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Category Centre - Self-employed Persons/Sole Traders

 

FOR SELF-EMPLOYED PERSONS/SOLE TRADERS

 

This is a summary of specific taxes which may be applicable to the Sole-trader or Self Employed person and the dates upon which they are due and payable. Self employed persons include Taxi Drivers, suitcase traders, vendors, hairdressers, tradesmen etc.

A Partnership comprises two or more sole-traders. Therefore the responsibilities of the partners in a partnership are also included hereunder -

 

MARCH 31	First quarterly instalments due and payable in respect of Income Tax, Health Surcharge and Business Levy.
APRIL 30	Your Income Tax Return for previous year is due. Payment of all outstanding taxes for the previous Income Year is due and payable.
MAY 01	Interest accrues on all outstanding liabilities at the rate of 20% per annum.
JUNE 30	Second Quarterly Instalment due and payable in respect of Income Tax, Health Surcharge and Business Levy.
SEPTEMBER 30	Third Quarterly Instalment due and payable in respect of Income Tax, Health Surcharge and Business Levy.
OCTOBER 31	The last day for filing your previous year Income Tax Return without accruing  a penalty for late filing.
NOVEMBER 01	An Income Tax return attracts a penalty of $100 for every six months it remains outstanding after this date.
DECEMBER 31	Fourth Quarterly Instalment due and payable in respect of Income Tax, Health Surcharge and Business Levy.

 

• If VAT Registered Your VAT Return is due and Taxes Payable on the 25^th day preceding the Tax Period.

• Your Tax Period is any two month period approved by the Board upon registration.

NEW BUSINESSMAN?

 

• Register the Business Name with the Registrar of Companies

• Apply for a Board of Inland Revenue File Number (if you don’t already have one)

• Apply for  a PAYE Number (if you have employees)

• Register for VAT (if projected receipts exceed TT$200,000/annum)                                 

Current Quarterly Tax Rates 2009

Income Tax

Chargeable Income/Profits  -  25%

 

Health Surcharge

Income more than $469.99 per month  - $8.25 per  week

Income less than $470.00 per month    - $4.80 per week

 

Business Levy              

Sole traders whose sales or receipts are in excess of $200,000 per annum are liable to Business Levy (BLV). The current rate of BLV is 0.2%

 

PARTNERSHIP

The Partnership pays only one tax - Green Fund Levy.

The current rate is 0.1%

 

SEE Small Business Person Booklet