Tag Archives: GCT

Too many taxes for the self-employed?

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Last week we discussed the financial obligations of self-employed persons for income tax, National Insurance Scheme (NIS) and National Housing Trust (NHT). This week we’ll complete our look at all the various taxes that the self-employed are responsible for paying.

Education Tax

Self-employed persons are required to pay two per cent of their statutory income in education tax every month. If you’re new to business you’re probably unsure of exactly how much income you may earn for the year, or initially you might not earn any net income at all.

The amount of education tax you pay will be based on the expected taxable earnings that you indicated in your estimated income tax return form, so it’s best to be conservative with this estimation.

It’s interesting that although there are constant reminders about paying your income tax, you hardly hear about your responsibility to pay education tax. In fact, I discovered that even the Inland Revenue Department seems a little ambivalent about when this tax should be collected. Continue reading Too many taxes for the self-employed? →

Your Taxes – What You Don’t Know CAN Hurt You

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Last week we started looking at a topic that makes most consumers rather uncomfortable – taxes. We either think we’re paying too much or we’re trying to figure out ways to pay less.

However, just like a persistent itch that won’t go away until you scratch, our obligations to the ‘tax man’ won’t disappear. It just makes good financial sense to learn more about our rights and responsibilities under the tax laws.

Recently the Jamaica Trade and Invest (Jampro) Corporate Finance Broker Unit hosted a seminar that highlighted some of the key tax matters relating to self employed persons and small business owners.

Presented by renowned tax expert, Ethlyn Norton Coke, the event featured discussions on the Jamaican tax system, tax deductions, GCT issues and compliance requirements. Continue reading Your Taxes – What You Don’t Know CAN Hurt You →