“You must file your tax returns!” was the echoing sentiment throughout the first quarterly webinar series, presented by Flow Business, catering exclusively to small and medium-sized businesses (SMBs) recently.
Addressing the almost 250 entrepreneurs who tuned into the webinar, Serika Sterling, Managing Director, Senior Accounting Services said, “under no circumstances should you not file your returns or file it late. It’s best to avoid the penalty by filing on time based on estimations. At a later date, you can file an amended return when you have the correct supporting documents.”
Sterling explained that sole traders and entrepreneurs can maximize their deductions by taking into consideration the donations that they will make as an individual. She added that small businesses can pay taxes in four equal installments over a year and encouraged business owners to properly adjust their returns after careful market consideration.
“With this pandemic, you can adjust for business changes in the coming year. If you anticipate that your business may grow significantly or decline, then those adjustments must be made to properly file and not overstate estimated returns. As SMBs, you are also eligible to tap into incentives and credits such as the MSME Income Tax credit and the employment tax credit,” Sterling said.
A poll of attendees highlighted that 58% were not aware of how to file their tax returns while 51% felt stressed during tax season.
Commenting on the poll results, Dwayne Walters, Head of SME & Partner Channels, Flow Business Jamaica said, “we know that small business owners wear many hats and it’s difficult to be an expert in everything. We also knew that there was a need for SMBs to understand how to fulfil their tax obligations and through this webinar, we have provided the information to empower them to adhere to national standards as they take their business to the next level.”
During her presentation, Sterling repeatedly reiterated the advantages of being tax compliant sharing that it leads to better record-keeping, growth opportunities, tax savings and allows SMBs to avoid unnecessary penalties and cost.