St. Lucia Chamber of Commerce Hosts Successful Tax Filing Workshop for Small Businesses
On October 30, 2024, the St.Lucia Chamber of Commerce, in collaboration with the Inland Revenue Department’s Taxpayer Services, hosted the “Filing Taxes Made Simple” workshop at Bois D’Orange, providing essential tax guidance to 12 small business participants. Led by facilitators Ms. Selena Charles and Mrs. Tessa Preville, the half-day session was part of the Chamber’s Smaller Membership Programme and focused on making tax filing processes clear and manageable for small business owners.
The workshop covered key topics like deductible versus non-deductible allowances—highlighting that while business-related expenses such as utilities and rent are deductible, personal expenses are not. Participants were also introduced to capital allowance, a tax relief for assets like machinery, which can be gradually deducted over time. MS. Charles and Mrs. Preville explained that business losses can often offset other types of income, though agricultural losses are treated separately.
The facilitators emphasized the importance of responding to installment notices for self-employed individuals, even if they anticipate a loss, to avoid complications with Inland Revenue. Attendees also received guidance on registration requirements for small businesses and annual tax filings, mandatory to maintain compliance.
The interactive session allowed participants to ask questions on topics like tax rules for non-profit organizations, contractors, and consultants as well as on the handling of refunds and discrepancies. Ms. Charles and Mrs. Preville assured attendees of ongoing efforts to streamline processes.
With sample tax forms and patient guidance, participants left the workshop confident and satisfied, expressing interest in similar future sessions to deepen their understanding of tax compliance and improve their businesses’ resilience.
The Chamber and the Inland Revenue Department will continue to support small businesses in navigating tax compliance, through additional sessions to further empower St. Lucia’s entrepreneurs, promoting growth and resilience in the local business landscape.
