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You can't pay your nis as a sole trader this is an illegal act.The_Honourable wrote:Dizzy28 wrote:If he isn't really bringing in too much money and really only working for that $4500/month it probably isn't wort it to register an LLC.
Yeah LLC not worth it.
@pioneer5220, register as a sole trader. A sole trader is a self-employed person who owns and runs their own business as an individual. Then register with NIB and make voluntary contributions so you would not lose out on the 260 that you already made. As mentioned by redmanjp, have another plan going on in case NIS doesn't pan out. Reliance on a government plan is risky now and may even be worse in the future. As mentioned, check UTC or even First Citizens Investment Services. Another you can check is Guardian Asset Management.
pioneer5220 wrote:I tell yuh be careful with what u doing.Phone Surgeon wrote:
Study what illegal while yuh home starving and 100 other people gladly take that job for less money.
[/quote]^ Yes I should have listened to you and left that alone and said nothing, the good thing is they have very short memory here the boss and management are so busy that they completely forget what you say in just a few hours. By next day it is like nothing ever happened, so all I have to do from this point is to just be quiet and never bring up this matter again and just go a 2 years, gain my experience and look for something better.
I should mention it is not a job just about anybody can do, it is an IT job that does require decades of experience and strong knowledge of networking and computing. However you are correct there are IT people with masters degree who call us begging for work, when I say they pay minimum wage here, these people without hesitation say they will gladly take it, this is the current situation so you are 100% correct on this matter, fighting a losing battle is a waste of time.
So I will just focus on finishing up my degree and gaining my experience here and move on in about 2 years, this seems to be the best bet for me instead of taking on this demotivating stress. At least this will motivate me to study harder, I am looking at this on the bright side I will gain valuable knowledge and I have time to study
In a nutshell , the meaning of National Insurance Scheme.DMan7 wrote:The way things going they might have to raise the retirement age above the average mortality age for citizens of the country so that way they probably won't have to pay anything to anyone as they would have already passed on.
Phone Surgeon wrote:Not anybody could do it...but there are hundreds of people who can. Simple enough to understand.
pioneer5220 wrote:Dizzy28 wrote:The pharmacy one giving trouble than yours though given your contract and work duties . You are not supposed to use the contract system to bypass relevant statutory requirements.
How does a cashier end up as contracted invoiceable work?
When her contract ended they gave her a new contract similar to mine I only learnt about this because I was explaining to her the situation I am in, she then explained the same thing is happening with her when I read her contract it was very similar.
This is so wrong on so many levels. I messaged Mr Imbert about the matter, I hope he can look into it.
The_Honourable wrote:Dizzy28 wrote:If he isn't really bringing in too much money and really only working for that $4500/month it probably isn't wort it to register an LLC.
Yeah LLC not worth it.
@pioneer5220, register as a sole trader. A sole trader is a self-employed person who owns and runs their own business as an individual. Then register with NIB and make voluntary contributions so you would not lose out on the 260 that you already made. As mentioned by redmanjp, have another plan going on in case NIS doesn't pan out. Reliance on a government plan is risky now and may even be worse in the future. As mentioned, check UTC or even First Citizens Investment Services. Another you can check is Guardian Asset Management.
Concerning your Second point,bluefete wrote:The_Honourable wrote:Dizzy28 wrote:If he isn't really bringing in too much money and really only working for that $4500/month it probably isn't wort it to register an LLC.
Yeah LLC not worth it.
@pioneer5220, register as a sole trader. A sole trader is a self-employed person who owns and runs their own business as an individual. Then register with NIB and make voluntary contributions so you would not lose out on the 260 that you already made. As mentioned by redmanjp, have another plan going on in case NIS doesn't pan out. Reliance on a government plan is risky now and may even be worse in the future. As mentioned, check UTC or even First Citizens Investment Services. Another you can check is Guardian Asset Management.
Good advice but with one problem.
First, he would not lose the 260 contributions made. When he reaches 60 or 65 (whatever age they pay NIS) and he still has 260 contributions, NIS would pay him a small lumpsum of money and that is it.
Second, to make voluntary contributions to NIS, you must apply WITHIN 2 YEARS OF LEAVING FULL TIME / INSURABLE EMPLOYMENT.
Third , Self -employed are not covered under NIS (Imbert MC). However, you can make voluntary contributions, if you don't tell them you are self employed as per #2 above.
hover11 wrote:Concerning your Second point,bluefete wrote:The_Honourable wrote:Dizzy28 wrote:If he isn't really bringing in too much money and really only working for that $4500/month it probably isn't wort it to register an LLC.
Yeah LLC not worth it.
@pioneer5220, register as a sole trader. A sole trader is a self-employed person who owns and runs their own business as an individual. Then register with NIB and make voluntary contributions so you would not lose out on the 260 that you already made. As mentioned by redmanjp, have another plan going on in case NIS doesn't pan out. Reliance on a government plan is risky now and may even be worse in the future. As mentioned, check UTC or even First Citizens Investment Services. Another you can check is Guardian Asset Management.
Good advice but with one problem.
First, he would not lose the 260 contributions made. When he reaches 60 or 65 (whatever age they pay NIS) and he still has 260 contributions, NIS would pay him a small lumpsum of money and that is it.
