5 Tips for Sole Proprietors in Malaysia | LHDN Borang B Tax Filing

[@ZietInvests]

Video guide on how to setup your Sole Prop (SSM): kzbin.info/www/bejne/rIWoqoJ7eLx_aNU

[@MystiqueA]

Ziet that video isn't online anymore 😭 Could you somehow reupload it? No idea why it was removed by KZbin either when it was so helpful! 😢

[@syednaufalshahabudin6015]

This video deserves more likes. Good job summarizing this up

[@ZietInvests]

Thank you so much for the nice comment!!

[@yuanjyechong8834]

I have been searching this, you are the one provided very clear information, I am planning to start sole proprietary. Thanks for your recommendation

[@ZietInvests]

All the best Yuan Jye!😁

[@sunny_n]

Thank you so much! you're a lifesaver! I'm starting a SME soon but have zero knowledge and guide. This is super helpful and straightforward!

[@ZietInvests]

Let's gooooo - don't worry about it, anything can be solved by paying the accountants haha! All the best nat!

[@UrbanArtCentral]

Appreciate your content. Learning a lot even though I'm a sole prop for 14 years already by now.

[@annieng2688]

Thank you for sharing all these informative tips. Your video is straight-to-point and comprehensive. It's much easier to understand compare to the videos I've watched so far. 😃

[@estelleliang6607]

thanks for making this video.very informative and useful.

[@syin529]

Very informative! Thank you for sharing.

[@ZietInvests]

Glad it was helpful!

[@PrincessxccS]

very good info sharing :) but just a quick check.. Submission of Form B will be at 31 Dec (based calendar year) every year but our sole proprietor biz Year end might not be Dec .. in that case.. our reported revenue or claim will be based on LHDN 's calendar year? thks

[@ZietInvests]

Thanks for the kind words! 😊 Yes, you're correct-Form B is based on the calendar year (ending 31 Dec), even if your business operates on a different fiscal year. Your reported revenue or claims will follow LHDN’s calendar year.

[@gconceptg7486]

Very informative,tks

[@gracehuei]

I wish I heard this earlier, I didn't have business bank acct initially cause I thought my side business was be petty :/ it's sooooo tough to manage

[@ZietInvests]

Never too late grace! It's definitely hard to manage at start but once you get the hang of it (more income can hire more services/contractors) - it gets so much easier! All the best!

[@rusydrosman]

You are awesome, thank you for this video.

[@ZietInvests]

You are so welcome!

[@lazybears1090]

Great info as always! Can Malaysian traders start a sole proprietor company to file income tax? Is it possible since it is hard to project future profit.

[@ZietInvests]

Yup totally possible but i rarely come across that kind of business nature thou, maybe there is and I could have missed it (try calling SSM on that) No need to project future profit also, only file income tax on the taxable income from the previous year ;)

[@moonzi3]

Hi, i can’t find the sole proprietorship category when registering for tax number on Lhdn. Is it under individu?

[@enabby3087]

hi,may i know if sole proprietor drawing money, when submit borang b is filing in at column k49 drawing /advence right?or the amount adj to retained earning,sum total filing in at column k50 current account balance c/f?

[@Guerrilla.Network]

Thank you bro. I need it,

[@ZietInvests]

Cheers my friend!

[@rtheace]

Oh i'd been wanting to ask u this question. Do u got ur own TIN (Tax Identification Number) after u register ssm? Do u also received international TIN as well as local?

[@ZietInvests]

Hmmm, if you are referring to business/corporate TIN, don't have o I'm using my personal TIN (tax ID number) for any intended purpose, since im on a sole prop

[@rtheace]

Do u received international one as well or required for request?

[@axiegalaxie]

Hi Ziet, how does tax filing work if I earn more than 100k per annum but am technically a freelance contractor for overseas businesses? Do I still need to pay tax? What's the process like? Help!

[@ZietInvests]

Hi Axie, apologies for the late reply! To answer your question, i think that's a yes since you conduct the work here (even though its for overseas business). Though its a gray area to be honest - not declaring it would mean you would save tax yes, but that also mean you are unable to get a loan (or hard to), apply credit cards etc. Best check with LHDN or a tax accountant ya (just google them and you will have all the contacts available to ask!)

[@louielooyi]

Will you still need the help of accountants next years? 🙌

[@ZietInvests]

Definitely! I will be paying them to help with my Withholding tax payment as well (for facebook ads, google ads expenditures etc.)

[@truthwayfarer]

Hi Ziet, I sent you a message in IG. This video provides alot of clarity to my sole prop tax planning. Btw can I have a copy of the add back rules list that you mentioned in this video?

[@ZietInvests]

hey there! Kindly email me at [e-mail]

[@Alice-yr1th]

Hi can you advise how to fill in borang B when business in loss status. Thanks

[@ZietInvests]

Hi Alice, you can try checking with an accountant for that? In my experience, loss making or profit is the same process, just that you won't be taxed because there's no chargeable income

[@nikayeu8659]

Can you share your excel sheet template?

[@avviouser441]

2 months is too long for a professional tax agent to do the job. Usually should be able to complete in not more than 2 days.

[@ZietInvests]

You’re not wrong; they are probably overwhelmed in the amount of cases on hand

[@badmintonator9696]

hi，can i know where to get a no majikan e if i am a sole proprietorship？

[@ZietInvests]

Hi Chow, the application of registering an income tax reference number also known as E-number can be done online via e-Daftar on LHDN official website. More info here: bossboleh.com/articles/how-to-register-lhdn-employer-tax-file-number-no-majikan

[@subramaniam1365]

Do these accountants provide individual tax filing service as well?

[@ZietInvests]

Yes they do!

[@avviouser441]

imho, businessman should learn to do their account and tax submission by themself.

[@ZietInvests]

Agree! It’s good to learn - while it’s also not wrong to pay for services to save time

[@pulzez8961]

Hi can i just fill out BE form only if im a sole proprietor?

[@ZietInvests]

Hi, cannot ya coz need B for business section

[@ccasbadmin]

Hi, where and how to download the borang B ya?

[@ZietInvests]

Hi, Borang B can be found on LHDN website ya - a simple google search should get it! Or you can always email/call LHDN and ask them send you a copy!

[@xuanlee9793]

hello, may I know if I fill up B form, do I still need to fill up BE form?

[@ZietInvests]

Hi, no need ya, Borang B covers both personal and business income 😁

[@xuanlee9793]

@@ZietInvests sureeeee, THANK YOU

[@danielcf2761]

Hi does this also apply for partnerships?

[@ZietInvests]

More or less yes, but partnership require more formalities compared to sole prop

[@relianceret7414]

can i have the tax treatment list?

[@ZietInvests]

Hi there, sure, you can drop me an email (as mentioned in the video)! (or dm me via instagram)

[@relianceret7414]

@@ZietInvests i cannot find your email address, can i have your email, please

[@XiiaoKrystal]

Oh not mandatory good 😂😂

[@sooshinong8243]

Is there tax free in the first year for new sole prop?

[@ZietInvests]

Uhm no such thing that I know of, try reading on LHDN’s website