Employers Reminded to File Monthly PAYE for All Employees
(Bridgetown, October 9, 2019) Employers should ensure they file monthly Pay As You Earn (PAYE) returns for 2019 on behalf of employees by the 15th of each month, to enable employees to file their income tax returns come next year.
This from Communications Officer at the Barbados Revenue Authority, Erica Lazare.
“The monthly filing of these 2019 PAYE returns in TAMIS is vital because there will be no opportunity to file an annual PAYE reconciliation return for the income year 2019. Even if employers are paying the income tax on time each month, they still need to file the related PAYE returns on behalf of all their employees.”
“As we are now in October, employers who have not yet filed PAYE returns for January through to September 2019, should file those as soon as is possible to catch up,” she shared.
Lazare reminded employers of the requirement to include the PAYE information for every employee, whether they deducted income tax from their salaries or not.
“Employers should report a breakdown every month for each employee, such as monthly salary, allowances, NIS contributions and any deducted income tax. Once they file their 2019 PAYE monthly returns, their employees can, in turn, file their annual income tax return come April 2020”.
“For example, if an employer has five employees with only one employee who earned above the $2,083 tax threshold in September, that employer is required to file their September PAYE by October 15 and include the PAYE breakdown for all five employees,” Lazare explained.