be added to the yearly early bird ten percent (10%) discount that is now being given for tax filing until February 18th, 2023. The company will also ensure that it stretches its Celebration throughout the year as it plans to do something special again for July the seventh (7th) month of the year. Kumar explained, ‘We don’t want to leave anyone out, thus we will ensure that we also stretch the Celebration across to our Foundation as we try to give back to our society and youths’. He then went on to express his encouragement for patrons to look out for the company’s (BIZcare Foundation) annual ‘Spread LOVE this Christmas Funfest’ event which will be bigger and better this coming December 2023.
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
- TCC Services
And Others.
Like us on:
Written by: Kmar Henry [ CEO |BIZcare Consultation & Accounting Firm Limited ]
Edited by: Sheryl Bailey [ Director | BIZcare Consultation & Accounting Firm Limited ]
by an85 | Feb 21, 2023 | BIZ-Blog
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
- TCC Services
And Others.
Like us on:
Written by: Kmar Henry [ CEO |BIZcare Consultation & Accounting Firm Limited ]
Edited by: Sheryl Bailey [ Director | BIZcare Consultation & Accounting Firm Limited ]
by an85 | Jan 18, 2023 | BIZ-Blog
In the years 2020 and 2021, we have probably witnessed one of the most traumatic eras ever for the human race. Families were lessened, jobs were made redundant, restrictions were imposed, schools were closed, hotels got hit and businesses were just simply forced to go straight back to the drawing board. It is therefore safe to say, that this is one of those times when we realize the true importance of personal contact and that our freedom can be taken from us in a heartbeat if we simply don’t abide by the rules. As such, throughout these times businesses and economies at large were forced to find more innovative ways to operate both on a public scale as it relates to schools, churches, and even hospitals, and privately as it relates to families and businesses. Thus, this pushed everyone to draw or pull from their cash reserves. Everything as we knew it went straight into reset mode.
What has COVID-19 taught us as an Economy?
There were some important lessons to take from this difficult period as it relates to nation-building and operating in a period of disaster. Some of these are:
1. We will ALWAYS need Cash Reserve: Whether it is to secure your personal and family’s expenses throughout a period of disaster or more simply put recovery (This is the rainy day we’ve always heard about). The matter of having sufficient cash will or should always be considered. The real reason why some businesses were forced to close, and some were able to stand was mainly because of this factor.
2. Selling a “need” or “necessity” is always a great idea: The Chinese surely benefited and taught us this well. As we saw a country that benefited supremely from being able to massively produce masks, boxes, food, fans, etc. within a time of difficulty. This also enabled a lot of our wholesalers and grocery stores to benefit throughout this difficult period.
3. A clean environment benefits everyone: From plastic bottles to clean monies, to keeping our hands, surfaces, and mouth clean. Everything comes into play in a time of crisis. As such, it just simply means that our nation will just have to take the harsh lessons learned from this to fix all those bad habits that we have adapted over the years as it relates to cleanliness. As we can see how rapidly a simple virus can spread when we fail to do these things.
4. Everything works better with unity: Let’s remember that if we were far more unified, most of these disaster preparedness acts and laws wouldn’t have to be implemented. It’s just a real reminder of the sickening behavior embedded within us to not care about our neighboring brothers and sisters without facing harsh criticisms and being penalized.
5. Everything must go on: Sometimes we would think that the rapid loss of lives, mounting depression, and closing of businesses would at least somehow give us a grand pause from reality. But sadly, to say, this only made us dig deeper within our thinking frame to see how we could amend and ultimately find strategic ways to ensure that our nation and economy as a whole continued and eventually emerged from this towering pandemic. It just goes to show that within every dampened or tough time, we must find a way to ultimately pull ourselves through to continue to move on.
Has our Nation Recovered?
With our stock markets finally starting to trend upwards, banks earning their usual revenues, and businesses finally operating with their correct staff. It’s now safe to say that we have seen and experienced steady progress and growth within our economy over the past Six (6) months. Not to mention the record-breaking tourist arrivals that we had again throughout the last quarter and the increase in employment rate reported by the Statistical Research of Jamaica for the last half of the year. This has led to us believing again and seeing the fruits that are deemed critical to our nation from our entertainment industry. As companies like Wisynco, Red Stripe, and D & G can now again operate freely without the many restrictions that they were forced to implement on consumers throughout the difficult period of the COVID-19 pandemic. As such, many companies and businesses should be able to file their Tax Returns this year without their bank accounts worrying about where the financial backing would come from to cover their taxes.
