Saturday, 5 November 2016

Originally posted on Facebook -Financial Planning Tip - November 5, 2015 -001 - Green Fund Levy and Business Levy - 4th Quarter Payments for 2015.

The 4th quarter payments for Business Levy and Green Fund Levy are due on December 31, 2015 ( Old Years Day.. In 2016 Dec 31, falls on a Sat. and most persons expect to go home early on the Friday :)). This year, this day precedes a public holiday in Trinidad and Tobago and also the date occurs (falls) on a Thursday..

To deal with cash flows and persons wanting to enjoy the holidays which occur in the week before the due date for the payments, may I suggest that the calculations for the receipts and payments for October 2015 be prepared and the funds set aside. For the financially brave, they may prepare a cheque for the amount and the payment description slip also. :)

In the last week of November 2015 perhaps a draft of the calculations can be prepared and again a cheque and a payment description slip can be prepared in the first week of December 2015, when your figures are accurate.

With respect to the calculations for December 2015, here are some of the factors which may impact on your receipts and your potential liability:
  • Dividends declared and paid in the last quarter,
  • Interest on bonds which have not been accounted for in the previous quarter or which are due in this quarter,
  • Interest earned on a bank account for the quarter,
  • Other Income,
  • Trade Income. ~With respect to the Trade income. Given that in most months, depending on the industry to which the good or service belongs there are various challenges, for example retailers of goods have their challenges with sales of appliances prior to Christmas, groceries and supermarkets have their challenges with the sales before Christmas and for the New Year, their extended working hours, service suppliers may be able to budget the value of the services which they will deliver to some extent. If things are not " visible" perhaps you can seek additional assistance from someone who may be willing to spend time stating some assumptions, setting up spreadsheets with formula, all of which can be discussed prior to the end of November 2015 or in the first week of December 2015.
The cost of an enjoyable Christmas may be that extra assistance which may be provided by either a Tax Planner or a lawyer or by an accounting outsourcing company!

Search the net for one...  If you think that there have been changes in your company in this year that you would like to discuss with someone who may be qualified to provide the advice in writing and which you can use, now may be the time to get things right!

Next year things will change and there will be Quarter 1 2016 taxes which will be due in March, 2016 and final payments for Year of Income 2015 which will become due on April 30, 2016 unless there is an extension in the due date for payments!

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