BUSINESS SOLUTIONS LIMITED


 
 

Accountants - Advisors
ICATT Approved Firm

 

About Us

Our Services

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Who We Serve

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  OUR SERVICES 


  Determining Your Business Structure 

 
In Trinidad and Tobago, the new business person can choose from several business structures which might best suit his business objectives. Each business structure has its own legal formation requirements and regulations. Each structure has its own advantages and disadvantages. It all depends on the type of business that you are engaged in and what your particular needs are. A lot depends on the size of your business, ownership preferences , taxation and the level of reporting requirements that you are comfortable with. Among the structures available to you are: Sole Trader,Partnership,Limited liability Company We will advise you on the best legal structure to suit your business needs. Achieving your business goals does not always require you to form a company. We will demonstrate the cost / benefit of each business format so that you can make educated decisions on what will work best for you.  

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  Registering Your Company  

 
❖    Legal requirements: Once you decide which business structure best suits your needs, we will take you through the process of registering your business or company. We will complete the registration process for you, ensuring that you meet all the statutory legal requirements.

❖    Board of Inland Revenue Requirements: We can also help you register with the Board of Inland Revenue so that you are in full compliance with the tax regulations.

❖    Banking Requirements: Once your business is legally registered you will need to open a business bank account. You will be required to provide specific documentation regarding your new business. We will work with you to provide the requested information in the formats required by the banks.

 

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  Establishing Company Accounting and Reporting Systems

 
❖    The law requires every person engaged in any trade, business, profession or vocation to keep proper records and books of accounts, including records of annual inventory (stock).

❖    These records must be kept in the English Language and must be kept in the place of business or at the residence of the proprietor.

❖    Once your business has been legally registered, you will need to establish an efficient and effective reporting system.

❖    An accounting / reporting system is a system of collecting, storing and processing the data of your business.

❖    The financial reports generated are used by you to see how your business is performing and to assist you in your decision making. It is also required by third parties such a banks, tax authorities and creditors.

❖    If you are already an established business your existing accounting systems may not be able to keep up with your business expansion. We can re-design your accounting sytems to strengthen them including more responsive internal controls to minimise the risk of loss and ensure the integrity of your data.

❖    Once we have set up your accounting system, we can perform the role of your accountant by operating the system and generating monthly financial statements.

 

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  Accounting and Book Keeping Services  

  Our services range from purely data processing assignments to full-fledged accounting engagements. We provide complete financial management services to our clients. Our services include:

❖    Setup of accounting systems and book-keeping.

❖    Maintaining general ledger and other accounting records on our clients' behalf.

❖    Preparing financial statements and other specialized reports.

❖    Advising on accounting policies.

❖    Preparing value added tax (VAT) and corporation tax returns.

❖    Assisting with the implementation of computer based accounting systems.

❖    Documentation of policies, procedures and internal controls.

❖    Managing bank accounts.

❖    Arranging bank transfers.


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  Tax Registration and Administering of Company Taxes  

 
We can assist with all tax registration for your business. Taxes can include Green Fund Levy, Business Levy, Corporation Tax, VAT, Income taxes, Land and Building Taxes etc. We will advise on which taxes your business is liable for and will assist in ensuring that you are in full compliance with all tax regulations. We can assist with calculation and preparation of :

❖    Value Added tax.

❖    Business Levy.

❖    Green Levy.

❖    Individual Tax Returns.

❖    Corporation Tax Returns.



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  Payroll Services  

  We will get your company and its employees registered for NIS and Health Surcharge. We can prepare your payroll and ensure all taxes are paid over to the National Insurance Board (NIB) and Board of Inland Revenue (BIR). We will ensure that your business complies with all statutory regulations. Our services include:
Payroll Setup Services:

❖    Apply for company BIR, PAYE.

❖    Apply for Company NIS number.

❖    Apply for Company Health Surcharge Number.

❖    Apply for BIR, PAYE and Health Surcharge and NIS for each employee.

❖    Setup - Bank Account with ACH codes.

 
Payroll Processing Services:

❖    Calculation of Data input.

❖    Input of Data.

❖    Processing of Payroll.

❖    Preparation of Payroll Reports.

❖    Paying over to BIR , NIB.

❖    Issuing Pay Slips.

❖    Preparation of TD4 Slips.

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  Company Secretarial Services  

  Our services include:
❖     Incorporation of companies and registration of sole traders and firms.

❖     Preparation and filing of Annual Returns and the filing of particulars of directors, registered office, secretary and other statutory returns and notices.

❖     Maintenance of statutory registers.

❖     Drafting of notices of meetings and attendance at meetings of directors and shareholders and taking minutes.

❖     Preparation of minutes of directors' and shareholders' meetings.

❖     Acting as Company Secretary.

 

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  Consulting and Advisory  

 
Our services include:

❖     Setting Up and Training in Computerised Accounting.

❖     We setup, customize and provide training for using accounting packages for your business and personal financial accounting.

❖     Preparation of Business Plans and Financial Projections as required by banks and other lending agencies before approval for commercial loans, credit lines, overdraft facilities etc.These plans and projections can be used as Management information and guidance on improving direction and profitability of the business. We take into consideration current and long term goals, source of funds, payback periods.

 

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