Entrepreneur that tax filing of an Individual, There are 2 options for tax payment.
- Deducting charter expenses 60%
- Deduction actual expenses.
Chartered expenses, entrepreneurs are not required to submit an income and expense accounts to the Revenue Department. But that means taxing from profits is 40% (profit margin)
If the business is profitable at a rate of 40% or more, it is suitable for a charter method, because it is convenient, to not need to make an account of income and expenses. If the profit is less than 40% and is still taxing on the 40% of profit margin, After deducting expenses almost no income.
Therefore, if the business has a profit margin of less than 40%, it should be make for income and expenses, in order to deduct actual expenses.
Find out more at:
https://pimaccounting.com/blog/th/blog-th/85-does-online-business-actually-have-to-pay-tax
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