As more and more Singaporeans are becoming self-employed individuals in the workforce, There are many benefits to reap, from being your own boss to flexible work timings. However, Self-employment comes at a cost as they usually have to face more book keeping and have to always be on top of the Singapore tax filing deadlines. Which they have to take into consideration when dealing with Singapore taxation laws.
The Singapore tax & accounting needs of a self-employed person differs from that of a company employee as for a self-employed person, their Singapore personal income tax is collected based on their net income. IRAS, the tax filing authority in Singapore has listed down some of the filing mistakes to avoid for self-employed persons. Let take a look at some of the mistakes to avoided when filing your taxes, if you are self-employed individual in Singapore.
A4 Filing Mistakes_Self-employed