Filing your taxes

  • Common mistakes made by self-employed persons, sole-proprietors and partners when filing the annual tax return (Form B/B1/P).
  • If you are resident in Singapore, you can e-File your completed tax form from 1 Mar to 18 Apr every year. If you paper file, please submit your completed tax form by 15 Apr of each year.
  • Ways to file Form B, filing deadlines and user guides for sole-proprietors / self-employed persons.
  • Identifying the Precedent Partner The precedent partner is the partner who, among all the partners present in Singapore, is the first named in the partnership agreement. If there is no partnership agreement, the precedent partner is a partner who is agreed upon and appointed by the other partners to be the pr

  • All self-employed partners of a partnership including the precedent partner must file Form B/B1. And report their share of the business income as part of their total personal income in Form B/B1.

  • If you e-Filed your original return, re-file via myTax Portal if you need to make changes after filing your return. If you paper filed your original return, please write in to IRAS detailing the changes.

     

  • Most taxpayers file their tax returns on time. There are penalties for late filing and non-filing of returns. IRAS takes action against sole-proprietor/ partnership/ self-employed (freelancers, commission agents, taxi drivers, hawkers, etc.) who do not file their tax returns and/or certified statement of accounts on time or fail to file altogether is advised to do so as soon as possible to avoid other actions by IRAS.
  • IRAS audits tax returns and imposes penalties when there are errors, omissions and discrepancies. IRAS, in determining penalties, will take into consideration individual circumstances when there is no evidence of any intention to evade taxes.
  • You can check whether IRAS received your tax return by logging into myTax Portal or calling the IRAS hotline.

     

  • Self-employed, sole-proprietors and partners have to prepare statement of accounts. IRAS provides guides and samples to help business owners learn more about preparing Statement of Accounts.
  • You had omitted income in your Income Tax Return for previous years.