TaxSavvyMY

Which tax form for a sole proprietor

I have an SSM enterprise and a full-time job. Which tax form do I file?

The situation

If you have business income, you file Form B, which covers both business and employment income. Form BE is only for those without business income.

The law

  • Sec 77, Income Tax Act 1967: Individuals furnish a return each year: Form BE by 30 April, Form B by 30 June

What it means for you

Many first-timers file BE out of habit and later get a query. Form B lets you deduct business expenses and claim capital allowances. Your EA income goes in the same return. Keep receipts for the business side.

What to do

  1. Gather your EA form and business records.
  2. Compute business profit.
  3. File e-B by 15 July.
  4. Pay any balance on time.

We can do this for youRegister a sole proprietorship or partnership with SSM: MYR 250

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