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Sign of the Times

Signing documents is a routine part of everyday life. However, signing documents in person has become disrupted due to the COVID19 pandemic.  Individuals and businesses are increasingly signing on to cloud based applications and digitally signing off on letters, contracts and other important documents. I guess you can say that this is a sign of the times! 

In this article, we demo Adobe Sign, one of many cloud based e-signature services. It allows users to send, sign and track documents using their laptop, tablet or mobile devices. 

Resources:

1. Free Trial of Adobe Sign;

https://acrobat.adobe.com/us/en/sign/free-trial-global.html

2. TacT can assist you with going paperless. Contact us via our business WhatsApp account on +1 721 581 6187 or drop us a line at info@tactbv.com. Learn more about our mission of building smart businesses by visiting our website at https://www.tactbv.com/

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Save Your Receipts, Save Yourself!

Did you know that by law, BES island residents and entrepreneurs are required to keep their records for a period of 7 years? However, beyond complying with tax rules, there are many benefits you can receive from saving your receipts!

In this article, we highlight key benefits of digitizing and saving your receipts. We also share resources to get you started with digitizing and storing your receipts right on your mobile device or in the cloud.

Save Time

Is it in my wallet? Did I leave it in the car? Maybe I threw it away by accident! When it comes to finding receipts, these are some of the questions we typically ask ourselves. Not to mention the considerable amount of time we spend looking for invoices and documents needed by our bookkeeper, accountant or tax advisor. However the solution to solve this problem could literally be in your hands; if you're reading this article from your smartphone! Most modern smartphone are equipped with cameras and apps that can make capturing, organizing and sharing your receipts allot easier! (see resources below). 

Save Money

Each year BES islands residents are required to file their income tax returns. When completing this task, individuals are able to declare and attached proof of tax deductible expenses that they incurred during the year. Some examples of tax deductible expenses include home maintenance and repairs costs, charitable donations and interest paid on loans or mortgages. By declaring these tax deductible expenses you could significantly lower your tax bill and save money. In some circumstances you may even be entitled to tax refund. So saving your receipts could really end up saving you!

Save Space and Face

I have been in many client offices facing a mountain of paper work! As an accountant, this is just another day on the job. However for my clients, I can always sense a feeling of, “How did we let it get this bad?!” The mountain of paperwork is the result of physical files and documents being retained over a period of years.  However, the truth is that for the majority of these files, retaining the electronic version is just as valid as the physical copy. Increasingly many individuals and entrepreneurs are freeing up space and saving face, especially with their accountants, by deciding to go paperless. 

Resources:

1. Video introduction to Microsoft Office Lens mobile app;

https://www.youtube.com/watch?v=jzZ3WVhgi5w

2. Download Microsoft Office Lens for Android;

https://play.google.com/store/apps/details?id=com.microsoft.office.officelens&hl=en

3. Download Microsoft Office Lens for iPhone;

https://apps.apple.com/us/app/microsoft-office-lens-pdf-scan/id975925059

4. Video introduction to CamScanner mobile app;

https://www.youtube.com/watch?v=F27UuV-T5jQ&feature=youtu.be

5. Download CamScanner for Android;

https://play.google.com/store/apps/details?id=com.intsig.camscanner

6. Download CamScanner for iPhone;

https://apps.apple.com/us/app/camscanner-free-pdf-document/id388627783

7. TacT can assist you with going paperless. Contact us via our business WhatsApp account on +1 721 581 6187 or drop us a line at admin@tactbv.com. Learn more about our mission of building smart businesses by visiting our website at https://www.tactbv.com/

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3 Tips to Dodge the Tax Bullet

Residents of the BES islands received an automatic extension to file their 2019 income tax returns by 18th August 2020. This is one of several measures taken by the Belastingdienst CN to reduce the negative impact of COVID19.

In this article, we share 3 practical steps to help you better meet your ongoing tax obligations and dodge the tax bullet. 

Request Special Deferral of Payment

We're currently in the middle of a global pandemic. Due to measures being taken to combat COVID19, its possible that you or your business simply cannot afford to pay taxes right now.  Entrepreneurs and individuals negatively affected by COVID19 can apply for a special deferral of payment directly with the Belastingdienst CN. This allow you to delay payment of all assessments and tax returns for a period of 3 months. No penalty fines or interest charges will be applied during this granted period.

Remember, You Can't Touch This!

