After filing your taxes, there’s a list of things that you must do in order to ensure that you stay compliant or meet the obligations of the Tax Administration. As we have seen so many times where taxpayers become so distracted with doing business that they forget to ensure that these obligations are met. As such, here are some of these obligations:
1. Not remembering to submit their return in order to pay their Trade License: This is probably the most common, as many times taxpayers within the retail and wholesale industry forget that their trade license fee is tied or based on how much revenue was made within the year before. Thus, this simply means that your amount to be paid is basically a reflection of your sales or revenue for the prior year. This submission and payment become due on April 1st of each year.
2. Not paying or covering Quarterly Tax Payments: This is also another common factor, as many taxpayers or business owners simply just don’t remember this obligation until they become in need of a Tax Compliance Certificate. As such, your Quarterly Tax Payments should be made on the following dates: March 15th, June 15th, Sept 15th, and Dec 15th. Also, it is important to note that if you’re trying to retrieve your NHT qualification at a later date, you must ensure that your quarterly payments for NHT are made on time.
3. Not registering for a GCT account after filing and realizing that they are over the $10M GCT Threshold: Many taxpayers or business operators (Wholesalers and Retailers) are guilty of this as they just think that it’s better to ignore the factor until they are promoted or visited by a compliance officer. It should be noted that once you are over the GCT threshold, you should ensure that you open a GCT Account and commence the submission of a Form 4A Return monthly via the TAJ online portal.
4. Not Filing and Paying their SO1 Return: This is another factor that is just knowingly ignored by most taxpayers until they are either again prompted by the Tax office or in need of a Tax Compliance Certificate (TCC). As such, please bear in mind that your SO1 Returns must be submitted and paid on or before the 14th of each month. Failure to do so will only attract interest to your principal to paid already to be paid.
5. You should continue to File your Invoices and Receipts PROPERLY: Many taxpayers and business owners are guilty of this, as they are still carrying a box filled with receipts and invoices at the end of the year to their accountants. Please do remember that you should always try to implement a proper recording system that persists to ‘properly file’ and put away your invoices and receipts from your business transactions based on categories in chronological order or format.
NB. It is never in your best interest to ignore these obligations until you are in need of a TCC or waiting to be visited by a compliance officer. By then you might be liable to pay taxes for months or years that have already passed which will ultimately lead to you paying lump sums in taxes, rather than being compliant from the get-go.
So, there you have it. Let’s ensure that we try our ultimate best to try not to commit these common mistakes as their recurrence will only make you continue to meet or pay your obligations in a larger sum of money that you simply might just not have at the time.
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
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Written by: Kmar Henry [ CEO |BIZcare Consultation & Accounting Firm Limited ]
Edited by: Sheryl Bailey [ Director | BIZcare Consultation & Accounting Firm Limited ]