Business Owners and Self-Employed persons have two days remaining to file their annual Income Tax Return before the extended due date of Wednesday March 25, 2015. Selfemployed persons, Partnerships, Companies, other bodies and employed persons with other sources of income are therefore advised to file on or before the extended deadline to avoid the $5,000 monthly penalty charged for late returns.
With tax season drawing to a close persons are encouraged to file and pay before the due date to avoid the expected higher than normal last minute rush. Measures will however be put in place on Tax Day, at all locations across the island to make it easier for persons to transact their business.
Self-employed persons are reminded that they are to use the new S04 and S04a to submit their annual return and estimated income, taxes and contributions, for 2014 and 2015
respectively. These forms conveniently capture payments for income tax, education tax, as well as NHT and NIS contributions for self-employed persons. Individuals are therefore no longer required to visit multiple agencies, or use multiple forms, at various times, to meet their statutory obligations.
The S04 forms for self-employed persons, as well as the revised Income Tax forms for other categories of persons are available for download from the TAJ website at www.jamaicatax.gov.jm. Persons are advised to use the version of the form that relates to the applicable filing year, as the income tax forms have been revised to reflect recent
Tax support is still available for Small Business Operators island wide as TAJ representatives continue to assist persons with the preparation of their tax returns, to include the new Self Employed annual Return (S04) and revised Income Tax forms now due March 25. Taxpayers who wish to use the free service are being asked to take with them all business related documents, which include their Taxpayer Registration Number (TRN), bank statements, purchase invoices, receipts, sales records, utility bills, wage records and any other records that can be used to verify income and expenses.
For further information persons may visit the TAJ Tax Portal at www.jamaicatax.gov.jm or contact the TAJ Customer Care Centre at 1-888-TAX-HELP (1-888-829-4357) or any Tax Office.