Second, to make voluntary contributions to NIS, you must apply WITHIN 2 YEARS OF LEAVING FULL TIME / INSURABLE EMPLOYMENT.
Third , Self -employed are not covered under NIS (Imbert MC). However, you can make voluntary contributions, if you don't tell them you are self employed as per #2 above.
Last 18 months of insurable employment not two years
Also , the third point , when questioned about source of funds it hard to lie, it easy to know when ppl on shite, also if the board discovers that you are self employed at any point in time, you will be refunded your payments and contributions will be revoked for those years in question. It dont make sense lying.
bluefete wrote:hover11 wrote:Concerning your Second point,bluefete wrote:The_Honourable wrote:Dizzy28 wrote:If he isn't really bringing in too much money and really only working for that $4500/month it probably isn't wort it to register an LLC.
Yeah LLC not worth it.
@pioneer5220, register as a sole trader. A sole trader is a self-employed person who owns and runs their own business as an individual. Then register with NIB and make voluntary contributions so you would not lose out on the 260 that you already made. As mentioned by redmanjp, have another plan going on in case NIS doesn't pan out. Reliance on a government plan is risky now and may even be worse in the future. As mentioned, check UTC or even First Citizens Investment Services. Another you can check is Guardian Asset Management.
Good advice but with one problem.
First, he would not lose the 260 contributions made. When he reaches 60 or 65 (whatever age they pay NIS) and he still has 260 contributions, NIS would pay him a small lumpsum of money and that is it.
Second, to make voluntary contributions to NIS, you must apply WITHIN 2 YEARS OF LEAVING FULL TIME / INSURABLE EMPLOYMENT.
Third , Self -employed are not covered under NIS (Imbert MC). However, you can make voluntary contributions, if you don't tell them you are self employed as per #2 above.
Last 18 months of insurable employment not two years
Also , the third point , when questioned about source of funds it hard to lie, it easy to know when ppl on shite, also if the board discovers that you are self employed at any point in time, you will be refunded your payments and contributions will be revoked for those years in question. It dont make sense lying.
The first thing I saw said 2 years but 18 months seems to be right.
Can I still pay voluntary contributions?
Yes. But you must apply before age 60 and within two years of ceasing insurable employment.
https://www.nibtt.net/faq/cont_FAQs.html
Under what conditions will I be able to pay voluntary contributions?
If an insured person is no longer engaged in insurable employment, and wishes to maintain his contributions record during periods of unemployment he may apply within 18 months of the date of cessation of insurable employment for a certificate of Voluntary Insurance. The insured must be between the ages of 16 and 60. This does not include self employed persons.
https://www.nibtt.net/faq/cont_FAQs-rev.html
https://www.guardian.co.tt/article-6.2. ... 20age%2065.
Voluntary NIS contributions for self-employed
by
Sat Feb 09 2013
The Minister of Finance Larry Howai needs to further review the issue of NIS for self-employed people from the perspective of the self-employed. The payment of NIS by self-employed people should be voluntary and not compulsory.
There are many self-employed people such a myself who would be most willing to make all of the necessary contributions to the NIS scheme to ensure that we are eligible to receive the retirement benefit upon reaching age 65.
Initially venturing into the realm of being self-employed, I was not aware that voluntary contributions could have been made through the issuance of a Certificate of Voluntary Insurance within 18 months of the date of cessation of employment. (Source: Internet).
My attempts to restart paying into the NIS some four years after becoming self-employed were therefore, unsuccessful.
I am at present approximately 200 contributions short of the mandatory 750 contributions. I would therefore like the opportunity to make all outstanding contributions thereby ensuring that I will be eligible to receive monthly retirement benefit at 65.
The State should not subsidise the cost for older people who are self-employed to join the NIS scheme. This cost, which has been estimated to be $1.5 billion, is a cost that the State and the people of T&T cannot afford.
The operations of the NIB are very transparent. With other pension schemes there is no assurance of one's monthly income at retirement. Initially, when approached by vendors, one is shown all these computer generated projections of estimated income dependent on one's contributions. At retirement the income received is much lower than anticipated since one is told that from the monies that one was supposed to have got had to be deducted a sum for managing your finances, tax deductions or; the fund in which your money was invested simply did not perform as expected or; the financial entity has collapsed!
I therefore beseech the Minister of Finance to review the payment of NIS by self-employed people making it voluntary, and allowing self-employed people to receive retirement and other benefits based solely on the contributions they have made to the scheme.
Jo-Ann Murrell,
?Diego Martin
hover11 wrote:A sole trader cannot pay himself a salary because a sole trader has unlimited liability meaning he bears all profits and losses. Many sole traders have come in to apply for a number and I have returned them as soon as you see zero employees on the form. Also the voluntary insurance form actually asks , are you self employed ? If not that is a huge red flag because we would want to know where you getting the funds to pay the contributions, if you not working anywhere and you not self employed.
Message meDave wrote:Wait my Trinity brethren....how come I haven't received a NIS clearance as yet and was applied for since the last week in December? Numerous requests were sent as follow ups to the email were the original response was sent. In person they are of no help and the phone call thing waiting with over 15 ppl in front again is very discouraging.
What gives?
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