How to file taxes for your side business income

If you have side income besides your salary, you should declare it before LHDN come knocking on your door. The fines can be up to RM 20,000, imprisonment and be being barred from leaving the country. It would be healthy to declare your side income before anything bad happened. If your side income is roughly 34k and above, you are liable to pay tax on it, therefore, you should register your side income as a business.
Register your business with Suruhan Jaya Syarikat

The process of registration is quite simple, it takes only less than an hour to register
your business as an enterprise.

The easiest type of business to register is sole proprietorship whereby you can use your
own name and it will cost you only RM 30.00 per annum.If you choose to have trade name
for your business or having a partner for your business then the fees will be RM 60.00
per annum.

 

Filing taxes

Your business will be recorded on form B ( same form for filing your taxes ) for an individual who is doing business activities.Your income both from employment and business can be captured
using this form. Via this form, ou will be able to claim business expenses which you cannot do if you do not own a registered business.For example, you can deduct expenses that come from your business such as interest on a business loan or maybe repairs on your vehicle that are used for business purposes.

 

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How to file taxes for your side business income

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