MC Hammer's smash hit "U Can't Touch This" offers one of the best pieces of financial advice in meeting your tax payment obligations. If you're skeptical, I invite you to try a little experiment. For the next 3 months, simply place your tax liabilities aside at the end of each month and remember that "you can't touch this" until it's time to be declared and paid to the Belastingdienst. For example, let's say you're an entrepreneur on Sint Eustatius and you receive $104 payment from a local customer for a service you delivered. Simply place $4 (ABB 4% tax liability) aside on a separate bank account. If you do this consistently, you'll be able to meet the quarterly ABB tax payment deadline.

Receipts, You've Got to Save Them

Yes, those little pieces of paper that sometimes we forget to collect at the store or that end up in the garbage bin! Receipts are very important for individuals and entrepreneurs when filing their income tax return. There are purchases that we make throughout the year that are tax deductible. Example of tax deductible purchases include home repairs and maintenance, loan interest payments and insurance premium payments to name a few. By keeping your receipts, you can declare these deductible expenses when filing your income tax return. This could significantly lower your tax bill or even provide you with a tax refund!

Resources:

1. Apply for Special Deferral of Payment;

Send your deferral of payment request to helpdesk@belastingdienst-cn.nl with an explanation of how COVID19 impacted your ability to make payment. 

2. Create a BCN account to file your Income Tax Return online;

https://mijn.belastingdienst-cn.nl/ib/PTLOnlineAangifte/login/new-account

3. Create a BCN account to file your ABB/LB Tax Return online;

https://mijn.belastingdienst-cn.nl/ogp/login-tasks/header/RegistrerenOnlineGebruikersaccount?locale=en

4. Video Tutorials for online BCN ABB/LB Return account;

https://www.belastingdienst-cn.nl/online-aangifte-bij-de-belastingdienst/online-aangifte-algemene-bestedingsbelasting-abb/instructiefilms-online-aangifte-algemene-bestedingsbelasting

5. Assistance from TacT

TacT can assist you with filing your taxes. Contact us via our business WhatsApp account on +1 721 581 6187 or drop us a line at admin@tactbv.com. Learn more about our mission of building smart businesses by visiting our website at https://www.tactbv.com/

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Get Out of Line and Get Online Banking!

The Windward Island Bank (aka WIB) recently announced that it will stop mailing physical paper statements to individual customers with current and saving accounts. Instead, WIB will provide customers with access to digital statements via its personal online banking service. This change goes into effect from the 3rd August 2020. 

In this article, we share benefits that individuals and businesses can receive by using online banking. We also share useful resources to get started with WIB online banking.

Get out of Line

What's the longest you've ever waited in line at a bank? Was it 30 minutes, an hour or even longer? Depending on how you value your time, waiting in line at a bank to simply make a payment could be costing you several hundred dollars each year. It certainly means that you have less time to do more meaningful and important activities. A key benefit of online banking is that you can "get out of line" and make secure payments online. By doing this you're making a statement, pun intended, that you value both your time and money. 

Keep an Eye on Your Money

With online banking, you get an up to date overview of all transactions that occur on your bank accounts. For example, you may be expecting a payment from a family member, a friend or a customer. You can simply log into your online banking account and check if the monies has been deposited or credited. Having online banking provides an easy way to "keep an eye on your money" and better manage your finances. 

Make Your Accountant Happy

Ok, so you probably didn't see this one coming! If you're a business owner, you're used to your accountant asking you for bank statements. This is normally requested to complete accounting work such as data entry and bank reconciliation. With online banking you can securely download and email your bank transactions and statements directly to your accountant. This means that your accounting work can be done quicker and more accurately. And yes, you'll definitely be making your accountant happy!

Get Started with WIB Online Banking

To apply for WIB personal or business online banking it is essential that you have an internet enable PC or laptop, a mobile number and an email address. You will also need to have at-least 1 personal or business account with WIB. 

Resources:

1. Apply for WIB Personal or Business Online Baking;

https://www.wib-bank.net/apply-now/online-banking

2. Video Tutorials of WIB Personal Online Banking;

https://www.wib-bank.net/personal-banking/bank-services/personal-online-banking/videos#label_10010

3. Assistance from TacT

TacT can assist you with applying and setting up your WIB online banking account. Contact us via our business WhatsApp account on +1 721 581 6187 or email us at admin@tactbv.com. Learn more about our mission of building smart businesses by visiting our website at https://www.tactbv.com/