Online businesses can make tax matters easy with an accounting company.
Today’s lifestyles have changed. Turn to purchase products through online channels more When consumer behavior changes It makes selling products Move yourself into the online world more. You can say what you want to buy. It is now possible to shop with a single smartphone, resulting in an increase in online sellers and merchants. When buying – selling and earning income, an important matter that cannot be forgotten is ‘Paying taxes’
Being a seller, online seller What kind of tax must I pay? How much income do you have to pay taxes? And what documents do you need to prepare? Let’s see!
Tax filing period for merchants Online merchants who are ‘Individuals’ and ‘Juristic Persons’, which time period must be filed for taxes? Will vary as determined by the Revenue Department.
Individual
Online merchants have the status of natural persons. Taxes must be filed 2 times a year: P.N.D. 94 and P.N.D. 90.
1. P.N.D. 94, submit tax for the first half of the year.
P.N.D. 94 will submit taxes during July – September of every year, summarizing all income generated during the first half of the year. To show and submit in the P.N.D. 94 form, for example from 1 Jan. – 30 Jun., how much is the total income? Tax returns must be finalized and submitted within September of the same year.
2. P.N.D. 90, submit tax at the end of the year.
Taxes will be filed between January – March of every year, summarizing all income that occurred in the past year. By filling in the form P.N.D. 90, for example, in 2023, how much is the total income? Must be submitted by March 2024.
Legal entity
Online merchants who are registered as partnerships or companies have legal entity status. Tax payments must be filed 2 times a year, namely P.N.D. 51 and P.N.D. 50.
1. P.N.D. 51, submit taxes for the first half of the year.
Will file taxes during July – August of every year from 1 January – 30 June. Submit the form P.N.D. 51 within August. same year
2. P.N.D. 50 submit tax at the end of the year.
Taxes are filed in May of every year. It is a summary of all income generated throughout the year. and submit it in the P.N.D. 50 form, which must be submitted within May of the following year, for example, all income for 2023 must be submitted within May of 2024.
Being a seller, online seller How much income do you have to pay taxes?
No matter what you sell How old are you? Or being a new seller doesn’t matter. If you have any income, you must file taxes. Because it is still considered a natural person who must pay income tax. By paying taxes Whether or not this tax must be paid depends on whether we have “Net income” or “net profit” after deducting expenses, how much? In the case of online sellers with net income exceeding 60,000 baht per year, they must file a tax form.
This is divided into 2 cases: ‘In the case of having to submit a tax form’ if you are a natural person who makes a living selling things online. Not open for sale as a legal entity Earning income from online sales exceeding 60,000 baht (in the case of single) or income exceeding 120,000 baht (in the case of married) must submit income tax.
In submitting taxes for online purchases You can choose to deduct expenses in two ways: the actual deduction and the lump sum 60%.
- Deduct actual expenses. Suitable for online sales that have high costs. Because this method will allow you to deduct high expenses as well. which when expenses have been deducted The net income that must be taken into account for tax calculations will decrease. By this method, income and expenditure accounts with complete evidence must be kept. for easy checking
- 60% deduction of expenses, suitable for online sales with large profits. Expenses are more than 40%, meaning business costs are less than 60% of total revenue. The advantage is that we do not have to show evidence of expenses to the Revenue Department. And it gives us tax benefits on the difference between the actual costs and the lump-sum expenses.
Online sales that are considered natural persons will be taxed or not taxed depending on whether there is How much net income do you have? The more you pay taxes at a high rate, as follows:
Net income 1 – 150,000 baht/year does not have to pay taxes.
Net income 150,001 – 300,000 baht/year pays tax at 5%.
Net income 300,001 – 500,000 baht/year, tax 10%
Net income 500,001 – 750,000 baht/year, tax 15%
Net income 750,001 – 1,000,000 baht/year, tax 20%
Net income 1,000,001 – 2,000,000 baht/year, taxed at 25%
Net income 2,000,001 – 5,000,000 baht/year, tax 30%
Net income of 5,000,001 or more is taxed at 35% of income.
and online sales that are considered legal entities Tax will be paid on income from product sales throughout the year. (according to the accounting period) not exceeding 30 million baht will be taxed according to the progressive tax rate table as follows:
Profit not exceeding 300,000 baht is exempt.
Profits of 300,000 – 3,000,000 baht can be taxed at 15%.
Profits of 3,000,000 baht or more are taxed at 20%.
For businesses other than SMEs (public companies), there will be a fixed tax rate of 20% of net profits from the first baht.
Documents that must be prepared for filing taxes for merchants Online seller
Individual
- Form P.N.D. 94 / Form P.N.D. 90
- Documents showing evidence of income, such as a salary certificate from the employer according to Section 50 bis.
- Documents showing various tax deductions such as
– Marriage certificate/child birth certificate
– Receipt for life insurance/health insurance premiums
– Receipt certifying the purchase of RMF/SSF/SSFX funds.
– Certificate of interest on loan from bank
– Various evidence of donations
- Relevant documentary evidence such as
– Income – Expense Account
– Receipt for raw materials or products purchased for sale
Legal entity
- Form P.N.D. 51 / Form P.N.D. 50
- Documents showing evidence of income such as
– Salary certificate from employer according to Section 50 bis
- Financial statement documents such as
– Income statement
– Statement of financial position
– Statement of changes in shareholders’ equity
– Notes to financial statements
– Report of certified public accountant
Who is an online seller? or are changing yourself to do business online You must plan your taxes well. Because if there is a lack of documents or if you do something wrong in the slightest step There may be problems filing taxes. Collect all evidence related to trade. financial transactions Because in addition to helping us to verify the accuracy of the account It also reduces the risk of problems arising when the Revenue Department comes to request an audit. This will help us manage our taxes correctly. And there is no problem going back.
It can be seen that doing taxes for online sales has many steps. But everyone can definitely do it. You just need to be careful in handling the documents completely. If anyone is still worried about being audited by the Revenue Department. There are also other helpers such as accounting companies. That will help make filing taxes easier, convenient, and accurate in every step. It’s like having an assistant teaching accounting. or manage your account for us personally
By C.L. Accounting and Law Company Limited, an accounting company. Accounting auditing company Company registration, online accounting system setup, focusing on the quality of work Including accuracy Honesty and speed of work is important With a team of accountants professional auditor Including legal advisors and lawyers who have a lot of knowledge and experience in registering companies very well.
