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#309897 - 11/11/08 12:17 AM payroll deductions
Ashleyw Offline
I am interested in opening a small resort in Tres Cocos area what type of deductions does the Belize government required for employee paychecks. Does anyone know where I can find this information? In the US we are required to deduct Fed tax, State tax,Social Security and Medicare. We have purchased the land and need to know what is expected with the people we will be hiring to build and employ. Any info would be greatly appreciated.

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#309898 - 11/11/08 12:19 AM Re: payroll deductions [Re: Ashleyw]
SP Daily Offline
Contact Michael Fox, CPA or any good accountant to get started on the right foot.

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#309899 - 11/11/08 12:23 AM Re: payroll deductions [Re: Ashleyw]
Peter Jones Offline
I'd seriously consider subcontracting these people instead of employing them, so they give you an invoice and that's all you pay. Very common here. Otherwise you'll be into social security (employee and employer), maybe income tax for the higher earners, and laws on working hours, paid leave and paid public holidays which are draconian for the employer. Do you know, for example, that your staff will be entitled to double time on some holidays if they don't work, and triple if they do?

That said, you can find the relevant laws on the web, although they need a lot of interpretation. I'll post the URL if I can remember it.

Peter Jones FCA

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#309900 - 11/11/08 12:28 AM Re: payroll deductions [Re: Peter Jones]
Ashleyw Offline
were opening a restaurant too. what about payroll to the staff

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#309901 - 11/11/08 12:31 AM Re: payroll deductions [Re: Ashleyw]
SP Daily Offline
i know of someone who tried Peter Jones scheme and nearly went to prison over it...cost them a huge amount to buy their way out of trouble!

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#309903 - 11/11/08 12:36 AM Re: payroll deductions [Re: SP Daily]
Ashleyw Offline
no trouble needed.to build small villas and restaurant some work will be subcontracted out.but was wondering about the full time employees once opened.

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#309904 - 11/11/08 12:36 AM Re: payroll deductions [Re: SP Daily]
Peter Jones Offline
I know many businesses here who do just this - the majority of dive businesses, for example. You have to do it legally of course and that's not always possible. I'm NOT suggesting anyone simply doesn't pay legal deductions as that WILL land them in trouble.

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#309905 - 11/11/08 12:39 AM Re: payroll deductions [Re: Peter Jones]
SP Daily Offline
In summary: Get an accountant!

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#309906 - 11/11/08 12:39 AM Re: payroll deductions [Re: Peter Jones]
Peter Jones Offline
For full time employees you register with the Depts of Social Security and Income Tax and follow the deduction table they give you. Very similar process to the UK and AFAIK the USA. But do note what I said about public holidays - if I remember correctly that raises the annual cost of employing someone by 40%.

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#309907 - 11/11/08 12:40 AM Re: payroll deductions [Re: SP Daily]
klcman Offline
What is the legal definition of a subcontractor in Belize? Those are treacherous waters here in the US.
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But then what do I know, I am but a mere caveman

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