Barbados Tax Season 2021
Do not wait on the deadline
Do not wait on the deadline
You are reminded that April 30, 2021 is the deadline for filing of Personal Income Tax and June 15, 2021 is the deadline for filing of Corporation tax for companies whose fiscal year end was December 31, 2020. Remember to update your asset register and depreciation adjustments, complete your monthly bank reconciliations and stock takings and remember to request statements for any liabilities to confirm any loans or credit facilities.
Employees under the tax free threshold of $25,000 per year are to make sure their employers have their Tamis numbers
Every employee must register with the Barbados Revenue Authority (BRA) even if their annual income is less than $25,000 and they pay no tax. If you are under the threshold for income tax meaning that your annual income is greater than $4,000 but less than $25,000 for income years 2019 and 2020 then you are qualified for a reverse tax credit of $1,300 for each year. If you have not filed for 2018, you may still also qualify.
Once your employer has been given your TAMIS number, your employer should filing a PAYE return in TAMIS along with a National Insurance return. Some employers have only been filing National Insurance returns and NOT the PAYE returns because their staff are all under the $25,000 per year threshold and not subject to a PAYE deduction or they are not aware of the requirement to file a PAYE return.
If your employer has not filed a PAYE return in TAMIS for you, then he is preventing you from making a claim for your reverse tax credit of $1,300 per year. If you have not yet registered in TAMIS and obtained a TIN number to give to your employer, then you are preventing yourself from filing for the reverse tax credit and receiving $1,300 for each year.
Be sure to contact us for any further information or assistance.
Robert M. Homer
RMH Financial Consultants Inc
“We value our clients”
Related links :
SBA Reminds Business Owners to Remain Tax Compliant
To get more insight on which taxes apply to your business and to learn more about your business' filing and payment process, watch the full webinar on the SBA’s Facebook page at www.facebook.com/sbabarbados
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Number Cruncher and more!
by Marlon Madden
He has a love for crunching numbers. And with a natural talent to do so, Robert Homer, 53, is always passionate about helping individuals and business operators to understand their cash flow, file their taxes and keep abreast of laws governing the financial services sector. Homer is the managing director of his 25-year-old company RMH Financial Consultants Inc. He is one of the finalists in this year's Small Business Association (SBA) People's Choice Awards. Homer, who operates his Kingsland, Christ Church home-based business with help from his wife Carolann, told Barbados TODAY business for him had been "fairly steady" over the years because of the type of services he offered and how far he was willing to go to assist clients.
When Homer started his business in March, 1990, it was called RMH Accounting Services. Back then he would focus mainly on offering accounting services. However, over the years he saw a need for additional offerings, including training, and in May, 2005, he incorporated his business and gave it its present name. RMH Financial Consultants Inc. offers a range of accounting services, including training with a focus on Quickbooks, compliance management and the filing of taxes for individuals and corporations.
The accounting enthusiast said from the time he was in secondary school he knew he wanted to get involved in a career where he would get to live his dream of having to work with numbers. "I came up in that field straight out of school. I did accounts at 0 Level. So I have always had a love for numbers. All through school I thought it was easier to do maths than English. I used to think that maths was common sense, logics. Not much to read, it is just to figure out what to do. So I have always had a flair for numbers," he declared.
SBA People's Choice Award Entrepreneur of the year 2015
Robert Michael Homer is the recipient of the People's Choice Award for Entrepreneur of the year during the SBA / First Citizens Bank small business week in 2015. Mr. Homer is a certified Intuit Quickbooks User and Trainer since 2011 and has trained hundreds of students at the Small Business Association in Basic, Intermediate and Advanced Quickbooks, over the past decade.
Barbadians turn to SBA for Training
With the rising cost of education and increasing competition for employment, Barbadians are taking advantage of the affordable and quality training & development courses offered by the Small Business Association to either improve their business competitiveness or to make themselves more marketable to employers.
This was evident in the association's third and final semester for the 2014/2015 academic year. The term got off to a successful start with all three of the computer- based accounting classes, QuickBooks, being fully subscribed.
Participants included young entrepreneurs, small business operators and professionals from the association's membership and the general public seeking to further equip themselves with the skills needed to be successful in their respective fields.
In previous semesters, the QuickBooks courses have been in high demand, with each semester having a waiting list of students desirous of taking part in this computer-assisted accounts programme. The value-added to the third term courses was the effective use of social media to mobilise and register students. Participants used the association's Facebook and twitter vehicles to keep up-to-date with the organisation's training schedule and to register early for the classes, thus underscoring the value of these two social media avenues. The productive use of these mechanisms demonstrated the benefit that can be derived from online marketing and the cost effective medium that small firms can use to promote their product offerings, particularly in this time of economic recession.
For more information on courses offered and how to sign up, visit the SBA's website.
Welcome To Bartersmart Barbados!
A CCCU certificate of participation was awarded to Bro. R. Michael Homer in recognition of completion of 8 contact hours on the topic "Design and Implementation of an Enterprise Risk Management Framework for Credit Unions".
Mr Homer indicated that having served as a member of the Supervisory Committee for the past three years, he found this topic to be very interesting and relevant to BWUCCUL's operations. The collection of internal and external factors which affect an organization's growth and shareholders' value creation are all the risks associated with doing business in this current economic climate. It was also interesting to note how closely this topic is related to internal audit.
Risk includes the inability to manage unplanned decreases or changes in funding sources and also arises from an entity's failure to recognize or address market changes that affect the ability to liquidate assets quickly and with minimal loss in value. Four main risk areas were addressed as follows:
- Foreign Exchange Risk
- Liquidity Risk
- Compliance Risk
- Technology Risk
A risk register should be implemented in the credit union which would provide a structure for collating information about risks and enable the Credit Union to understand its comprehensive risk profile.
Once the risk register is implemented, the process of monitoring becomes a function of Internal Audit who will give assurance on the soundness of the risk management process and that risks are correctly evaluated and ranked and also evaluating and reviewing the reporting of key risk.