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 Sole Proprietor Discussion

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TSyen709
post Sep 26 2016, 08:27 PM, updated 8y ago

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I have a sole proprietor business however I think I got misunderstanding about this entity with Sdn Bhd. Please help me to clarify. Anyone?

1. How do I calculate my tax?
2. How do I pay my EPF? I just open up a new EPF employer account. How do I make contribution to my employee? Do I need to submit any form? I can make payment by Internet Banking as well.
3. How do I pay PCB for myself and also my employees?


klthor
post Sep 27 2016, 09:26 AM

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tax = call LHDN
EPF = call KWSP
SOCSO = call perkeso
this is the fastest way, give them a call and explain to them your situation and what to do.
chiahau
post Sep 27 2016, 11:31 AM

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QUOTE(yen709 @ Sep 26 2016, 08:27 PM)
I have a sole proprietor business however I think I got misunderstanding about this entity with Sdn Bhd. Please help me to clarify. Anyone?

1. How do I calculate my tax?
2. How do I pay my EPF? I just open up a new EPF employer account. How do I make contribution to my employee? Do I need to submit any form? I can make payment by Internet Banking as well.
3. How do I pay PCB for myself and also my employees?
*
1. Tax is based on personal tax level.

2. EPF got online. Just submit your name and staff name and contribution amount. Then go MBB make payment if you prefer the manual method.

3. Follow PCB schedule, fill up CP39 available from LHDN and submit to LHDN Jalan Duta.
cklimm
post Sep 27 2016, 02:11 PM

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QUOTE(chiahau @ Sep 27 2016, 11:31 AM)
1. Tax is based on personal tax level.


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So, should the proprietor's annual income was lesser than 25k, its ok not to open a tax file right?
chiahau
post Sep 27 2016, 02:21 PM

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QUOTE(cklimm @ Sep 27 2016, 02:11 PM)
So, should the proprietor's annual income was lesser than 25k, its ok not to open a tax file right?
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You should open a tax file regardless of what amount you earn.

It's for filing purposes anyways if you got nothing to pay laugh.gif


TSyen709
post Sep 27 2016, 06:24 PM

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QUOTE(chiahau @ Sep 27 2016, 12:31 PM)
1. Tax is based on personal tax level.

2. EPF got online. Just submit your name and staff name and contribution amount. Then go MBB make payment if you prefer the manual method.

3. Follow PCB schedule, fill up CP39 available from LHDN and submit to LHDN Jalan Duta.
*
1. Do you know what is the item that need to include when we pay tax. Business Profit and Expenses?

2. Ya, I know can pay EPF via online. But how EPF know the contribution is made by which employer as online only ask me to key in Staff Name, EPF number and IC Number.

3. I will need to go their website and figure out.


chiahau
post Sep 27 2016, 07:38 PM

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QUOTE(yen709 @ Sep 27 2016, 06:24 PM)
1. Do you know what is the item that need to include when we pay tax. Business Profit and Expenses?

2. Ya, I know can pay EPF via online. But how EPF know the contribution is made by which employer as online only ask me to key in Staff Name, EPF number and IC Number.

3. I will need to go their website and figure out.
*
1. See your business profit. Sole prop can't claim some business expenses so if your business is making good profit, move it to Sdn Bhd.

2. When you create your employer login, they will know where it comes from already....

3. Yes. Wrong deduction would incur fine so please call and ask them if you're not sure.
#$9876543
post Jul 8 2019, 06:10 PM

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I am a sole proprietor with small turnover. A potential customer require a latest financial report from me to be a supplier. I have a current account but operate like a personal savings account. Who can help me prepare a financial report? Accounting firms or bookkeeper. Thanks.
#$9876543
post Jul 8 2019, 06:14 PM

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Form 9, form 24, form 49. Which are for sole proprietor. Thanks

 

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