HI there, just wondering is that you meant to do it your own for the income tax submission is better than hand over to account/taxation firm?

My company just ran for 1 yrs + and is enterprise.

Another things is if i am freelancer that claim commission without any basic. but running a company that at the moment didnt pay any salary to my own how to submit the income tax? i understand that the income tax shall combined personal and company together using B form. so it that measn that for example my comission from other job get rm 40k per year n company didnt pay me any so in the B form i declare myself earning rm40k pper year?

Could you advise.

Thank you.

Regards,
Ng

1. Where does you claim this "commission"? from your own company or other business partner? If from own company, you need to declare as your income in borang B.

2. Your total taxable income will be: (Total Company Revenue - Company Expenses) + commission that declared to your self.

Am property agent. So commission from there my agency not from own company. So if that so, i still need to declare in borang B right?

Thank you.

If it is from your agency then that will be part of your salary income, and should not reported as business income. In this case you declare as borang BE only.

Unless you have a sole proprietor registered under you, then all the business income that linked to this company will be declared under borang B. You need to differentiate business income and salary income, if you have both, then just declare in borang B.

I know some insurance agent declare their commission as business income.

HI there, just wondering is that you meant to do it your own for the income tax submission is better than hand over to account/taxation firm?

My company just ran for 1 yrs + and is enterprise.

Another things is if i am freelancer that claim commission without any basic. but running a company that at the moment didnt pay any salary to my own how to submit the income tax? i understand that the income tax shall combined personal and company together using B form. so it that measn that for example my comission from other job get rm 40k per year n company didnt pay me any so in the B form i declare myself earning rm40k pper year?

Could you advise.

Thank you.

Regards,
Ng

As one could estimate gloss profit from GST payments. Any company not paying GST is deemed small and unreliable.

Hi tanshaoya,

I've successfully applied for my home loan via my enterprise company (non-gst). However the approved amount was 80% with a higher interest rate of 4.65% rather than +/- 4.35%.

As you're a sole proprietor, your income tax form, 6 months bank statement, and latest cash amount will play a big role for the approval. They will look at your company's cashflow and how much you paid for your income tax. No salary slip needed or required.

Another thing to take note is that, it is very unlikely for other banks to approve your loan besides the bank which your company is being registered with (as they have all your transaction records). I've tried other banks and they doesn't seem to be bothered with my application.

Hope this helps!

Thanks for ur explaination then i guess I will stick with boring b as I got both personal income n biz income.

Thank you so helpful.

Regards

If it is from your agency then that will be part of your salary income, and should not reported as business income. In this case you declare as borang BE only.

Unless you have a sole proprietor registered under you, then all the business income that linked to this company will be declared under borang B. You need to differentiate business income and salary income, if you have both, then just declare in borang B.

I know some insurance agent declare their commission as business income.

Dear nwjeng,

1. if you settle your tax yourself with strong taxation knowledge, then it's best to handle it urself. However, it is opportunity cost using your time spending on accounting and taxation. It saves you cost to do it yourself, however, using expert service would save you time and error.

2. if it's a sole prop, usually form BE as sole prop is personal business whereby income is personal and tax is deem to be personal tax

3. if your company is with shares, hence it wil fall under form B, as company tax. people would prefer to be taxable under company tax as for lower tax bracke.

Personal tax

RM100K = 11.9%
RM200K 24%
RM200K> 24.5%

COMPANY
DIRECTOR FEES RM100K  =11.9%
0-RM400K 19%
>RM400K  =RM 24%

you can see the tax bracket different

moreover, epf have tax deductible 19%. benefits.

4. You declare to tax your receivable income

I am not a tax expert, but hope it helps

Cheers
(Y) (Y) (Y)
Dear

1. true for most part

2. MOst of the bank can proceed with company application.

just provide your statement to the bank that you wish to apply with

certain bank would required more doc to prove the business income validation

example > 2 years B form tax doc

3. well, it could be your doc is not strong , banker lazy to proceed with it as they doesn't know how to do it or they have too many cases. etc

Chhers

hmmm, not to be confused, Sole Prop still fill in Borang B, Borang BE is no business income, Borang P is for partnership.

Guys,

What I still don't understand is that. For LLP and sole propietership, what is the address I should put in when I register it at the ssm office?

Can it be a house address? As shop lots cost a bomb.

Nowadays, applying for loan is never as easy as last few years time. We are having hard time accepting rejection, crushed and demotivated to continue purchasing our dream houses. So this is just a sharing, how we could prepare ourselves to get our loan approve.

(For people who owns business or starting their own business)
Every bank has their own appetite and each of their requirement will be different. Here I will give you few tips where every bank will definitely accept your loan without you delaying to get other documents done...
1. Already had sdn bhd business more than 2 years.

a) Remember to register your company under SSM.
b) Pay income tax Form B, be a good citizen.
c) Remember, if you pay tax. Try to pay PCB with your own account and not through your accountant company account. Trust me, this will save you alot alot of time and complexity when applying loan.
Bank will need the following documents

a. Your SSM registered cert >2 years
b. Income tax Form B
c. Your company bank statements

You are all set.
2. What if my company is less than 2 years or I work as a freelance.

