If your corporation had gross sales of over $three millionJMD annually, you should have been registered to collect GCT. If you had been filing month-to-month GCT returns, upon closure you should file a ultimate return and ship back the unique GCT certificate together with your cost. Once you have indicated that the business has closed, the TAAD will ship an auditor to evaluate the business information. Many persons are not aware that failure to tell the tax authorities of the cessation of your corporation may be pricey. Once you are still on the tax record, estimated assessments will continue to be generated for your corporation, and late fee penalties utilized.
You ought to obtain a printout verifying the closure of your business TRN. To avoid pointless complications and costs, don’t delay in contacting the required authorities once you have determined to shut your corporation. Copyright © 2009 Cherryl Hanson Simpson.
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Write a letter stating that you have closed your small business and take it to the nearest National Insurance Scheme (NIS) office. You might be asked to complete a closure type which is on the market free of price. All the NIS funds for the business must be updated; if not you will have to negotiate a cost plan with the compliance department. Take within the original closure receipt from the Companies Office of Jamaica to the nearest National Housing Trust (NHT) office, together with a letter informing the NHT of the closure of your business.
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