As a business owner, it is important to be mindful of your payroll responsibilities. Just as you must file your business taxes, you are required to submit monthly payroll taxes for all your employees.
Take a moment to answer this question: Do you have the lowdown on who is in charge of those payroll taxes, when they’re due, and how to crunch the numbers? If any of these left you scratching your head, it might be time to give us a call!
What Is The Difference Between NIS and BIR?
BIR is owed Pay As You Earn (PAYE) and Health Surcharge taxes where as, NIS is owed monthly insurance contributions which goes towards your retirement and other stipends.
Can you pay BIR, Health Surcharge and NIS for yourself, the business owner?
As the business owner you pay BIR & Health Surcharge for yourself but not NIS.
What Happens When You Do Not Pay NIS or BIR?
Monthly remittance must be paid to the Board of Inland Revenue and the National Insurance Board for all paid employees.
Many clients have encountered legal problems by overlooking these payroll obligations. While some are simply unaware of this responsibility, neglecting these payments can lead to steep penalties, audits, and even potential jail sentences.
We Are Here To Answer Your Questions
Speak to a representative today by reaching out to us at 1-868-280-8806 or email us at nsjfinancialservices@gmail.com.