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
- TCC Services
And Others.
Like us on:
Written by: Kmar Henry [ CEO |BIZcare Consultation & Accounting Firm Limited ]
Edited by: Sheryl Bailey [ Director | BIZcare Consultation & Accounting Firm Limited ]
by an85 | Jan 18, 2023 | BIZ-Blog
The notion of receiving tax benefits has always been a major concern for every business owner or self-employed individual. Most of them have always complained that the government does too little to ensure that some form of tax reduction or benefit can be received when one owns a business. Although to some extent the notion just explained may be true, there is a type of allowance that can be capitalized on primarily through the ownership of assets when used within your business. These benefits are received via a calculated percentage that is depreciated yearly based on the category or type of assets. This is ultimately called or known as ”capital allowance” and the rates are based on the type of asset as shown below:
– Motor Vehicles (Used in Businesses) 20%
– Motor Vehicles (Personal uses) 12.5%
– Equipment 12.5%
– Furniture 10%
– Computers 22.5%
– Printers 22.5%
– Buildings 4%
How is Capital Allowance Calculated?
The Capital Allowance for each asset type is calculated based on its given depreciation rate on a yearly basis based on the purchase value of the asset. For example, if you have a haulage company and thus have trucks that you used within the business, you will use the purchase of each truck times the stipulated capital or depreciation rate of 20% to find its ‘yearly capital allowance rate’. Thus, you would have a calculated rate as shown below:
Total Trucks Value or Purchase Value: $10M
Capital Allowance Rate: 20%
Capital Allowance Value: $10M X 20% = $2M
*The amount remaining of $8M is then ‘brought forward’ to the proceeding year to be then depreciated by the same amount or rate as used in the first year. The amount brought forward is therefore used until the asset is either sold or has reached the end of its useful life.
It is also important to note also that there is an initial rate of the said amount that is given or claimed within the same year that the asset was purchased as an allowance as well to lessen your taxes.
Is the Depreciated or Capital Allowance rate used as an expense?
The answer is the ultimate ‘YES’. The capital allowance calculated is used as an expense and is plugged within a special section of your yearly tax return and hence ultimately provides a legal way for you to lessen your taxes. Thus, it’s not too bad to try to own some assets to be used within your business after all.
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
- TCC Services
And Others.
Like us on:
Written by: Kmar Henry [ CEO |BIZcare Consultation & Accounting Firm Limited ]
Edited by: Sheryl Bailey [ Director | BIZcare Consultation & Accounting Firm Limited ]
by an85 | Jan 18, 2023 | BIZ-Blog
Many businesspersons have always asked the question of when is the right time to take the risk of acquiring a business loan. It has always been a question that is frequently asked and propelled throughout the different segments, industries, and nature of businesses. As such, as a business owner, it is important for you to be knowledgeable and understand these aspects and measures that can assist you in understanding the requirements that must be fulfilled before thinking to take your first business loan.
Requirement #1
‘Your Business or Company must be running for a minimum of 2-3 years
Many business owners find this aspect hard to accept, as they always look at the factor of the ‘need for capital’ and longevity. This simply means that during the earliest days of business, this is where most businesses find it extremely difficult to acquire funding and working capital to make their business fully functional and thus profitable, which is within its entirety an accurate statement. However, what we must accept as business owners are that it is throughout these times that we are tested with all the realities and burdens of running a business successfully. As such, if we should look at this aspect from a monetary or financial view, we will then understand that it would be a gradual risk to lend money to a new business or company that has not even pushed through its survival period. Hence why many businesses and companies have found it difficult to sustain their operations throughout this time and then ultimately close. Thus, positioning your business throughout this period and learning all the right things are key components within these times and will ultimately be one of the most important factors that will deem your business qualified for a loan.
Requirement #2
‘Opening or having a Business Account
Whilst some may argue that their track record or credentials of earning revenue can be established by a full assessment of their personal account, the fact or aspect of it being ‘personal and not business’ will always come into play. A personal savings account is one that sustains personal and non-related business activities that may include your accepting or transmitting salaries, utility payments, shopping, etc. Whilst a business account ultimately monitors and accepts all business-related transactions that may include accepting customer payments, huge money lodgements, making salary payments, etc. As such, opening and monitoring this account will ultimately show and prove accountability and credibility that your business is completely legitimate.