a) Register a company with SSM
b) Open company bank current account
c) Register your company under KWSP
d) Contribute a fixed salary to yourself, lets'say RM6000 as your salary. Credit the amount monthly consistently form your company bank current account to your personal bank account. This will create a proper employee income proof.
e) Contribute KWSP to yourself, deduct 11% from your Rm6000 INCOME and 13% contributions from your own company.
(Bank will need to look at EPF and Bank statement credited salary as a proof of income)
f) Create your own payslips.
Now you can apply loan as an employee of your own company. Bank will need to look at you Payslips, bank statement with RM6000 credited monthly, EPF shows 11% and 13% contributed for your Rm6000 income.
This will be sufficient to apply loan.
Q&A
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Why I can't use my company tax BE form or Company bank statement to apply for loan?
--- Because bank wouldn't look at company with SSM registered less than 2 years. That's why it is hard for people who just established company to apply for loan if they didn't prepare as I stated as above---
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Why I work as hawker and credit a monthly fixed income into my own account. Still, bank wouldn't accept my loan?
---Because your income doesn't shows where it comes from, bank view this as a very vague income proof. Bank will wonder where your income comes from, even you show him picture of you goreng chay kuew teow, it is not enough. They wouldn't accept your loan as you could be a syndicate crediting your income from drugs money.
Bank is a simple minded creature, all they need is a solid document to show them. Just follow point no.2 and you can apply loan easily. No matter you are a hawker, a freelancer, someone who earn a living from money dropping from skies or had a goose that lays gold egg. No problemo.-----
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Why bank wouldn't accept my loan when I have my company registered under SSM for 1.5 year and my company profit is very solid and strong. Moreover I am a responsible citizen who pays tax!!??
--- First of all, bank is quite cocky. They want to be insured that your business is strong and solid and not crumble when wind blows, company established more than 2 years will make them believe so.......lol.... anyway, bank will only accept loan application through your company income and profit if given your company has established for 2 years or more.
Other solution? Buy a empty shell company established more than 2 years old, with transaction in their bank statement...... this is not encourageable... but oh well.. -------
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The end
Anonymous writer.

Any other good suggestions or ideas, do present it out. This is and open ended discussion.

I have just started working for a company located and registered in USA. I work remotely from Malaysia.
The company is not registered in Malaysia nor has a bank account in Malaysia.

I will get paid through PayPal every month and then I withdraw it into my bank account here.
So, the payment will be credited from PayPal.
There's no payslip.

Does it mean I'm employed or self-employed? Since the company is not registered in Malaysia and I work remotely from here.

If I'm employed, what documents do I need to provide if says I want to do a house/car loan?
Since the company is not present in Malaysia.

If self-employed, am I required to register an Enterprise (sole prop) and have a business current account?
And then credit the salary from my business account into personal account?

Want to ask also on this matter,

I work remotely for a UK based company and my salary has been paid via their contracted agent/dealer that also does my EPF and PAYE.

From April onward my position becomes a regional position and salary will no longer being paid by the dealer but paid in UK into a UK bank account and will be subject to all UK taxes and National Insurance. Most likely won't meet the 180 days residency requirements to be taxed as a Malaysia resident.

Currently have an impeccable credit record with HSBC and SCB, never had any dealing with any other bank other than 2 car loans with MBB. Basically if I need a mortgage for a property all I have to do is reach for my phone and contact either of my bankers and they will sort it out for me.

What are my options?

We are planning on buying a property for investment and another as our home.

Been told best to just close the deal before April but it will mean needing to rush through for both of it. The other option is I could use my missus' name who will have a Malaysian income but that leads to another set of problems as she is a foreign national.

Want to ask also on this matter,

I work remotely for a UK based company and my salary has been paid via their contracted agent/dealer that also does my EPF and PAYE.

From April onward my position becomes a regional position and salary will no longer being paid by the dealer but paid in UK into a UK bank account and will be subject to all UK taxes and National Insurance. Most likely won't meet the 180 days residency requirements to be taxed as a Malaysia resident.

Currently have an impeccable credit record with HSBC and SCB, never had any dealing with any other bank other than 2 car loans with MBB. Basically if I need a mortgage for a property all I have to do is reach for my phone and contact either of my bankers and they will sort it out for me.

What are my options?

We are planning on buying a property for investment and another as our home.

Been told best to just close the deal before April but it will mean needing to rush through for both of it. The other option is I could use my missus' name who will have a Malaysian income but that leads to another set of problems as she is a foreign national.

well, support use misstress name. just married her and she will convert to citizen in short time

We are already married

Citizen? She will never give up her citizenship and I'd never allow her to, not for this country anyway.

Want to ask also on this matter,

I work remotely for a UK based company and my salary has been paid via their contracted agent/dealer that also does my EPF and PAYE.

From April onward my position becomes a regional position and salary will no longer being paid by the dealer but paid in UK into a UK bank account and will be subject to all UK taxes and National Insurance. Most likely won't meet the 180 days residency requirements to be taxed as a Malaysia resident.

Currently have an impeccable credit record with HSBC and SCB, never had any dealing with any other bank other than 2 car loans with MBB. Basically if I need a mortgage for a property all I have to do is reach for my phone and contact either of my bankers and they will sort it out for me.

What are my options?

We are planning on buying a property for investment and another as our home.

Been told best to just close the deal before April but it will mean needing to rush through for both of it. The other option is I could use my missus' name who will have a Malaysian income but that leads to another set of problems as she is a foreign national.