Frequently Asked Questions (FAQ)

General
    What services does ABTAX Limited provides?
    How can I contact ABTAX Limited?  
    How does the process works?
    How will ABTAX accounting services benefit my operations?
    What are your hours of operations?
    I have a micro business, does ABTAX offer services micro enterprises and sole proprietorship?
    Is ABTAX Ltd a registered company?
    Where can I find your current rates?
    Am I required to sign a contract to receive service?
    What payment methods are accepted by your company?
    Can I access my company’s payroll and other accounting records online?
    
        
1. What services does ABTAX Limited provides?
ABTAX Limited is one of Jamaica's leading general tax practice. We offer proven solutions tailored to   meet each client’s       specific needs and have a broad range of experience in a variety of industries.
Our range of services includes but not limited to the following. Our primary focus is on Medium, Small and Micro Enterprises  (MSME’s):
    
Non – Financial Support Services:    
    Provision of professional Information Services (on tax laws,
    market, sources of financing, technical assistance)
    Business advisory services- business planning, functional areas of business,
    Mentoring, facilitating contacts.
    Loan application and monitoring
    Company Formation and Business Name Registration
    Company Office of Jamaica Returns
    Other business development services
    HR services on demand

Financial Services:
    Preparation of Financial Statements
    Cash Flow & Financial Projections
    Payroll Services - Payslips/SO1s/SO2 payroll reports
    Accounts Department outsourcing
    Business & Marketing Plans
    Statutory Returns
    Tax Compliance Certificates (TCC)
    GCT Returns
    Tax Advice & Tax Planning
    Tax E-filing services
    Tax Representation, Objections & Appeals
    Applying for and managing tax write-offs
    Double taxation treaty matters
    US tax returns

Training , workshops  and coaching sessions for MSME’s:
       Productivity & Entrepreneurship Workshops,
       Project management training and coaching
       Financial Management training
      Basic Accounting training:
        • Training in financial recording as per international financial reporting standards (IFRS)
        • Training in proper accounting procedures as per International Accounting Standards (IAS)
        • Training in the proper usage of standard accounting software modules such as Quickbooks, Peachtree, Accpac.
        • Training is Data processing and file maintenance as per International Accounting Standards (IAS)
        • Management training in how to produce Management accounts (in-house accounts) for internal usage
        • Management training in how to analyze and interpret management accounts for decision making.

Software Support Services:
For standard accounting software modules such as Quick Books, Peachtree ,  Accpac.

2. How does the process works?
We seek to understand the clients need in a face-to-face meeting. Here we gather information (using our customized interview questionnaire, the business needs are assessed after discussions with our  clients.    We are strong on exceeding client’s expectation hence once you have contracted our service we pay keen attention to meeting timelines and ensure that we communicate with you every step of the way so you can be informed of the progress

3. How will ABTAX services benefit my operations?
Regardless of the service required, ABTAX can benefit your company's operations and bottom line in a number of ways: -
We are experienced and skilled not only in accounting business and taxation services,
but we pay personal attention to your business at all times and will give you a personalized service tailor-made just for your business. We keep abreast and keep you also updated with all new tax laws and benefits to ensure your rights are protected at all times.

We provide payroll and accounts Department outsourcing, mentorship, coaching and we follow up with your business to ensure you are doing the right things to ensure a profitable bottom line. You can focus on leave the accounting and tax stress to us and concentrate on growing your business.

4. What are your hours of operations?
Our regular office hours are Mondays to Fridays 8 am to 6 pm.   
 
 
5. I have a micro business, does ABTAX offer services to micro enterprises or sole proprietorship?
Yes , as members of the MSME Alliance, we have a passion for medium, small and micro enterprises and as such over 90% of our clients fall within that bracket.
 
6. Is ABTAX Ltd a registered company?
    Yes, ABTax is registered with the Companies Office of Jamaica to provide accounting, taxation and related services. We are also Certified International Taxation Analysts and Fellow of the American Association of Financial Management (FAAM).

 7. How can I contact ABTAX Limited?  
 We may be contacted by phone, fax, email or a visit to any one of our two offices as follows:
 Head Office:

 35 Westminster Road
 Kingston 10, Jamaica    
Tel:    (876) 906-0707,(876), (876)619-1774, (876) 619-1773
Fax:   (876) 908-4947
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
   

 8. Where can I find your current rates?
 Please contact a customer service representative for the most up to date rates.
 Tel: (876) 906-0707,(876) 619-1773
 Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
 
9.  Am I required to sign a contract to receive service?
 Not in all cases. In the majority of cases we have an agreement, and a deposit is made by the client at start.
 
10. What payment methods are accepted by ABTAX Limited?
ABTAX  Limited is pleased to offer a wide range of payment methods for our clients.
These include:  
 
    1. All major debit and credit cards
    2. Company’s /Cashiers/Managers cheques
    3. Direct Bank Deposit
    4. Cash

11. Can I access my company’s payroll and other accounting records online?
We usually send the payroll information electronically. Businesses that allow us  online access   to their server will see real time reconciliations, journals , postings and other changes to their database in real-time from their desktops.

Business Services FAQ
    Can ABTAX assist with completing the registration procedures with Companies Office of Jamaica?
    How long does the business registration process take?
    Can ABTAX  assist with identifying source of funding for my business?
    Where can I view the rates for your business services?
    Why do I need to incorporate my Company?
    Using ABTAX services, what type of Company can we set up?
    What requirements do I need to meet to form a limited company?
    Can I use any Company name?
    What is my company’s registered office?
    What is a certificate of incorporation?