Requirement #3
‘Passing monies through a Business Account’
Another requirement is that many business owners are still falling short as they most times turn to the fact that the cash is used at the business as petty cash or to pay for goods before it actually reaches the business account. However, this will or may not help in no way shape or form. To diminish this notion, it is highly recommended that some form of subsequent petty cash system is implemented daily with the practicality and understanding that whatever is earned throughout the day will then be lodged straight to your business account. And yes, this may mean that you’ll need to visit the bank more than once daily to ensure that this is being done. As stated in requirement number two above, your track record within your first couple of years is extremely important. Thus, every effort must be made for you to have this revenue lodged as this will be your proof of whatever revenue that your accountant stated was earned throughout the financial year when trying to access a loan.
Requirement #4
‘Being Tax Compliant’
And yes, this simply means that all your taxes which may include your ITO2, ITO3, ITO7, SO4, SO4A, SO1, or FORM 4A (GCT) are filed, paid, and up to date. As you know, not doing this will only make matters worse when the bank needs that Tax Compliance Certificate (TCC) to fully process your loan. What many businesses do is to put these aspects or filings off until the outstanding amounts are huge and thus will ultimately prove too much of a burden to fulfill. As such, we always encourage persons to ensure that proper measures or systems are being implemented to ensure that all these tax filing implications are being done timely.
Requirement #5
‘Being Compliant with the COJ’
This is another that businesses fall short of. And it is usually right before the loan is being processed that they usually become aware. All businesses whether Sole traders, Partnerships, or Company Limited must have a valid business certificate before any loan of the sort can be processed. Especially within the aspects of operating a Company Limited where the bank will most times ask for a ‘status report’ in the form of a ‘____’ that ultimately proves that all filing is being done and updated at the Companies Office of Jamaica. Thus again, we can ultimately see why this is important in attaining a loan.
Requirement #6
‘Attaining Assets’
Whether it’s trying to purchase a motor vehicle to carry goods or buying tables, chairs, and shelves for your business, all these things will ultimately aid in ensuring that your Assets are of greater value than your Liabilities. This is shown and proven on your balance sheet when your accountant compiles your Financial Statements. After this has been complied with, most banks will then ask for the submission of a Cash Flow Projection which will clarify and show how your business operations will be affected by whatever was done with the loan. Which may include buying additional stocks or purchasing another vehicle to transport goods. However, it must be known that all of these aspects will ultimately have some form of effect on your business and thus will aid in showing how your debt servicing will be done over the course or time of the loan.
Requirement #7
‘Having a GOOD Credit Score’
Having a bad credit score simply means that you may have unsettled loans or credit cards in the past. Thus, the credit bureau is now fully in effect with the implementation of a ‘credit score’ system that captures all credit that was opened by you or your business over a seven-year period. This ultimately means that all these factors will come into effect with scoring or proving your credibility. As such, if you fall within this notion of ‘having bad credit’, do ensure that you contact your facilitator in providing whatever loan or credit that was given and try to come to some form of agreement with settling these issues. Trust me, you’ll thank yourself in the long run since not only does this affects you but also becomes tied to your business. Failure to do so will even leave you with the possibility of not being pre-approved for a business loan of which many business operators are being blessed with the opportunity to have easier access to funding.
Requirement #8
‘Having Proper Business Records’
Again and again, this notion is pushed and preached amongst most business owners. However, most times they still come up with all these excuses of why this can’t or is not properly done. As such, accountants have over the years found it extremely difficult to acquire and attain this information. Thus, we again encourage business operators to not wait until they are called by the Tax Office for an audit or when they are in desperate situations where a loan is needed, and you then scamper all over the place to scrap information to give your accountant to compile your financial statement. But please do so on a continuous basis by implementing a proper recording system.
With all this important and valuable information now being placed at your fingertips or should I say in front of your phone screen for you to read. Let’s hope that you will now ultimately place those improper business practices aside and use these shown above to increase your chance and credibility to have access to business loans or funds. As we all know that in the long run, your business growth will ultimately depend on this.
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
- TCC Services
And Others.
Like us on:
Written by: Kmar Henry [ CEO |BIZcare Consultation & Accounting Firm Limited ]
Edited by: Sheryl Bailey [ Director | BIZcare Consultation & Accounting Firm Limited ]
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