If your business is already registered and you are wondering what the next step is…
Things to do after you have registered your business:
- Seek consultation from an Accountant
If you are not familiar with bookkeeping, accounting, and how to track your financial activities this person can help you gain insight into maintaining your records and tracking your financial progress. In addition, having a registered business means that you have a few tax deadlines to consider so it is essential to speak with an Accountant
- Register for a Tax Account Portal
This is where all your tax filing will be done.
- Apply for a Tax Compliance Certificate (TCC)
A TCC is a document issued by the Tax Administration Jamaica to an individual/company that they are tax compliant and that all tax liabilities are up to date where applicable. It further serves to encourage voluntary compliance.
- File your Estimated Income Tax – Individual (S04A) | Company (IT07)
Estimated income taxes are quarterly tax payments to be made during the current year based on your estimated earnings or income earned the previous year. Independent contractors, freelancers, small business owners, and companies are required to file and pay each year on or before the 15th of March, June, September, and December. However, employed individuals are not required to do this as taxes are automatically withheld from their salary.
- Open a Business Bank Account
This is highly recommended in order to keep your personal and business finances separate.
- Keep Your Bookkeeping up to Date
It is recommended that you update your records at least once every month however, if you find that you are having difficulties maintaining your records outsource an Accountant or Bookkeeper.
- Create a Professional Email
A professional email address shows that you are serious about your work and gives your business a sense of credibility and professionalism when dealing with customers and stakeholders.