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Notes & Instructions for the Completion of S04

This form is to be completed by all Self‐employed Persons. The completed form is to be accompanied by a copy of the Balance Sheet and

Profit and Loss Account (and such other subsidiary accounts as are necessary for a proper understanding of these accounts) and a copy of the

individual’s income tax computation. Schedule 1, Details of Trading, available at the nearest tax office, may be used by businesses with Gross

Receipts under $3 million instead of Financial Statements. All other persons must submit proper Financial Statements.

This Return together with the relevant Schedules are to be submitted at any Revenue Service Centre or Tax Office after December 31st (of the

Year of Assessment), but not later than the 15th of March of the Following year. Returns may also be filed online at

w ww.jamaicatax‐online.gov.jm

SECTION A ‐ GENERAL INFORMATION

If in receipt of an Approved Non‐Taxable

Section C ‐ Deductions & Statutory Income

Travelling Allowance, do not include this

Box 10: New Address

amount in Line 23.

Line 39: Capital Allowances

Tick box if there has been a change of

If you claim any capital allowances, you are

address since filing of the last Return.

Line 25: Annual Value of Quarters or Residence

required to complete and

attach Schedule 2 ‐

Where rent is paid directly to the

Capital Allowances and to enter the appropriate

Box 10: Revised Return

employee or the Landlord the full amount is

amount in Line 44.

Tick box if return is a Revised Return, that is,

taxable.

changes are being made to a previously‐

Line 40: Covenanted Donations

submitted Return.

Where the employer is the Landlord of the

ii)

Enter any amounts made in respect of

accommodation provided the Market Value

annuities or other annual payments secured

Section B ‐ SUMMARY OF INCOME

is the taxable sum.

by deed of covenant in favour of the University

of the West Indies, the University of

INCOME FROM TRADE OR BUSINESS

Where the employee is required to live in

iii)

Technology or any other approved institution.

the accommodation provided by the

Lines 11 ‐ 14: Gross Sales/Income, Cost of

(Attach proof).

Sales/Operations, Business Expenses

employer the value of the benefit shall not

Line 44 ‐ 46: Pension Exemption, Age Exemption

Include that information relating to trade,

exceed 30% of his emolument (excluding

& Other Exemptions (Approved Farmers etc.)

business, profession or vocation, or

the value of the accommodation).

If under 55 years, the pension income only up

cultivation of farmland as shown in your

Where the employee lives in

to a maximum of $80,000 derived from a

iV)

financial statements (or Schedule 1 as the

accommodation owed or operated by an

Statutory Pension Scheme or a

case may be). Should you carry out more than

Superannuation Scheme approved by the

approved Charitable Organization the

one activity, a breakdown showing gross

Commissioner General is exempt from tax; OR,

receipts and the related expenses of each

value of the benefit shall not exceed 30% of

if 55 years or over, $80,000 of income from

activity should also be submitted.

his emolument (excluding the value of the

pension and any other source is exempt from

accommodation).

Line 15 ‐ Net Adjustments

tax. If 65 years or over, $80,000 of income

Complete the adjustment form on Schedule 1

Line 28 ‐ Expenses Claimed

derived from any source is exempt.

to determine the value of Net Adjustments.

Expenses exclusively incurred in acquiring the

Line 48 ‐ Other Donations

Adjustments should be made for items that

income, which were not reimbursed by the

The amount or value of a donation to an

could result in an increase or reduction to

employer, may be claimed here.

Attach

profit. Expenses not allowable for income tax

Approved Charitable Organization (whether

Schedule 3 ‐ Employee Expenses Claim .

purposes, for example, depreciation,

money or property) should not exceed the

donations, expenses not wholly and

INCOME FROM INVESTMENTS & OTHER SOURCES

allowable deduction of 5% of Statutory

exclusively incurred for the purposes of

Income. This is calculated as 5/105 or 1/21

Line 34 ‐ Dividends, Interest, Annuities & Discounts

acquiring the income and income tax paid are

In arriving at the amount, exclude Franked

of Line 41 minus Lines 42, 43 and 47

to be added back. Any capital gain should be

Dividends as the company making the initial

deducted. The net adjustment should be

(i.e. (5/105)*(Line 41 ‐ (Line 42 + Line 43 + Line

distribution is deemed to have paid the

taken to Line 15.

47))

underlying tax, and exclude Capital

Distributions, as these are not subject to tax

INCOME FROM RENT OF PROPERTY

Lines 64 ‐ 67 and 70 ‐ 72: Credits

for income tax purposes. The gross amount of

All credit claims are to be substantiated by

Lines 19: Gross Rental from Land, House or Other

income arrived at should be entered. Any

the submission of the relevant certificates, for

Property

credit for income tax deducted will be given in

Enter the total amount received from renting

example, Withholding Tax Certificate,

Section D ‐ Tax Computation. ‐

Attach

and/or leasing real property.

Contractor’s Levy Receipt.

certificates and/or warrants.

Line 20: Rental Expenses

Line 35 ‐ Sources Outside the Island

Lines 86 ‐ 87 and 91 ‐ 92

A statement showing how the total of

The amount to be included is the amount

NIS Payable and NHT Payable

expenses is made up should be submitted.

arising or accruing, whether or not the whole

Calculate the NIS and NHT payable on your

Normal repairs and replacements are

of the income will be actually received in

allowable expenses. The cost of

Employment Income (Line 27) and Your Self

Jamaica. In arriving at the income, you are

improvements, reconstructions or alterations

entitled to deduct any expense wholly and

Employed Income (Add Lines 50 & 51 and

is not repairs. Amounts payable by the tenant

exclusively incurred in acquiring the income.

deduct pension if deduction is applicable )

must not be included.

using the appropriate rates to calculate each.

Double Tax Credit is given in Section E for any

INCOME FROM ALL EMPLOYMENTS & OFFICES

tax deducted in countries with which a

Double Taxation Agreement (DTA) exists. If,

Lines 22 ‐ 24:

however, you are a non‐resident, the amount

Enter relevant amounts received (cash and

returned should be restricted to the amount

kind) from other employments. Attach P24s.

of your actual income remitted into the Island

during the year.

Page 4 of 4

Form No. So4 - Self Employed Persons Annual Return Of Income, Taxes And Contributions Payable For Year Ended 31, December Page 4

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