In Focus

$4,200 Tax Allowance?

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You Are ReadingVol. 01 Issue. 05March 28, 2013

Edition

MINISTRY WALKING THE TALK

WALK THE TALK COMMENCES MON APR 6.

BCSI NATIONAL SERVICES WEEK TUE APR 2-5.

MINISTRY OF HEALTH’S WALK SAT APR 6.

RENEWABLE ENERGY FINANCE

FORUM (MIAMI FLORIDA) APR 30 - MAY 1, 2013.

IMPORTANT DATES MANUFACTURERS UPCOMINGTRADE & INVESTMENT

CONVENTION (TIC 2013)

BY The Trinidad and Tobago Manufacturers’ Association,

June 12-15, 2013

Hyatt Regency in Port of Spain, Trinidad.

REACH THE SBAHEAD OFFICE

1 Pelican Industrial Park,

Bridgetown, Barbados

Phone: (246) 228-0162

Fax: (246) 228-0613

Email: theoffice@sba.org.bbWebsite: www.sba.org.bb

TECH SMART PROJECT ON STREAM

The Ministry of Health in collaboration with the Walk The Talk organising committee, will be hosting a Walk the Talk event on Saturday April 6, 2013 to celebrate World Health Day.

The focus and theme this year will be high blood p r e s s u r e . M e d i c a l practitioners are in a g r e e m e n t that increased p h y s i c a l activity is one method of reducing the high level of hypertension in the Barbadian population.

The walk will take place from 4:00 until 6:00 p.m. beginning in Independence Square, Bridgetown.

Also available on that day will be healthy foods and the general public will get to sample various delicious products.

The proposed route will be from Independence Square, onto Wharf Road, along the Lewis Wickham Boardwalk, right onto Hinks Street then left onto Princess Alice Highway. Walkers will move to Prescod Boulevard then right around Elsie Payne Roundabout and along President Kennedy Drive, passing

Holbourn and continuing along Westbury Road. The walkers will turn right onto Baxters’ Road along Tudor Street and then onto James Street before turning onto Roebuck Street,

onto Crumpton street and back to Independence Square via St. Michaels Row. There will also be a cool down exercise at the end of the walk.

Prizes will be awarded to the largest group, the youngest walker and the oldest walker.

Walk The Talk; 10,000 steps to

Wellness’ is a collaborative initiative conceptualised by BCCI, SBA and Barbados Employers’ Confederation (BEC) whose aim is to get employees to exercise by doing something that is normal in everyday life, walking. The worldwide initiative focuses on 10,000 steps per day which is also equivalent to 30 minutes of exercise.

This is a fun event which will provide great benefits for participants and draw attention to the proliferation of chronic non communicable diseases.

SBA members who still wish to be part of the programme, which officially starts on April 6, 2013 should contact the SBA office at 228-0162 or by email at theoffice@sba.org.bb .

At least 50 Small Business Association (SBA) members will be unveiling brand new websites before the end of April 2013 under the Tech Smart Website Project sponsored by the Central Bank of Barbados.

The SBA contracted experienced website developers to work along with its members to produce websites to help drive their individual businesses.

Workshops were conducted with members to teach them how to prepare and provide website content. Members have expressed keen interest in the process and already some businesses have been provided with layouts for their sites.

SBA Business Operations Manager, Andrea Taylor noted that the next couple of weeks will be critical in the process to ensure that members got what they wanted in terms of design, and regular consultations to ensure smooth process towards completion. Members who want to be considered for the next website offer are urged to register their names and interest at the office as soon as possible. Contact theoffice@sba.org.bb.

SBA Outlook Newsletter March 28, 2013

Members of the SBA and the general public were treated to frank and informative presentations at the recently held Tax Clinic. Presenters Mr. Ryan Wiltshire, Auditor, VAT Division, Mr. Robert Homer – Financial Consultant, RMH Financial Consulting Inc, and Ms. Carolyn Springer – Inspector, Inland Revenue Department (IRD) all provided information which could aid members in completing the various processes associated with compliance including registering and filing for VAT, income tax and National Insurance. Members were especially pleased to hear from Mr. Wiltshire that the VAT Division allows businesses to offset the debt owed to government against what is owed to the business. Also of note was the ability of businesses to apply their VAT refund to pay off other

obligations or to assist another business in paying its VAT. This should be welcome news to some business persons who lament the slow refund process. In this regard, Mr. Wiltshire pointed out that the VAT division

did not issue refunds but it was required to inform the Treasury about the quantum and payee and it was the Treasury’s responsibility to issue the payment. It was suggested that when the Barbados Revenue Authority came into being that these processes would be streamlined. Members were also surprised to learn that persons are allowed up to $4,200 for travel allowance on their income tax. The VAT Department also

noted that first time home owners could claim up to 7% on the property at $400,000 or less. They were however advised that before they made a claim they should check to make sure that the developer or contractor had not already done so.

The meeting was also an opportunity for new and older members to network. For more information on our members’ meetings feel free to call 228-0162.

