Hi all,

I have some questions about tax filing, hope someone here can help me.

My last tax was filed in March 2016, for 2015 taxes. I was an employee. I quit end of Sept 2015.

Oct 2015-July 2016 worked as a freelancer. August 2016 registered sole prop finally.

Now getting my files in order for next tax filing.

My questions are:
- Do I get to claim business expenses from Oct 2015-July 16? Or can claim only from date of sole prop registration? I have the receipts and invoices.

- From previous threads here, I found out that sole prop must file taxes by June 30th every year. Does this mean I only do it next year?

- I'm going to go with cloud accounting company. I have a few candidates, but wondering if there are any recommendations from this group. Preferably a company that is known to help tax accounting (and knowledgeable in tax deductions) for online-based freelancers.

Thanks in advance!

to make it short, we submit our income this way :-

Jan15 to Dec15 income (AKA YA2015)= submit in Mar/Jun16
Jan16 to Dec16 income (AKA YA2016)= submit in Mar/Jun17

there might be a mistake in your YA2015, have to declare your freelance income and expenses or you just declare whatever is in your EA form 2015?

as for sole prop or free lance (without company), it doesnt really matter to LHDN as long as you declare your income and they will let you claim your expenses for running your business. we call it matching concept, meaning income match to expenses.

do you mind enlighten me what is cloud accounting, this is really something new to me.

Thanks for your reply, it was helpful

Cloud accounting are online softwares that help you to create invoices and track incomes and expenses. I've since turned to DIY method using google spreadsheets. There's quite a few options if you google 'cloud accounting malaysia'. I dont know which one are the best yet. Some come with bookkeeping services and some come with tax agents too. It's quite remarkable.

sorry, did you manage to find a solution?

A solution for?

If cloud accounting, decided to do DIY accounting with a free template I found online.

For taxes, I'm still confused how/where/when to claim expenses for running business.

Very confusing still, taxes

i am using https://financio.co/ to do the bookeeping for my sole prop biz...
for how to claim expense for biz, just google more on it, there are a lot of info on it. For the expenses that can be treated as biz expenses, just create a record for it, and keep that receipt.

basically you can use this site to do all the statement(P&L and etc) which sufficient to show to lhdn in case they audit you.

This post has been edited by red_scorpion: Mar 29 2017, 01:02 AM

nice!

If i submitted as category as: SELF, with spouse no working. My wife still required to submit income tax?

Hello,

All the while I received only employment income but subsequently, I started my own business in the middle of the year in 2016.

I only need to submit form B right? Do i need to change my income tax number first before filing form B?

Thanks.

No need...ur wife only filing her tax if she is an employee or has any business income

This post has been edited by niafaz89: Apr 1 2017, 10:07 PM

You need to file tax 2016 in 2017...
You can claim the business expenses from the date of business registration...means you can claim from 8/2016-12/2016 for year assessment 2016

Yes, but you must notify IRB about the changes of status...then only you can fill up form B😁

just to confirm. even do it with e-filing i also need to notify to IRB first?

Hi, i think starting from 2004, the ruling of changing tax pyer code from OG to SG and vice versa is no longer applicable. You can fill form B online through e-filing but it will be better for you to notify IRB as well...to avoid any future inconvenient(potential candidate for tax audit for example😄)

Okay noted, thank you so much