Year-end tax report is a collection of reports on financial and tax that the business must submit to the tax authority before the date 31/3 years later. So, year-end tax report, what to include? Instructions how to make tax reporting end of the year how? Let's AccNet learn in detail in the following article!
1. Business need to file the tax report last year?
The year-end tax report include:
- Annual financial report (FINANCIAL report)
- Settlement tax, corporate income tax (CIT)
- Settlement tax on personal income (PIT)
Deadline for submission: no later than July 31/3 years later.
2. Instructions on how to do year-end tax report (details for each type)
How to make annual financial report (FINANCIAL report)
Financial report consists of tables key:
- Balance sheet
- Report business results
- Statements of cash flows
- Notes to financial statements
Steps to financial statements
Step 1: Check and compare accounting data.
- Check back bookkeeping, accounts, revenue, cost, liabilities, assets, equity.
- Collated with the declaration of VAT, CIT in years.
Step 2: data aggregation and reporting form.
- Balance sheet: shows assets, capital at the end of the year. (See also: How to set up the balance sheet details)
- Report business results: Reflect the profit or loss of the business.
- Statements of cash flows: Recorded cash flow into or out of the year.
- Notes to financial statements: explained in detail about the data on the report.
Step 3: Check the last filed report.
- Filing through the portal of electronic tax (eTax) or software HTKK.
- Medium business, small can use the sample financial statements, exclusively for BUSINESSES small, medium.
Note:
- Figures in the FINANCIAL statements must match bookkeeping, tax reports were filed during the year.
- FINANCIAL report submitted to the tax authorities, statistical agencies, the bank (if any loans).
Watch now: How to set financial report detail
How do Settlement corporate income tax (CIT)
Formula for calculating INCOME tax payable
Corporate INCOME tax payable = taxable income * Tax rate CIT (20%)
Of which: income tax = taxable revenue - reasonable Cost - The account tax-free
The steps in how to do year-end tax report - Settlement INCOME tax
Step 1: Determine the total revenue for the year.
- Taken from bookkeeping, financial statements.
Step 2: Determine the reasonable costs to be subtracted.
- Includes: purchase expenses, staff salaries, the cost of office rent, advertising, depreciation of assets...
- Remove the expenses invalid (chi no receipts exceed the specified...).
Step 3: Calculate taxable income, tax payable.
- If the business has holes, can transfer losses to the following year according to the regulations.
Step 4: Complete the declaration settlement Pattern 03/CIT, filed through the electronic tax eTax.
Note:
- If you have a temporary pay tax quarterly, when settlement may arise amount to pay more or get refund.
- If there are number of holes, the business can transfer losses to the following year (maximum 5 years).
Watch now: Guide to income tax business
How do Settlement personal income tax (PIT)
Formula for calculating personal income tax payable (Applied tariff progressive partial)
PIT = (Total taxable income - deductions) * Tax rate
In it, the deductions include:
- Reduced yourself: 11 million/month.
- Deductions dependents: 4.4 million vnd/person/month.
- The account mandatory insurance, charity, humanitarian,...
The steps in how to do year-end tax report: PIT finalization
- Step 1: Synthesis of the entire salaries and wages paid during the year.
- Step 2: Determine the total number of personal income tax withheld during the year.
- Step 3: Calculate the number of personal income tax also payable or refundable.
- Step 4: Complete the declaration settlement Pattern 05/QTT-PIT, filed through the electronic tax.
Note:
- Individuals can authorize PIT finalization for business if eligible.
- If you've overpaid tax can request a tax refund or offset in the following year.
Watch now: Guide to settlement personal income tax
3. Important note in the handbook instructions on how to do year-end tax report
- Check out digital data to avoid errors result in tax arrears.
- Filing due date to avoid penalty (the penalty for late filing can be up to 8 million).
- Full archive invoices, accounting documents to easily collate when the tax check.
- Use accounting software (Top 1 should buy: AccNet Cloud), electronic tax to support the establishment, submit accurate reports quickly.
Instructions how to make tax reporting last year was the important job of helping business general financial, tax settlement. You need to understand steps for financial reporting and settlement tax & PIT to avoid administrative penalties.
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