TAX INFORMATION FOR BUSINESS

HOW YOU CAN PAY YOUR TAX

When you start business either as a Sole Proprietor, Partnership or a Limited Liability Company, you need to go to the Tax Office nearest your business to register. You require the following documents to register.

1. SOLE PROPRIETOR

2. PARTNERSHIP

3. LIMITED LIABILITY COMPANY

The Tax Office will issue you with the following forms for completion and submission.

1. SOLE PROPRIETOR

2. PARTNERSHIP

3. LIMITED LIABILITY COMPANY

The Tax Office will then have an interview with you about your business. Based upon the interview, you will be given a provisional assessment. A person is expected to pay the provisional assessment in four quarterly instalments.by the end of the year if that person’s basis period is a twelve month period beginning from the start of a calendar year as follows:-

A person whose accounting year differs from the governments fiscal year should pay his taxes by the end of each three month period commencing from the beginning of the basis period and a final instalment by the last day of the period.

After the end of the year you will be required to submit a copy of your accounts showing the amount of profit you have made. This should be done within 4 months after the end of your basis period.

You need to keep accurate records of all your business transactions and the receipts, bills bank statements, cheque stubs to back your claims.

To work out the profit you will need to know the details of everything paid in or owed to the business, and everything paid or owed out of it. This will include all your business expenses and any money or items you have taken out of the business for your private use.