1. Can ABTAX assist with completing the registration procedures with Companies Office of Jamaica?
ABTAX will do all the paperwork and submit the application for incorporation, walk through the process until the company formation is completed. This process will also produce registration with all the relevant Tax Administration Department and obtain a Tax Compliance Certificate (TCC) which is now required to start a bank account for a new business entity.
     
2. How long does the business registration process take?
    
    The incorporation of companies take between 10 – 15 days
    
3. Can ABTAX assist with identifying source of funding for my business?
    
Yes, we are experienced in obtain loans for start-ups and continuing businesses and can help you access funding once you meet the required criteria for the institutions.

 4. Where can I view the rates for your business services?
Visit or call our office for further information regarding rates.

 5. Why do I need to incorporate my Company?
 The choice is ultimately up to the business owner after evaluating the many pros and cons. The decision to trade as a company as opposed a sole trader has implications for tax, legal and financial responsibilities.
Majority of persons prefer incorporation because of the two main considerations set out below:
    Consideration is given to the fact that your personal assets are protected against company debt.
    Some businesses require you to be a company before they engage your services.

 6. Using ABTAX  services, what type of Company can we set up?
      Mainly Limited Liability Companies, Sole proprietorship or Partnerships

 7. What requirements do I need to meet to form a limited company?
    
You can form a company with one shareholders or as many as is allowed for private companies.  You should have at least three proposed suitable names which will be checked by us at the Company Office to determine if anyone else is already using that name, which in that case you could not use the name. The other  requirement will be given at our first meeting or you can call our office.
    
8. Can I use any Company name?
A name search will have to be done and clearance received from the Company Office of Jamaica
    
9. What is my company’s registered office?
This is usually the place of business and where the company accounting and other legal records are kept. This address must be declared to the Company’s office at incorporation.
    
10. What is a certificate of incorporation?
A certificate of Incorporation is a certificate issued by the Company’s Office of Jamaica (COJ) showing the legal name of the company, the number assigned by COJ and the date of incorporation.

Taxation FAQ
 

1. What can I do if the Tax Administration Jamaica (TAJ) contacts me?
Can I talk with the TAJ on my own?
We recommend that you contact us first and we will speak on your behalf.

2.  Can I find out how much I owe?
The information can be had readily at the Tax Administration of Jamaica (TAJ) and online.  We can obtain same with your permission anytime.

 3. Can I find out if I have deadlines?
ABTAX knows all the required filing dates and can advise you accordingly.  This information is also available on the TAJ website.

4.  Can I negotiate lower taxes?
We can negotiate debt write-offs for interest and penalties on certain tax types. If you find your self in critical financial difficulty and we can prove your inability to pay, we can make a submission to TAJ for consideration

5.  Can I go to jail for owing taxes?
Yes, the law permits this subject to the discretion of the Judge.

6. Why can't my attorney or accountant do this for me?
We do court attendance for clients where possible.

7.  Do you provide taxation services for US residents?
Yes, through our US affiliates

8. Do I need professional tax help?
If your are familiar with the ever changing tax laws and regulation then perhaps you can do it yourself, however hiring a professional is always advisable as they will help you determine
the best tax resolution strategy for your situation. Taxes are not a good "do-it-yourself" project.

9. What is the difference between a levy and a lien?
A lien is a claim on an asset that the government uses to secure a debt. A levy, or bank levy, is when the government actually takes money out of your bank account. They may also levy a business's accounts-receivable.

10. Can my accountant or attorney help me?
In theory, accountants and attorneys may represent you in tax issues. In the real world, however, it depends upon their individual specific area of practice. Unless your accountant or attorney regularly works with TAJ collection authorities, they will not have the practical understanding of someone who works exclusively with the collection & appeals department of th TAJ. ABTax Limited has former TAJ revenue agents and Internationally certified tax analyst on staff that have practical understanding of the system and can best represent you or your company.

Accounts Department Outsourcing FAQ
 How do I know if my business a candidate for outsourced accounting?
 How does everything get to the bookkeeper?
 I live in “Timbuktu”, how can you help me?
 How do I control who gets paid and when?
 Do you provide services for company based in rural Jamaica?
 What is the cost for your Accounts Department Outsourcing Services?

1.  How do I know if my business a candidate for outsourced accounting?
If you are conducting a business and do not want to be bothered with having accounting staff, a financial controller and the works, ABTAX can provide all that service, all you will need to do is to supply the accounting records on a timely basis and we will take the stress off your back.

2.  How does everything get to the bookkeeper?
Many clients choose to have their accounts payable bills and accounts receivable remittances sent directly to our offices.  
These documents are all scanned and placed on your secure server so that you may access them whenever you need to.  Alternatively, documents can be faxed, couriered, emailed, snail mailed, or otherwise delivered to your bookkeeper, and will all be processed through our document imaging system and be available for review on your virtual desktop.  

3.  I live in “Timbuktu”, how can you help me?
We are living an age of technology so documents can be scanned and email and /or the originals sent by courier, regardless of your location we service clients anywhere in Jamaica

4. Do you provide services for company based in rural Jamaica?
Yes (see also #3 above), by leveraging today’s internet technology as a tool we can service clients across the country as easily as across town.  We are currently serving clients from our Kingston office

5. How do I control who gets paid and when?
You have the final  say who gets paid and when those payments are issued.  Once a week on a pre-determined day, your bookkeeper will set up all bills that are due through the following week to be authorized by you.  You can either print the checks right in your office to sign and mail, or use the online banking service available through QuickBooks and protected by personal identification codes to authorize electronic payments to your vendors and employees.

6. What is the cost for your Accounts Department Outsourcing Services?
Probably less than you think.  After answering a few questions, and reviewing the schedule of services required for your company, we will determine the amount of time involved to service your account.