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Thursday, 27 February 2014 14:31

Checklist for Income Tax Preparation

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BARP Individual Income Tax – Checklist of items for Income Tax filing
(Some of these items maybe already online and the list is not exhaustive)

  • Total employment income pay slip
  • Total pension income slips
  • Summary of payments received under covenant
  • Rental income from land, buildings and residence
  • Share of profit or loss in a partnership
  • Government gratuities received
  • Evidence of other income
  • Interest and dividends
  • Charitable donations
  • Total mortgage interest payments for the year
  • Invoices for home improvements: materials & labour
  • Invoices for environmentally preferred products, Eg. Solar electric systems consisting of solar photovoltaic inverter, charge controller and batteries, ceramic paints, appliance watt meters, solar lights, solar motion detector lights
  • Insurance payments for property
  • Retrofitting invoices - roof straps and window shutters
  • Statement of rents paid
  • Energy audit invoices
  • Settlement /Covenant payments
  • Subscriptions to statutory associations
  • Subscriptions to a registered trade union
  • Provident or superannuation fund contribution
  • RRSP contributions
  • Medical expenses receipts
  • Bills for renewable energy and energy efficient training
  • Invoices for electrical retrofitting – systems that produce electricity from sources other than fossil fuels
  • Income & expenditure from rental income – commercial or residential
  • Inland revenue department correspondence

NB – It is good to bring the above items as they can speed up the process of tax filing and form a basis for your record keeping if you are ever audited. However, if you cannot find them or do not have them to hand we can still file your income tax return.

Call Barbados Tax Prep at 826-7737 or email us at This email address is being protected from spambots. You need JavaScript enabled to view it.

BARP Individual Income Tax – Checklist of items for Income Tax filing
It is your responsibility to:

  • File your income tax return by April 30 each year, if necessary
  • Ensure that you are claiming $40,000 as your personal allowance if you are a pensioner and over 60
  • Keep all original records for deductions claimed for at least 7 years
  • Declare all forms of assessable income including rental income, pension income, income from covenants etc.
  • Follow up with the Inland Revenue or service providers to ensure that all payments made to companies for which you can claim on your tax return are uploaded by the 3rd party
  • Pensioners over the age of 60 are not subject to income tax on interest income
  • Pay late filing penalties and interest promptly in order to reduce amounts owed on outstanding balances to the Inland Revenue
  • Ask for an invoice and the national registration number for an individual who sold you goods or performed services for you including maids, carpenters, mechanics, lawyers etc.
  • File third party information for goods and services paid for and received by you
  • File residential rents received to allow your tenant to claim it as a rental expense
  • Check online for your income tax assessments to verify whether the Inland Revenue has agreed with your assessment or if there is a disagreement
  • For disputes with the Inland Revenue, file an objection in a timely fashion and follow up with the Inland Revenue directly for speedy resolution
  • For pensioners who usually have to pay income tax upon filing, it is recommended that an amount is set aside monthly or quarterly, so that the tax burden is not felt all at once. From time to time it may also be prudent to prepay the tax authorities to ease your tax burden upon filing
  • Get the best advice possible to ensure that you are maximizing your tax return – if unclear about anything seek professional guidance

Call Barbados Tax Prep at 826-7737 or email us at This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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