What are my tax obligations as a self-employed
|
| | | |
| 1. | You are chargeable to Profits Tax on the
assessable profits of your sole proprietorship or partnership business. You need to:
|
| (a) | Keep sufficient business
records for at least 7 years; |
| (b) | Prepare accounts based on
your accounting records; |
| (c) | Complete and submit a tax return for reporting business profits / loss; |
| (d) | Notify liability to tax (see
Notification of Chargeability for time limit and other details) unless you have already received
the tax return from us; |
| (e) |
Notify cessation of business within 1 month of
cessation; |
| (f) |
Notify change of address
within 1 month of change; and |
| (g) | Pay the tax. |
| Note: | If you are employed
as an Employee, you are not a self-employed and your income is chargeable to
Salaries Tax. |
|
| 2. | If you receive a tax return from us, you must
complete and submit it in time even if your business had ceased, was inactive or operating in losses.
|
|
| 3. | Also see
|
| (a) |
A Guide to keeping Business Records
The minimum records to be kept to comply with the tax law. |
|
| (b) |
Admissibility of Business Records kept in Electronic Form for Tax Purposes |
|
| (c) | Business Registration
You have the obligation to apply for business registration. |
|
| (d) | Employers
Understand your tax obligations as an employer. |
|