Before you file your Income Tax Returns:

• Ensure that the information on your TD5 and/or TD4 is correct.


• Record income, deductions, PAYE, estimate tax etc. on the correct lines.


• Check your calculations carefully.


• Sign and date your Return.


• Attach your cheque (addressed to The Accountant General) for the full amount you owe.

P.A.Y.E. DO’S

1. Determine monthly/weekly income and include all benefits.

2. Use code 135 M for standard deduction of $14,000.00.

3. Match salary and PAYE to get the correct deduction.

4. Remit on TD3 the total amounts deduction from employee on or before the 15^th day of the following month.

5. All cheques should be made payable to The Accountant General.

6. At the end of the year, please submit TD5 or a TD4 for each employee.

7. TD5’s and TD4’s must be accompanied by a TD6.

8. When preparing TD5’s and TD4’s only include the information that is relevant to the current year.

9. All information provided should be legible.

10. Please enter the date that each employee commenced work.

P.A.Y.E. DON’TS

1. Do not exclude benefits e.g. bonus, Travelling, commissions, Housing Allowance etc.

2. Do not forget to encourage your staff to alert you if they change their filing status.

3. Do not submit a TD5 and a TD4 for the same persons who were re-employed during the same year.

4. Do not submit your payments late.It attracts interest at a rate of 1.5% per month or part thereof.

5. Do not make cheques payable to the Comptroller of Inland Revenue.

7. Do not exclude employees who have earned less than $14,000.

8. Do not include any amounts paid as personal arrears (for previous years) on TD5/4s submitted.

9. Do not forget to use the rubber stamp or enter the work place address on TD5/4’s submitted.

10. Do not forget to enter the date of leaving and private address for former employees for which TD4’s have been submitted.

1. Avoid fines and penalties, pay your taxes early.


2. By 31^st March file your return and pay outstanding tax.


3. Certified of Competence expires within six (6) months of date of issue.


4. Driver's Licence should be paid by date of birth.


5. Estimated Tax payments are due by installments on a quarterly basis.


6. Furnish all relevant documents when filing returns.


7. Garnishee orders will be issue to defaulting taxpayers.


8. Hotel Tax is charged at a rate of 7 % on accommodation and restaurant rates. Help us to help you! Please co-operate.


9. Interest charges of 18% p.a. or 1.5% per month or part thereof are imposed on personal and corporate income tax.


10. Just come in and see us and we will discuss suitable payment arrangement.


11. Keep all receipts.


12. License your vehicle! Please bring along a valid Insurance Certified, an Inspection Certificate and the correct fee.


13. Motor Vehicle licence fee: and additional 10% payable after 31st January.


14. Never overlook your tax obligations.


15. Objection does not suspend payment of tax.


16. Property Tax for the current year must be paid by 30th September.


17. Questions and queries would be answered promptly by any member of staff.


18. Resist the urge to ignore your tax liability.


19. Salary deduction is a method of collecting outstanding taxes. Settle all outstanding balances promptly.


20. Travel Tax – 5% is due by the 15th of each month.


21. Utilize our services.


22. Voluntary Compliance is one of the Objectives of the Inland Revenue Department.


23. Withholding Tax is payable on income due to non-residents: rentals attract 10% and all others 20%.


24. Examine your options! Exercise your right! Express your opinions! Expect co-operation for your extra efforts!


25. You are guaranteed confidentially in all tax matters.


26. Zoom on down to the I.R.D! File your Tax Return! Pay all outstanding taxes before deadline!

SIX (6) STEPS IN PREPARING YOUR INCOME TAX RETURN

1. Get all your records together for income and expenses.


2. Obtain all forms (TD5’s/TD4’s) and schedules that you need.


3. Complete the return, filling the lines correctly.


4. Check your return to make sure it is correct.


5. Ensure your return is signed.


6. Attach all schedules and supporting documents such as Mortgage Interest Certificate, Property Tax Receipt, Insurance Certificate, Transcript for children-studying overseas, and Credit Union Savings Certificate.