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Filing Annual Returns by C&E Innovational Services Ltd.
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s we approach the end of the year and our country prepares for a general election, companies, partnerships and sole traders must not forget to prepare for the filing their of annual returns. What is annual return? Annual return is the submission of employees’ contributions deducted from their salaries and paid to the different collectorates during the year. There are a number of annual returns to be filed yearly: Companies Office Companies are required to file annual returns with the Companies Office on the anniversary of their registration date. Filing annual returns at the Companies Office now stands at a cost of $5,000 for form 19A (company having share capital), or form 19B (companies without a share capital) for $2,000.
Filing company profit tax Companies are required to file income tax returns, which is 33 1/3 percent of the profit made the previous year. This filing must be done by March 15, 2012 and should be accompanied by the company’s balance sheet and profit and loss statement. Filing declaration of estimated income tax payables Based on the revenue of the previous year, a company is expected to estimate the coming year’s revenue and calculate the income tax payable and make the necessary quarterly payments. Adjustments can be made at the end of the year, based on the accrual profit made. This filing is also due by March 15, 2012.
Benefits of filing annual returns - Both employees and employers can access pension and housing benefits - Filing annual returns is evident that your company is tax compliant - Contribute to the development of the country Important Dates - Income Tax Return March 15 - Filing of annual estimated return March 15 - Annual estimated income tax payment March 15, June 15, September 15 and December 15 - Employer’s annual return (statutory deductions) March 31
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Annual return for statutory deductions Regardless of your legal structure, Limited Liability Company, sole trader or partnership, you are required to file annual returns once your employees are on the PAYE system; hence, NIS, NHT, PAYE and Education taxes must be paid. These returns are normally due on January 15th each year; however, this year, it has been pushed back to March 31.
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