Previous Thread
Next Thread
Print Thread
Page 1 of 6 1 2 3 4 5 6
#309897 - 11/10/08 06:17 PM payroll deductions  
Joined: Nov 2008
Posts: 16
Ashleyw Offline
.
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.

#309898 - 11/10/08 06:19 PM Re: payroll deductions [Re: Ashleyw]  
Joined: Apr 2000
Posts: 8,868
SP Daily Offline
.
SP Daily  Offline
Contact Michael Fox, CPA or any good accountant to get started on the right foot.

#309899 - 11/10/08 06:23 PM Re: payroll deductions [Re: Ashleyw]  
Joined: Aug 2008
Posts: 3,046
Peter Jones Offline
.
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

#309900 - 11/10/08 06:28 PM Re: payroll deductions [Re: Peter Jones]  
Joined: Nov 2008
Posts: 16
Ashleyw Offline
.
Ashleyw  Offline
were opening a restaurant too. what about payroll to the staff

#309901 - 11/10/08 06:31 PM Re: payroll deductions [Re: Ashleyw]  
Joined: Apr 2000
Posts: 8,868
SP Daily Offline
.
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!

#309903 - 11/10/08 06:36 PM Re: payroll deductions [Re: SP Daily]  
Joined: Nov 2008
Posts: 16
Ashleyw Offline
.
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.

#309904 - 11/10/08 06:36 PM Re: payroll deductions [Re: SP Daily]  
Joined: Aug 2008
Posts: 3,046
Peter Jones Offline
.
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.

#309905 - 11/10/08 06:39 PM Re: payroll deductions [Re: Peter Jones]  
Joined: Apr 2000
Posts: 8,868
SP Daily Offline
.
SP Daily  Offline
In summary: Get an accountant!

#309906 - 11/10/08 06:39 PM Re: payroll deductions [Re: Peter Jones]  
Joined: Aug 2008
Posts: 3,046
Peter Jones Offline
.
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%.

#309907 - 11/10/08 06:40 PM Re: payroll deductions [Re: SP Daily]  
Joined: Mar 2001
Posts: 10,980
klcman Offline
.
klcman  Offline
What is the legal definition of a subcontractor in Belize? Those are treacherous waters here in the US.


_ _ _ _ _ _ _________________ _ _ _ _ _ _
But then what do I know, I am but a mere caveman
Page 1 of 6 1 2 3 4 5 6

Links
Portofino Resort- Now with a new BEACH BAR!!

Click for excellent scuba lessons with Elbert Greer!


Things to do

News
Daily News
Daily Weather

Classified Ads
BelizeNews.com
San Pedro Sun
Ambergris Today
SP Town Council
Channel 7
Channel 5
Amandala
Love FM
The Reporter
PLUS TV
TV Newscasts
Radio Stations

Click for our
Search thousands of Belizean-only websites

Event Guides
Event Calendar
Specials & Events
Things to Do
SanPedroScoop
iTravel Belize
Paradise Theater

Blogs
San Pedro Scoop!
Tia Chocolate
Tacogirl
My Beautiful Belize
I-Travel Belize
Belize Adventure
Belize Hub
Romantic Travel
Bound for Belize
Conch Creative
As The Coconuts Drop
More Blogs...
Search thousands of Belizean-only websites
Chaa Creek is an award-winning luxury Belize Resort, rated as one of the worlds best Eco Lodges. We are a pioneer in adventure travel to Belize since 1981!
White Sands Dive Shop - 5 Star PADI Dive Facility - Daily diving, SCUBA instruction and Snorkeling
Caribbean Inspired All Natural Condiments & Spice Blends, Over 100 are Gluten Free!
We manage a variety of homes, apartments, condos and commercial properties here on Ambergris Caye. Our minimum lease on ALL properties is six months.
Conch Shell Inn: All rooms are right on the beach in the heart of San Pedro, so within walking distance to anything and everything!!
Lil Alphonse has snorkel equipment to fit anyone as well as Marine Park Tickets and flotation devices to assist those not as experienced.
Coastal Xpress offers a daily scheduled ferry run to most resorts, restaurants and private piers on the island of Anbergris Caye. We also offer  private and charter water taxi service.
March
S M T W T F S
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31
Cayo Espanto
Click for Cayo Espanto, and have your own private island
More Links
Click for exciting and adventurous tours of Belize with Katie Valk!
Mini Chat
Who's Online Now
1 registered members (skingorilla), 31 guests, and 11 spiders.
Key: Admin, Global Mod, Mod
Forum Statistics
Forums44
Topics64,074
Posts462,201
Members18,781
Most Online1,262
Jun 10th, 2007



AmbergrisCaye.com CayeCaulker.org HELP! Visitor Center Goods & Services San Pedro Town
BelizeSearch.com Message Board Lodging Diving Fishing Things to Do History
BelizeNews.com Maps Phonebook Belize Business Directory
BelizeCards.com Picture of the Day

The opinions and views expressed on this board are the subjective opinions of Ambergris Caye Message Board members
and not of the Ambergris Caye Message Board its affiliates, or its employees.

Powered by UBB.threads™ PHP Forum Software 7.6.0