Success Lifestyle Magazine Issue 9 June 2021 - Page 8

Tips for Filing Taxes in Jamaica
Camile Clarke
Companies tend to have a lot of fixed assets that give them capital allowance and depreciation claims . So , the annual statutory filing will allow the tax office to recalculate what you ’ ve paid to determine whether your company has overpaid or underpaid . A refund is issued if you ’ ve overpaid and you ’ ll be responsible for ensuring that refund is reflected on your employees ’ pay advice slips .
Another important point to note is that entrepreneurs who own corporations should also be paying individual taxes ! That ’ s one of the downsides of operating a corporation - double taxation . Your business is taxed and your income from the business is also taxed . You would file those individual tax returns as a self-employed individual .
Issue 9 : June 2021