Tax Submission & Tax Audit
Accounting and Tax Services For Your Company Income Tax
Servnetic Accounting & Tax Consultancy is the one-stop accounting firm for accounting and tax services for Company Income Tax. We have experienced professionals to help handle, complete and submit your income taxes correctly and timely — Sole Proprietor Business Income, Partnership Business Income, and Personal Income. We also help our valued clients to liaise with the LHDN officers for any tax-related and audit issues from the beginning to the end, making sure our clients don’t have anything to worry about. We will act as an intermediary between customer and IRB officer to solve tax and audit related issues.
Rest assured as the core of our team is anchored in taxation and auditing expertise and can stand up to the closest scrutiny so you can take advantage of your business to achieve financial freedom and maximise tax benefits.
Sole Proprietor Business Income (Form B )
Declaration of income tax for an individual with own business
Partnership Business Income (Form P)
Declaration of income tax for partnership business
Personal Income (Form BE)
Declaration of income tax for an individual without own business
Employment Declaration (Form E & Form EA)
Declaration of income tax from employer and employee
We help our valued clients to liaise with the IRBM or LHDN officers for any tax-related issues from the beginning to the end.
With our team anchoring in taxation expertise, we can stand up to the closest scrutiny to help you increase your business profitability, ensure high accuracy, and adhere to Malaysian regulations so you can take advantage of your business to maximize tax benefits and reach financial freedom.
With a corporate tax rate of 17% or 24% in Malaysia depending on the business’s gross income, many business owners will think about how they cancan they reduce company tax in Malaysia.
If you are a small business owner in Malaysia, you can be relieved because we are equipped with three actionable ways to reduce your corporate tax payment and save money for your company.
- Claim all business expenses
You must ensure to record every single one of your company’s expenses in your accounting records. Remind your directors who incurred expenses on behalf of the company to claim back for accounting records at the end of the financial year.
- Learn the tax incentives for companies in Malaysia
Understand that there are tax incentives and tax exemption schemes to reduce company tax payable in Malaysia. For example, you can take advantage of the investment tax allowance ranging from 60% to 100%, as well as reinvestment allowances of up to 60% on your company’s capital investment.
- Learn the types of tax deductions from expenses
Learn what business-related outgoings and expenses can be deducted from your taxes by being aware of what constitutes an expense.
The following are allowable items that can be deducted from your taxable income, which also may vary according to your industry:
- Employment costs
- Business insurance
- Rental of premises
- Lease rental on machinery and plan
- Utilities, phone, and internet charges
- Printing and Stationeries
- Advertisement to promote sales
- License renewal
- Staff training
- Travelling allowance for employees
- Petrol or mileage for employees
- Legal fees for debt recovery
- Commission to secure sales
- Repainting of company premises
The value of monthly accounting services is significantly more than that of annual services. If an accountant only looks at your financial records once a year, it will be too late to offer suggestions that might have increased your revenue for the current year and reduced your tax obligations for the previous year.
5 ways monthly accounting pays for itself:-
· It saves you time
· You get regular business profitability advice
· You have peace of mind that your finances are handled well
· Your tax liability is reduced
· You can make more proactive financial decisions.
To help you optimise your profits, our seasoned team of accountants will offer proactive business guidance and tax planning. Our client service is what distinguishes our company from all the rest. Additionally, we prioritise getting in touch with clients regularly since we care about your company’s success. To learn more about our services, do get in touch with us!
It might be more cost- and time-effective to outsource bookkeeping to a company that offers expert services.
Accounting is essential for small business owners since it allows owners, managers, investors, and other shareholders to examine the financial performance of the business.
Accounting’s primary goal is to detect, quantify, and transmit economic information by recording financial transactions in the books of accounts. Also, IRB mandates that you retain your books at a minimal level that tracks income and expenses.
Do I need to submit income tax even if my income is below the threshold/or the business does not profit?
Yes, you still need to file tax returns, even if your business does not have profit. This is important if you need your loan to be approved to finance your house. You will be required to show your tax acknowledgement receipt as a financial proof to process your loan application
Keep calm. Different actions may be necessary depending on the type of error you made.
If you forgot to include a certain piece of information, the IRB will likely contact you to request the specific piece of information.
The IRB will find numerous minor mathematical errors when it analyses the result if you committed a calculation error. It’s improbable that you will need to fix insignificant mistakes.
If you have further questions or concerns about an error on your tax return, or if you need help filing an amended tax return, contact us to learn more.
A lot of clients panic when they see the audit letter from IRB. There are always chances that IRB might audit your corporation or personally, Servnetic Enterprise due to expert knowledge in tax help to communicate and deal with IRB directly on your behalf. This will create peace of mind for you as we will take care of all your IRB audit needs.
We will, yes. We can advise in deciding out which expenses are deductible by carefully analyzing your business and related charges.
Outsourcing payroll saves your time and money. It is less expensive to have an outside service process your payroll when you factor in all the variables. You also get the peace of mind of having a payroll professional making sure that you comply.