09.04.2019

It’s not a secret that many people don’t like doing their taxes, and many others absolutely hate it. Here at Accounting Services, we actually love what we do, and so we are here to guide you through the process and do your tax return.

We know that doing tax returns can be a complex process. You have to get all of your documents together, meet with your accountant, give information and potentially answer more questions. The following checklist eases that process for you.

When preparing a tax return with the June deadline, apart from the form itself, we would need the FS3 for the year for an employed individual. If the individual has multiple employment, then all need to be presented. For those who are self-employed, we would need an income statement for the year, which we can prepare once the information is submitted to us. 

If the individual has a self-employment on a part-time basis, the declaration form would be different and it would be due in April, not June. The same goes for any rental income, with a deadline of end of April. More info on rental incomes can be read on our partner’s blog: https://www.deliveringhomes.com.mt/2019/01/31/tax-on-residential-income/.

Some other notes that we would like to share with you is that if the individual has children attending private schools, a deduction may be applicable if the school is included in the relative list issued by IRD.

The above are general guidelines for your tax return. It is to note that it would depend on a case by case basis, since individuals might have other income from investments, income generated abroad, assets outside Malta, and so on.

Stop dreading Tax Day and start trusting Accounting Services Ltd with your tax return for a successful stress-free tax return. For more info do not hesitate to contact Charlene Sciberras on csciberras@accountingservices.com.mt.