Sunera Accounting
Services Limited

Specializing as a small business accountant for bookkeeping, VAT and income tax

- Proudly Serving Trinidad and Tobago Small Businesses

We know how hard the first few years of starting a small business is that’s why we offer free consultation and advice to all our clients.

Time Management

We save you money because of our fast and efficient service

Professionals Who Care

We take client confidentiality very seriously, your documents are returned to you for safekeeping.

We Are Flexible

We can come to you to review your entries, or we can do the entries for you. We can provide monthly or quarterly services.

Having difficulties obtaining your reports on a timely basis?

With our monthly service, reporting is done in a timely basis allowing you to better manage your cashflow and finances. 

Outsourcing Services Include

Accountedge Software

We also have experience in Sage, QuickBooks and any other bookkeeping software.

Payroll

Creation of a new payroll or updating your current payroll system.

Reconciliation

Bank reconciliation & accounts receivable and accounts payable reconciliations.

Preparation of Audit Schedules

We can help you prepare for the audit of your financial statements.

Business Registration & Company Incorporation

We also prepare your beneficial ownership and annual return forms.

Creation & Maintenance of Fixed Asset Registers

No fixed asset register? No problem, we can help you create and maintain the your fixed asset schedule.

VAT

VAT calculations and filings.

Tax Filings

Tax computations including quarterly taxes and preparation of tax returns.

Cash Flow Statements

Trying to open a new bank account? We can prepare your cashflow, projected balance sheet and income statement.

Producing Management Accounts

We produce monthly management accounts to assist you with your financial decision making.

Producing IFRS for SMEs

The standard requires a complete set of financial statements to comprise a statement of financial position.

Data Entry

Data Entry services include a monthly or quarterly service. No book-keeping software? We will enter on our Account Edge software. We will collect your documents and return to you once completed. We will assist in improving your filing system.

Testimonials

let's talk

we love
to help

Your problems are our problems that’s why our advice is free!!

Need advice about incorporating a company? Annual filings? Contact us!!

Ask Us Anything. anytime.

We do not charge for advice, consultation or meetings. Feel free to ask us anything. We are here to help you.

Sunera Accounting

The #1 Accounting firm in Trinidad and Tobago to help your Business

Happy Clients

Projects Completed

Support Given

Data Entry Pages

Say no to Commingling!
Separate your business and personal finances

Commingling occurs when you do not differentiate between the use of personal and business funds.

Ensure that your business bank account is kept separate from your personal account, deposit your business income and pay expenses solely from this account.

Your personal bank account should only be used for your personal savings, salary and non-business expenses.

This is required by your bankers and makes your bookkeeping and tax preparation so much faster and simpler.

Keep proper accounting records

Ensure your income is supported by invoices, prepare receipts and develop a proper numbering system.

Deposit all your income.

If you must keep cash on hand for minor expenses, maintain a cash float.

Prepare payment vouchers for each payment and attach to each invoice. Keep all your receipts, if you are not sure the expense is tax deductible, no worries, that’s why we are here.

Services

Management accounts

Keep track of your monthly income and expenses, review if your targets are being met. Not all deposits are income, a loan is not income. Not all payments are expenses, loan payments are not expenses but loan interest is an expense.

Understanding which of your business inflows and outflows are income and expenses is crucial in determining the profits of your business and your tax liability.

Budget/Cash Flow

Keep track of your business finances by maintaining a budget. Remember to budget for taxes! You do not want this payment sneaking up on you and throwing off your cash flow.

Keep track of your receivables

When customers do not pay on time, your business cash flow will be affected. Pay attention to when your receivables are due and contact late-paying customers right away. If a customer is having financial problems, you may be able to set up a payment plan, whatever you do, keep on top of your receivables.

There are a number of options available to assist in the management of accounts receivables.

Important dates to remember

  • Payroll liabilities – PAYE, Health Surcharge and NIS contributions are payable on or before the 15th of the following month. Payments for January will be due by February 15th.

 

  • Quarterly taxes – these are due each quarter. Quarters are based on a calendar year, meaning taxes are due on March 31st, June 30th, September 30th and December 31st.

 

  • Sole traders – health surcharge is payable in quarterly installments.
Some basic information on taxes are highlighted below:
  • Green fund Levy – this tax is calculated at 0.3% of income. This tax is paid by Companies and Partnerships, it does not apply to sole traders.

 

  • Business levy – this tax is calculated at 0.6% of income. There are conditions that apply such as exemptions and thresholds.

 

  • Corporation tax – For income years 2019 and 2020 this tax remains at 30%. The rate differs for insurance and petro-chemical companies.

 

  • Income tax – for chargeable profits up to $1m, the tax is calculated at 25%. For chargeable profits in excess of $1m, tax is calculated at 30%.