Jul 10 2011, 02:14 PM
QUOTE(izdyharz @ Jul 10 2011, 01:57 AM)
Hi guys..
I have this questions:
I have just embarked on a sole proprietor business in Malaysia. I have a few questions which I hope some of the experts out there can help to answer:
1) What are the tax forms that I would need to fill up next year?
2) What are the type of deductions that I can use as my business expenditure? Can I use:
i) Housing loan - I'm using my current house as the business premise
ii) Car loan - I'm using my current car as my business mode of transport (to deliver the goods). What if the car i already bought earlier?
iii) Parking tickets, petrol and tolls - I incur all these costs when i deliver the goods
iv) Entertainment - Once in a while, I will have to take my clients out for dinner.
v) Any other things that's considered as business expenditure? (Electricity, water bill)?
1) Form B to be submitted before 30th June each year.I have this questions:
I have just embarked on a sole proprietor business in Malaysia. I have a few questions which I hope some of the experts out there can help to answer:
1) What are the tax forms that I would need to fill up next year?
2) What are the type of deductions that I can use as my business expenditure? Can I use:
i) Housing loan - I'm using my current house as the business premise
ii) Car loan - I'm using my current car as my business mode of transport (to deliver the goods). What if the car i already bought earlier?
iii) Parking tickets, petrol and tolls - I incur all these costs when i deliver the goods
iv) Entertainment - Once in a while, I will have to take my clients out for dinner.
v) Any other things that's considered as business expenditure? (Electricity, water bill)?
2i) If the house if not under your business name then no. However if you may issue rental paid to yourself. So in your form B you may have net rental income which can deduct against your quit rent and assessment bills.
ii) Only if your the car is under your business name. It'd be treated as Capital Allowance (Hire Purchase) if it's under your business name.
III) All those travelling related expenses are de ductible depending on the nature of your business. Eg, transport companies would be subjected to high portion of deduction.
iv) To play safe, deduct only 50% for any entertainment expenses.
v) Preferably to take in portion of those bills under your business expenditure. These things are quite subject to argument should you need to confront to tax officers..
(Diclaimer : Advices are just based on personal experience. Not a tax agent btw)
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