Personal Financial Planning Services
Personal finance refers to the way in an individual or family unit manages his/her/it’s financial resources over time to budget, save, and spend on: investments, acquisition of assets, expenses and otherwise, taking into account various financial risks and future life events.
When planning personal finances, the individual would consider the suitability to his or her needs of a range of:
✔ banking products (checking, savings accounts, credit cards and consumer loans) or
✔ investment products/participation (stock market, bonds, mutual funds) and
✔ insurance products (life insurance, health insurance, disability insurance) and
✔ monitoring of individual- or employer-sponsored retirement plans,
✔ social security benefits,
✔ income tax management.
AMCS:
I. Determines Current Finances and Obligations
AMCS Assesses the Individual’s financial situation by considering the persons current total income and expenses from all sources as well as the value of the person’s total assets and the person’s total liabilities. The assessment may also include analysis of the Individual’s lifestyle or spending habits and responsibilities.
This assessment may consider:
⇢ Personal Financial Statements
⇢ Cash Management Strategies
⇢ Financing Asset Acquisitions
⇢ The Economic Environment
⇢ Other Personal Financial Planning Issues such as:
> Housing
> Education Planning
> Divorce
> Closely Held Business
> Job Change and Loss
> Vacation Homes
> Other Accumulation Needs
> Special Needs Planning
II. Determines the Financial Goals of the Person: Short term, Medium term and Long term and Identify Constraints.
This assessment may consider:
Investment and Accumulation Goals
AMCS considers the financial goals of Individuals and uses specialists such as securities dealers, attorneys, real estate appraisers and other valuation specialists when assisting Individuals to make investment decisions and determine the percentage allocation to be invested in stocks, bonds, cash and alternative investments.
Tax Planning
AMCS reviews the activity of Individuals and the industry, structure, contractual arrangements, transactions, strategies, business activities, processes and regulatory requirements for each trade, profession or vocation they are involved in to advise them of their tax obligations, tax implications, and their alternatives. This service is also provided as part of Jamaica Tax Law Advisory Services, Jamaica Tax Planning Strategy and Management.
Persons who Trade or have Other Sources of Income (that is, income other than salary and related emoluments earned as payroll employee).
Persons who trade in their own name or as a Business registered under Business Names Act or as Company registered under Companies Act are required to file Income Tax Annual Returns as at the end of each calendar year and remit the tax on or before March 15 of the subsequent year.Taxpayers in this category are required to:
✔ maintain proper accounting books and records
✔ properly account for each transaction.
✔ ensure proper tax treatment.
✔ correctly present the financial information of the entity in the financial statements attached to Income Tax Annual Returns.
Proper accounting records are to be maintained for each activity and the amounts reported on the relevant tax filing forms and financial statments at the end of each year.
see Accounting , Using Accounting Software?, Accounting Services, Financial Accounting Services, Financial Accounting and Reporting Environment Framework Advisory Services, Financial Accounting Policies System and Design, Financial Reporting Compliance Services, Financial Analysis, Preparation of Financial Statements and Income Tax Annual Returns, Individuals Who Trade or Have Other Sources Of Income, Small and Medium Sized Enterprises, Large Taxpayers.
AMCS also provides Tax Services see Jamaica Tax Law Advisory Services, Jamaica Tax Planning Strategy and Management, Jamaica Tax Compliance, Jamaica Tax Audit - , Tax Returns Prepared by AMCS, Tax Returns Prepared by Discontinued Provider, Jamaica Tax Training.
Individuals with more than one trade activity (not registered under the Companies Act) are to include the total income, expenses and related tax allowances from all taxable activity when filing Annual Return of Income and Tax Payable at the end of the year using the S04 form.
Persons who Own a Company
Individuals who own a company registered under the Companies Act are required to maintain proper accounting records for the company and report the income, expenses and related tax allowances on the IT02 Annual Return of Income and Tax Payable for Bodies Corporate at the end of the year. Each company is given a unique Taxpayer Registration Number (TRN). The amounts reported on the IT02 are not to be reported on any other Income Tax Annual Return filing form.
see Accounting , Using Accounting Software?, Accounting Services, Financial Accounting Services, Financial Accounting and Reporting Environment Framework Advisory Services, Financial Accounting Policies System and Design, Financial Reporting Compliance Services, Financial Analysis, Preparation of Financial Statements and Income Tax Annual Returns, Individuals Who Trade or Have Other Sources Of Income, Small and Medium Sized Enterprises, Large Taxpayers.
AMCS also provides Tax Services see Jamaica Tax Law Advisory Services, Jamaica Tax Planning Strategy and Management, Jamaica Tax Compliance, Jamaica Tax Audit - , Tax Returns Prepared by AMCS, Tax Returns Prepared by Discontinued Provider, Jamaica Tax Training.
“ AMCS reviews each transaction for proper accounting and tax treatment in accordance with the most recent changes to the accounting standards and tax legislation to ensure that the information reported in the entity’s accounting records properly supports the information reported on the entity’s financial statements and tax returns. ”
“ AMCS prepares financial statements and their related disclosure notes in accordance with International Financial Reporting Standards and the Jamaica Companies Act. Tax returns are prepared in accordance with the relevant Tax Acts. ”
Persons with more than one payroll job or Persons who receive Pension or Dividend and Interest (taxed at source)
Persons with more than one payroll job or Persons who receive other income taxed at source such as: dividend and interest are required to file these amounts on the IT05 Annual Return of Income and Tax Payable.
Note for Persons who have more than one payroll job.
Individuals are allowed to deduct Income Tax Threshold from their total income from ALL sources only once. The aggregate of Gross Emoluments from each job as at the end of the calendar year is to be reported on the IT05 form (if you did not receive income from any other source except payroll jobs and taxes deducted at source) and the tax return filed on or before March 15 of the subsequent year.
AMCS also considers taxes relevant to their Personal Financial Planning such as: Estate Planning, Trusts, Gifts, Transfer Tax, Charitable Planning (Charitable Gifts, Charitable Trusts and Limitations on Use of Charitable Planning).
Understanding the provisions in the tax legislation can make a significant impact when planning one's personal finances.
AMCS also provides Fraud Prevention and Detection, Business Advisory Services to reduce the risk of loss due to fraud and to improve the performance of your business.
Insurable Risks
Adequate protection from insurable and other risks. These risks can be divided into liability, property, death, disability, health and long-term care. Some of these risks are insurable.
AMCS assists Individuals to determine how much insurance to get, at the most cost effective terms.
Business Owners, Professionals, Athletes and Entertainers may require specialized insurance products/ contracts to adequately protect themselves.
AMCS considers the insurance needs of the Individual and uses attorneys, actuaries and other specialists when assisting Individuals in specialized areas obtain the insurance coverage they require. Insurance companies also offer investment products with tax benefits that can also be considered in investment planning.
Retirement Planning
AMCS considers the Individual’s assets and the structure of the Individual’s portfolio (see investment and accumulation goals) to allocate investments to generate income to meet any income shortfall when planning for retirement. Assets/investments may also be structured to generate income during retirement.
Estate Planning
Plan for the disposition of one's assets after death.
III. Assist Individuals in developing a financial plan to achieve their financial goals, considering Life Planning and Life Cycle Issues.
IV. Assist Individuals with the execution of their financial plan.
V. Monitoring the plan and adjusting the plan for changes or developments such as changes in income/responsibilities, tax legislation, insurable risks or to improve financial performance etc.
Contact AMCS Jamaica Limited for Personal Financial Planning Services