Services

    Payroll

Question: Why it pays to outsource you payroll?

There's more to managing small business payroll than writing checks and handing them out to employees on time. You need to keep accurate records, calculate and pay payroll taxes, and communicate effectively with employees. Many small business owners are finding that they can simplify the process by using KStone Business Consultants Ltd as their outsourced payroll provider to manage the entire process cost-effectively and efficiently.

Outsourcing your payroll can provide your small business with a number of important benefits:
  • Save time and Say good-bye to payroll hassles.
    Now you can trust your payroll is in good hands. There's nothing better than personal attention from a trusted advisor who knows your business.
  • Save money.
    Eliminates the need for a internal payroll department
  • Accurate payroll you can count on.
    All of your payroll information will be maintained and available: employee records, past pay stubs, tax filings, and records of tax payments.
  • Avoid penalties.
    Monthly and/or quarterly employment tax reports (NIS, PAYE Health Surcharge) are managed by our payroll service, ensuring they are submitted correctly and on time. End-of-year paperwork — TD4's — are handled directly by the payroll provider, so they are sent out on time.
What do I need to get started? All we need is your company and employee information, and payroll history (if any) for this year. Call us to schedule an appointment to discuss your payroll requirements and KStone will design a customized payroll solution just for you. Feel free to contact us at 783-6860 for your free consultation today!
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We offer a comprehensive range of services for corporate secretarial support throughout the life of a business or company start-up and maintenance.

Services Include:
  • Incorporation/Registration
  • Name Search and Reservation Registration as Sole Trader Registration of Firm/Partnership Incorporation of Limited Liability Company Incorporation of Non-Profit Organization
  • Statutory Compliance
  • Filing Company Annual Returns Change of Address/Directors/Secretary Preparation of Company By-Laws
  • Other
  • Struck Off Company Dissolution of Partnership De-Registration of Defunct Business
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Remittances

Pay As You Earn, National Insurance and Health Surcharge
Employers are required to withhold Income Tax, Health Surcharge and National Insurance contributions from salaries paid to employees and to remit them to the Board of Inland Revenue and the National Insurance Board.
KStone provides this service for clients who are on retainer and/or those for whom we provide Payroll Services.

VAT Returns
Preparation of VAT Schedules and Return Forms for the filing period, ensuring that they are filed accurately and on time.

Getting registered for VAT and filing the requisite Returns can be a daunting and tedious task for most managers and business owners. KStone offers a reliable service that allows the owner/manager to focus on their business operations by navigating through the legal requirements and preparing the documentation and apply for VAT registration on behalf of the client.

Once registered, we can also prepare and file the Returns on your behalf. Contact us today to find out how we can get you started!

FAQs
  1. Who has to register for VAT?
  2. Individuals or businesses that sell goods or services worth TT$360,000.00 or more in a twelve-month period must register for VAT. Individuals and businesses must also register if they forecast sales of TT$360,000.00 or more in a twelve-month period.

  3. Once I'm registered for VAT, how often do I have to file VAT Returns?
  4. The standard VAT period is two (2) months. Persons registered for VAT are required to submit a return and remit VAT due for each two-month period. Each return is due on or before the 25th day of the month following the end of the tax period.

    Taxation

We prepare companies' tax returns for filing with the Board of Inland Revenue (BIR) on or before the due date, based on review of the financial information provided by the client.

Individual Income Tax Returns
Annual Income Tax Returns are prepared and submitted on behalf of both employed and self employed persons.

VAT Returns
We prepare monthly/bi-monthly Value Added Tax (VAT) returns and handle all correspondence with the VAT office on behalf of our clients.

Quarterly Instalments (Corporation Tax, Green Fund Levy, Business Levy)
We calculate and remit payments of quarterly instalments of tax due and payable for the year of income.

Tax Registrations
We advise whether registration for tax purposes is required and make applications for registration for Corporation Tax, Value Added Tax and Income Tax (PAYE).

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