18 months after the date of incorporation of your company, you will receive your first Profit Tax Return Form from the Inland Revenue Department. Here below are 4 important points you should know about that form.
1. Don’t miss the deadline!
The deadline for submitting the Profit Tax Return Form is 3 months after the issued date for your first year after incorporation. On the following years, the deadline is reduced to 1 month after the issued date. The date of issue is on the front page of the form. If you miss the deadline, you have a high chance of receiving a penalty. Your form is unique, and cannot be downloaded from the internet, so if it is missing, you must ask for a new one by contacting the Inland Revenue Department as soon as possible.
2. Prepare your accounting
For accounting, you need all financial information from incorporation date to the cut-off date of the financial period. If you are not an expert in accounting, you should seek a professional accountant for help. Centre O provides accounting services and advice on choosing your company financial period.
3. Submit the accounts to the auditor
Your auditor normally asks for all the accounting documents of your company, such as sales and expense invoices, bank statements, etc. Finally, they will ask you to sign the bank confirmation letter.
4. Review the audited financial statements and sign them
You are required to review and sign the audited financial statements of your company. You may leave the profit text return form to your auditor so they can fill it out and submit it together with the financial statements to the Inland Revenue Department.
Don’t forget about your deadlines, no one wants penalties! Again, feel free to find Centre O if you need any help, we provide business services for every situation. Please contact us at firstname.lastname@example.org for more information.