Jan 10 2019, 11:27 AM
QUOTE(jge @ Dec 31 2018, 04:57 PM)
Hi, I do not know if I am in the correct thread but I have some tax questions regarding a sole proprietor business.
I have a sole proprietor business. I am a private tutor. I teach students at my place & I also go to some students' houses to teach. I have registered my business in April this year.
My questions :
1. I did not keep the petrol receipts. Only recently I realized that I need those receipts for tax submission.
I only started keeping the receipts from October onwards. But I have a book where I list down my petrol expenses. Could I still use this list to do my accounts? Can I fully claim it?
2. Can I fully/partially claim water & electricity bills since I am teaching in my house?
3. Do I really need to maintain a separate bank account for my business? Currently, all my commission is paid into my personal bank account.
Would appreciate it if any experts could help me out on these. Thank you in advance!
1. You may stand a chance to claim a portion of the petrol expenses incurred. IRB do allow if you are able to come up and justify the apportionment between private and business usage (e.g. 1/3 for private usage).I have a sole proprietor business. I am a private tutor. I teach students at my place & I also go to some students' houses to teach. I have registered my business in April this year.
My questions :
1. I did not keep the petrol receipts. Only recently I realized that I need those receipts for tax submission.
I only started keeping the receipts from October onwards. But I have a book where I list down my petrol expenses. Could I still use this list to do my accounts? Can I fully claim it?2. Can I fully/partially claim water & electricity bills since I am teaching in my house?
3. Do I really need to maintain a separate bank account for my business? Currently, all my commission is paid into my personal bank account.
Would appreciate it if any experts could help me out on these. Thank you in advance!
2. Refer above for the same concept.
3. it's better to do so for clear segregation of income and expenses.
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