If Sole Proprietor Do You Pay Taxes as Part of Regular Income and Then Again as Self Employment?

For Self-Employed Persons and Partnerships

(including trade, concern, profession and vocation income)

Am I a Self-Employed Person?

Check if you are considered a Self-Employed Person

Tax obligations of Self-Employed Persons

Filing responsibilities of Self-Employed Persons

• Sole-Proprietorship Start-Upwardly Kit
• Basic guide for Self-Employed Persons
• Pre-filling of income and fixed expense deduction ratio for Self-Employed Persons (SEPs)
• Filing responsibilities of Cocky-Employed Persons (including private partners)
• No-Filing Service (NFS) for Self-Employed Persons (SEPs) under the Pre-filling of Income scheme
• Taxation obligations of foreigners ceasing business or leaving Singapore permanently
• Tax obligations by industry, trade or profession
• Keeping proper records and accounts

Tax obligations of Partnerships

Filing responsibilities of precedent and individual partners

• Income from property rented out (for Partnerships)
• Responsibilities of precedent partners
• Basic guide for Partnerships
• Taxation obligations of foreigners ceasing concern or leaving Singapore permanently
• Withholding Tax
• Partnership Commencement-Up Kit
• Keeping proper records and accounts
• Tax obligations of Partnerships closing down (Striking-Off/De-Registering)
• Types of Partnerships

Revenue enhancement obligations by manufacture, trade or profession

For specific industries/professions such as private hire car drivers, social media influencers etc

Filing and payment

Managing myTax Portal account

Fix upward myTax Portal account using Singpass, and update particulars and contact details

• Setting up myTax Portal account
• Singpass Strange user Account (SFA) for strange individuals
• Update particulars
• Managing your private customer'southward income tax matters via myTax Portal

Understanding my Income Tax filing

Use the filing checker to check if you need to file a tax return

• Revenue enhancement Season 2022 - All you lot need to know
• Tax Season 2022 - Well-nigh your tax bill
• Individuals required to file tax
• Filing checker
• What is taxable, what is not
• Revenue enhancement reliefs, rebates & deductions
• e-Filing your Income Tax Return
• Common filing mistakes
• Filing a newspaper Income Taxation Return
• Making changes after filing/receiving tax pecker
• Late filing or non-filing of Individual Income Tax Returns (Form B1/B/P/M)

Calculating my business organisation income

Check taxability of income and study revenue, deductions etc as role of your total personal income

• Reporting income previously not reported
• Types of taxable business organization income
• Business organisation expenses and deductions
• Preparing statement of accounts
• Common filing mistakes to avoid
• Calculating business income

Business organisation expenses and deductions

Commanded business expenses etc that brand upwards your deductions

Tax residency and revenue enhancement rates

Check if you are a tax resident, and learn the benefits of taxation residency in Singapore

• Working out my tax residency
• Individual Income Revenue enhancement rates
• Sample Income Tax calculations
• Claiming Exemptions under Avoidance of Double Taxation Agreements (DTAs)
• Applying for Certificate of Residence
• Claiming for Foreign Tax Credit

Tax reliefs, rebates and deductions

Check the taxation deductions to claim (reliefs and rebates are applicable to tax residents only)

Receive tax nib, pay tax, check refunds

Read your tax beak and notice out the different payment modes

• Getting my revenue enhancement assessment
• Understanding my tax cess
• Making changes afterwards filing/receiving revenue enhancement bill
• How to pay
• Refunds
• Experiencing difficulties in paying your taxation?
• Late payment or non-payment of taxes

Related Content for Individuals

I have other side or personal income

Check its taxability in this comprehensive list, then check if you demand to file a tax return using the filing checker

Special tax schemes

Tax schemes relating to Individual Income Tax at a glance

• Affections Investors Taxation Deduction Scheme (AITD)
• Surface area Representative Scheme
• Non Ordinarily Resident (NOR) Scheme
• SRS contributions and revenue enhancement relief
• Tax on SRS withdrawals
• Withholding Tax on SRS

Consequences of non-compliance

Larn nearly IRAS' audit processes and penalties for incorrect income reporting

• Errors in taxation returns
• Getting individuals to comply
• Individual audits by IRAS

Voluntary disclosure of errors

Make a voluntary disclosure of whatsoever omission or under-declaration of income

Report tax evasion

Study someone to IRAS if you think they are evading tax

• Reporting taxation evasion or fraud
• Investigation by IRAS

rifflesaise1946.blogspot.com

Source: https://www.iras.gov.sg/taxes/individual-income-tax/self-employed-and-partnerships

Share this post