Here are some common questions our clients frequently ask.
How Do I Register My Business?
Your Business is registered at The Companies Office of Jamaica (C.O.J) via the submission of a BRF Form. however it is important to not that registration differs based on the “Business Type” which may be SOLE TRADER, PARTNERSHIP, COMPANY LIMITED etc.
What Do I Do After Registering My Business?
It is important to speak to a Compliance Officer at the Tax Office or Accountant after registering due to the fact that there are tax related issues to be sorted based on the type of business registration. In order for this process to go smoothly, please enure that you have a proper recording system in place and also a current savings and chequing account with your bank.
What Are the Differences Between The Types Of Business Registration?
The differences that lie between registering your business as a SOLE TRADER, PARTNERSHIP or COMPANY LIMITED lies in the taxes, registration process and legalities. For more information on this topic, please see our articles in the BLOG section by clicking the link below.
What Do I Need To Open A Business Account?
To open a Business Account at any bank you will be required to obtain and present a Tax Compliance Certificate (T.C.C), Projection or Financial Statement (Pending if the business is new or not) and also the Business Certificate along with the articles if you are registered as a company. Additional documents that you will need to have on hand are your ID and T.R.N (All partners and share holders).
What Do I Need To Apply For A Business Loan?
To apply or to be deemed qualified for a Business Loan, you will be required to have a current savings or business account that is properly maintained and finances over a year to an eighteen (18) month period. It is highly important for you to ensure that all your business revenue is passed through your account. You may also be required to supply Financial Statement/s, a Tax Compliance Certificate (T.C.C) along with a projection.
Are Business Loans Lower than Personal Loans?
YES; a Business loan can range between 10% – 17% based on financial or account statistics after an assessment is done by a loans officer.
What Are The Income Ranges To Have Access To A National Housing Trust (N.H.T) loan?
Salaries or income must range between the $780,000 – $3M range or more to have access to or be deemed qualified for a loan of $5.5M – $6.5M.
What Is A Tax Compliance Certificate (T.C.C)?
A Tax Compliance Certificate more commonly called a T.C.C, is a specific number supplied by the Tax Administration which gives clearance or confirmation that a person or business is Tax Compliant, meaning that all taxes are filed and paid up. In order to obtain a T.C.C you will be required to have a clearance letter from N.I.S and the N.H.T before going to the Tax Office.
Do I Have To renew My Business Certificate?
YES; your Business Certificate, in reference to a Sole Trader or Partnership, should be renewed every three (3) years after registering. However, as it relates to a Company Limited, renewal or its filing should be done yearly.
Do I Have Need To Submit A Financial Statement With My Tax Return?
YES; all business owners should submit a Financial Statement with their Tax Returns. This proves and gives a clear reflection of your operations for the year. Self-Employed individuals may be required do the same based on the nature of their income. Contracted Individuals may be required to submit a copy of their P24 or contract.
How Often Do I Need To File My Taxes?
Self-Employed or business Owners are required to file an annual tax return on or before March 15th of each year after registration. Companies are required to do the same, however, over an eighteen (18) month period after registering.
Which Form(s) Do I Need To Submit When Filing?
A S04 and S04A Form is required for individuals, self-employed or contractual workers. whilst an IT02 or IT07 and IT03 Form/s is/are required for Company’s Limited and Partnerships respictively.
Can I Get A Tax Return?
YES; as a Contracted Worker, you may be entitled to a tax return or refund if the income tax of 25% was deducted from your salary or pay and you were being pais under the tax threshold of $1,500,096. You will be required to file an IT05 return, with your P24 for the assessed year.
Do I Need To File To Gain Or Have Access To A N.H.T loan?
YES; all self-employed persons are now required to submit a S04 and S04A return to have access to a N.H.T loan. Qualifications are done based on your net income and earnings for the assessed year. Also, all your N.H.T contributions must be paid up and current.
Shop #13 Atlantis Plaza
(Beside The May Pen Hospital)
(876) 902- 7259
Share this page/post with your friends!