Growth & Jobs | Kmar Henry: Carving out a business for himself
No country can achieve economic growth without taxes, and so young entrepreneur Kmar Henry has carved out a business for himself, where he assists small business owners and self-employed individuals to file their annual returns.
Henry started his accounting and consulting firm BizCare in 2017 and has got tremendous support from persons in Kingston, St Catherine and Clarendon, where the business is located. In addition to handling tax-related matters, his company also ensures that their clients are compliant with regulations governing the operation of a business.
“The demand comes mostly from the tax-related side. But it is stretching now,” he said, when asked about the focus of his business.
“Basically, we would amend people’s returns in terms of making corrections when they make any mistakes, and so forth,” he explained.
The pressure is now on for Henry and his three workers since this is the tax season, but he loves that he can provide a service that is in demand. While he loves what he does, he will be the first to tell you that it requires a lot of patience.
“You know, nobody wants to pay taxes, so it’s kind of hard to get them to pay the taxes. In terms of that and getting them to understand why it’s important to get the money running through the bank account, so you can get a loan over a period of time, and how you record your document and such,” he said, when asked about the main issues he comes across when dealing with small business owners.
Given the nature of his job, Henry has to interface directly with clients. In addition to helping to file taxes, his company also provide cash book services, GCT filing, payroll services, financial statements, and business registration.
“It is surprising to know the amount of persons that don’t really know the basics when I am out there dealing with the clientele. It is very amazing, especially in the niche that I have in terms of the self-employed and the small business areas,” he said.
He finds that businesses have to increasingly show proof of compliance and so they are now required to produce a Tax Compliance Certificate (TCC) to even open a bank account.
“The TCC indicates that you have filed your taxes,” he explained.
“You have to be very detailed in how you explain it to them, so that they can understand,” he said.
Henry has a degree in production and operation management from the University of Technology and worked within the accounting unit of the tax office in May Pen, Clarendon, before becoming a business owner.