S1 EP 6: Self-Employed? Here's Everything You Need to Know About Taxes in T&T

07/04/21 • 11 min

Being a sole trader and a self-employed person can be quite tough especially having to navigate all the tax rules and regulations to remain in compliance with the law.
In today's episode I hope to break down and make clear some of the important taxes and some guidelines that you should follow as a self-employed individual or sole-trader. We'll chat about:

Income Taxes for Self-Employed
Business Levy
Statutory Deductions such as National Insurance /PAYE/Health Surcharge

To view NIS Contribution Rates:
https://www.nibtt.net/Contribution_Rates/cont_Sept05_2016.htm
For more tips, info and useful resources follow me on social media:
https://www.instagram.com/infinityaccounting_tt/
https://www.facebook.com/infinityservices.st

Income Taxes for Self-Employed
Business Levy
Statutory Deductions such as National Insurance /PAYE/Health Surcharge

Previous Episode

BONUS EPS: Plan For Retirement!...Especially in your 20's

Today we switch things up a bit with a bonus episode!
In this Bonus Feature, we'll talk about retirement planning and how important it is to start early to reap the most benefits! We get deep into the reasons why you should not rely solely on National Insurance Contributions and Government pensions as your only source of retirement income and how you can benefit in the long-run from starting a retirement fund in your 20's.

Check on your NIS Deductions at:
https://www.nibtt.net/OCRS/Form_Request.html
Link to article written in the Guardian:
https://www.guardian.co.tt/business/imbert-worries-about-sustainability-of-national-insurance-fund-6.2.1340588.59ae92c133
For more tips, info and useful resources follow me on social media:
https://www.instagram.com/infinityaccounting_tt/
https://www.facebook.com/infinityservices.st

Next Episode

S1 EP 7 More Tax Deductions: Deed of Covenants Explained

You can claim deductions for any donations made to your church or charity during the tax year by utilising a Deed of Covenants. In this episode I discuss how you can register and claim these contributions as tax deductions each year and some key things to consider when deciding to register.

To download print or view a Sample Deed of Covenant Form:
https://www.ird.gov.tt/Media/Default/IRDForms/F-Deed_Of_Covenant--.pdf
For more tips, info and useful resources follow me on social media:
https://www.instagram.com/infinityaccounting_tt/
https://www.facebook.com/infinityservices.st