Businesses Can Offset VAT Refunds

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SBA MEMBER SPOTLIGHT

The SBA’s Enterprise In Action (EIA) youth programme conducted in primary and secondary schools is already creating healthy enterprises.

The programme is currently underway at seven (7) secondary schools including Christ Church Foundation School, Lester Vaughan Secondary School, Springer Memorial Secondary School, St. George Secondary School, The Darrell Jordan Secondary (previously known as St. Lucy Secondary School), The Alleyne School, and the St. Leonard’s Boys’ Secondary School. Roland Edwards Primary is the loan Primary School in the programme. The programme runs for a full academic year and includes, theory, a practical business case, and term 3 students

prepare for a symposium. Students are put forward for internship programmes during the summer to boost their confidence and entrepreneurial experience. Some of the programmes being tackled by the enterprising youth include selling of cakes and pastries, selling of key rings and selling of bracelets, smoothies , hanging herb gardens, commemorative t-shirts, pizzeria; musical production projects. landscaping, and craft mats.

Students work during and after school on their projects and are assisted by teachers and experienced SBA members acting as mentors and consultants. The EIA programme is now in its fourth year.

Students Get Business SMART

From left, Mr Ryan Wiltshire – Auditor, VAT Division, Mr Robert Homer – Financial Consultant, RMH Financial Consulting Inc, and

Ms Carolyn Springer – Inspector, Inland Revenue Department

A packed audience consiting SBA members and the general public listening attentively to the information being provided

Member Benefits

Email Promotions . Discounted Radio & Print

Advertising Rates . Help Desk Services . Secretarial Services

. Technical Assistance . Website Marketing

. Access to Meeting & Training Facilities

Become Financial TODAY!

Small BusinessASSOCIATION

Small BusinessASSOCIATION

SBA Outlook Newsletter March 28, 2013

Increased awareness for Barbadian consumers and a greater emphasis on capacity building in ICT are among some of the things that the new members of the Small Business Association (SBA) can look forward to.

Lynette Holder, CEO of the SBA told the new members that the Association was keen on making sure that its members not only had access to the latest technology but were also trained to capitalise on such advantages . In welcoming the new businesses, the CEO said her dream was to have a Barbados where consumers made purchase decisions by keeping local SMEs at the top of their purchase choices.

Over the next few months the SBA through its SME SMART campaign would be seeking once gain to educate and motivate consumers to seek out the goods and services of the members. The Tech Smart Website Project was one such

initiative the Association would be using.

The new members were treated to a presentation on the SBA and its work. Ms. Holder noted that this was a particularly exciting time to become members and to be part of the SBA’s

efforts to gain greater recognition for small entrepreneurs.

“We are eager to work with the new administration and will continue to lobby on behalf of our members. She encouraged anyone with particular or unique concerns to bring them to the Association’s attention and it would seek to address them.

The Small Business Association (SBA) is the island’s non-governmental, non-profit representative body for micro, small and medium enterprises. The SBA seeks to expand business opportunities for its members, provide educational and developmental services and lobby to ensure an enabling environment

for the growth and sustainability of the SME sector. For more information on the work of the Small Business Association, please visit our website: http://www.sba.org.bb

BIG THINGS IN STORE FOR SBA MEMBERS

Easter is a time to celebrate the death, burial and resurrection of Jesus Christ our Lord, and a day to remember his redemptive work on the cross at Calvary. The Apostle Paul said that if Jesus didn’t rise from the dead, then the faith of Christians was “useless” . If there was no resurrection, he admonished, live only for today: “Let us eat and drink, for tomorrow we die” (1Corinthians 15:32).

As we enrobe ourselves in the daily challenges and rewards of running our individual businesses, let us not forget that we too are called upon to make

sacrifices. Sacrifices to create our legacy that involves not only a sustainable business but a life lived as an example to others.

Unlike many business people on other continents, Barbadians are fortunate, nay blessed, to be able to carry their religion into their business and places of employment. Indeed a scan of the yellow pages will sometimes reveal companies that are willing to proclaim their love of the Saviour in their advertisements.

LAST WORD FROM THE CEO

We must therefore never forget the religious foundation upon which many of us were raised.

I am reminded on occasions like this that were we to harken unto the teachings of the Bible as we are called upon to do, such concepts as “Integrity Legislation” would become unnecessary. Still, even Christian societies are bound by laws whether natural or moral.

Profits have no religion. However I firmly believe that the activities in which we engage, in the pursuit of those profits, must have some moral basis which governs how and what we do in our daily lives.

No matter the size of our business, keeping God at the forefront enables us to keep

focus on the things that add value to the lives of others.

If we live a life of love then we will attract love, we will put people first and we will do so in a manner that does not conflict with the basic requirements to run and grow our enterprises. Believing in the resurrection of our Lord and Saviour gives us all hope that our lives and efforts will not be in vain.

At this time, let us not forget that Easter for millions of Christians, is about honoring Jesus Christ’s atoning work for a sinful people, and His glorious promises of eternal life for all who believe in Him . Happy Easter

The Right Mix: Religion & Business

The Small Business

Association

Speaks For YOU

To Learn More,

Call us at

228-0162