Personal Taxation
At Teim Accountants, we provide personal tax advice for a variety of clients with vastly differing circumstances.
Maximise our clients wealth
At Teim & Associates, we provide personal tax advice for a variety of clients with vastly differing circumstances.
This ranges from simple tax computations and filing, through to more complex tax affairs. With each client, however, our motivation is always the same; to maximise our clients wealth and reduce their tax burden.
Our Personal Tax service can include;
- Income tax
- Capital gains tax (CGT)
- Good & Services Tax (GST)
- Non-resident taxes
- Rent Tax| Royalties| Licenses
- Completion and filing of relevant returns
- Computation of liabilities
- Tax enquiries
- Tax disputes
- Correspondence with the NRA
- Advice on what payments are due and when
Self-Assessment Tax Returns
With our income tax return service, we can remove the burden of administration and ensure every deadline is met. You simply provide us with your financial records in relation to your tax affairs, and we will prepare all the necessary calculations and deductions, as well as claiming any reliefs, deductions, allowances and repayments that you might be due.
Some of our clients do not need to file Self-Assessment tax returns, but they like the reassurance of us annually reviewing their tax position for peace of mind. Our Self-Assessment services covers the following taxes:
- Goods and Services Tax
- Corporate Tax
- Individual and Partnership (Trade Tax)
- Trust
- Pay As You Earn (PAYE)
- Withholding Tax
- Foreign Travel Ticket Tax
- Pay-roll Tax
Capital Gains Tax
This is a tax paid on the gains made from the realization or sale of a chargeable asset, where the gain exceeds Le1.8m (one million eight hundred thousand Leones). Assets on which tax is imposed include land, buildings, business assets including goodwill and shares of a resident company. The rate of tax is 30%. There are many common assets that can be subject to CGT when they are disposed of, such as stocks, bonds, precious metals.
The legislation for capital gains tax is a very complex area. There are many reliefs and exemptions which may lead to significant tax savings. It is therefore recommended that you seek the advice of Teim, who will be able to prepare your capital gains tax computations, claim any reliefs that you may be entitled to and calculate any liability that may be due.
If you are considering selling a personal asset or all or part of your business, we can advise you of the tax planning opportunities available to you before you make your disposal, in order to mitigate or reduce potential tax liabilities.
Withholding Tax (WHT)
A WHT is a tax which is collected by a registered taxpayer at source. Examples of WHT are PAYE, which is deducted and withheld by an employer from an employee’s salary, Rent Tax – which is deducted and withheld by a landlord and contractor’s withholding tax – if you employ the services of a person to provide construction, transportation, management, or any other service and the payment for these services is more than Le500,000 in any month, then you must deduct tax at the rate of 5% in the case of resident and 10%, if the payment is made to a non-resident. If goods are supplied, then the WHT also applies to the price of the goods.
Withholding Tax is deducted at source of income. Withholding Tax rates vary depending on whether the recipient of the income is Resident or Non-Resident.
Types of Payment and Rates to be withheld from payments made to persons resident in Sierra Leone are:
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- Payments to contractors – 5%
- Dividends – 10%
- Interest – 15%
- Rents – 10%
- Royalties – 25%
- Pensions and Annuities -15%
- Natural Resource Payments – 25%
- Real Property – 10%
- Winnings of Le 500,000 and above from any lottery -10%
Types of Payment and Rate of tax on chargeable income of non-resident:
- Employment Income – 25%
- Payment to Contractors – 10%
- Dividends – 10%
- Interest – 15%
- Rents – 10%
- Royalties – 25%
- Pensions and annuities – 25%
- Natural Resource Payments – 25%
- Payments to or applications for the benefit of non-resident beneficiaries – 25%.
Let us take care of all your WHT affairs whiles you focus in running your business.
Personal Tax Planning
Tax, whether on your income, business or investments, can be a complicated and hard to unravel. It can be difficult to know what you should and should not be paying, what new tax legislation means for you and how best you can utilise your tax payments.
Efficient tax planning can make a huge improvement to your personal and business finances, not just in terms of immediate cash flow and profit, but also in protecting your wider interests and securing your wealth for the future.
Tax planning involves thinking ahead to create a strategy that helps minimise the amount of taxes you pay. Sometimes planning is required when circumstances change, such as, on family changes, retirement, death, although strategic planning is important at all stages in life.
We’ll talk with you to fully understand your personal or corporate financial goals and then help you create a tax strategy that follows all tax regulations applying to you. We can help with;
- General tax planning
- International planning
- Tax compliance and
- Remuneration planning.