Online shops need to have income and expense accounts to submit income taxes or not?

Online shops

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.

Online shops

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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