BEDC to stage payroll tax relief briefing
New entrepreneurs looking to take advantage of payroll tax relief concessions are encouraged to sign up for the Bermuda Economic Development Corporation’s free Lunch and Learn.
The event, facilitated by Colina Outerbridge, BEDC’s business data and policy analyst, will offer advice on how to register a new business with the Office of the Tax Commissioner.
It will also educate new entrepreneurs, who established their business after April 1 this year, about how they can take advantage of Government’s payroll tax relief, what the application process is like and what the benefits will be to their bottom line.
The session will be held on October 24, from 12.30pm until 2pm.
Ms Outerbridge said: “This relief is available to all first-time entrepreneurs, as well as those operating in the island’s three Economic Empowerment Zones, to assist them in creating new Bermudian jobs.
“BEDC understands how challenging it can be for people to leave the security of full-time employment in order to set up their own enterprises on the island.
“The goal is that this payroll tax relief would ease the heavy burden on small business owners and help them create savings in their first year of business.”
Officially announced back in July, payroll tax relief has been utilised by only a handful of local businesses to date, the BEDC said. By raising awareness, the BEDC hopes more new businesses will take advantage of it.
Erica Smith, BEDC’s executive director, said the process to register for the tax relief benefit should take no longer than a week or two to complete. “Once a small business is established, they will need to register with the BEDC and complete some necessary documentation,” Mrs Smith said.
“After the BEDC has received all the information it needs, and a site visit of the business’ new location is completed, the BEDC team will issue a New Entrepreneurs Payroll Tax Relief letter within five business days.
“This letter will ease business owners from the heavy burden that comes with paying the employer portion of Government’s payroll tax on the remuneration paid to themselves (if owner-managed or self-employed) and any employees for up to four tax periods, from the start date of the business.”
Only 20 to 25 spaces are available for the event and those who wish to come out are encouraged to reserve their spot early to avoid disappointment.
The 90-minute event will take place at the BEDC office at Sofia House, 48 Church Street, Hamilton — participants are asked to bring their own lunch.
For more information, e-mail firstname.lastname@example.org or call 292-5570
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