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Q&A

1. How to File Taxes for a Sole Proprietorship？

a) For Small Businesses (Total Income ≤ $2,000,000):
 

  • No need to attach accounts or documents when submitting your tax return.

  • Enter record into SnapTax, let SnapTax calculate automatically, and fill in the tax return based on our calculations.

  • Keep all records for future reference in case of inquiries.You can use SnapTax to export relevant reports.

 

-------> Use our SnapTax and no more worries.


For Larger Businesses:
 

  • Submit certified copies of the balance sheet and profit and loss statement.

  • Provide a  detailed tax calculation sheet to show how you calculated the assessable profits or adjusted losses.

  • Enter record into SnapTax, let SnapTax calculate automatically, and fill in the tax return based on our calculations.

  • You can use SnapTax to export relevant reports as proof for submission to the tax authorities.


------->  Note: Since the balance sheet needs to refer to the company's monthly bank statements, equity distribution, and all the records, you can contact us for a quote on professional accounting services. If you use SnapTax to organize the records, you can enjoy a discounted price. Our team of expert accountants is ready to help you prepare all necessary documents.

 

2. Do I still need to keep physical receipts after uploading them? 

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Tax regulations require you to keep sufficient records (in English or Chinese) to determine your taxable profits. All records must be retained for 7 years from the transaction date.
 

SnapTax provides PDF reports that are sufficient for effective record-keeping. Physical receipts (such as meal receipts) can easily fade and are difficult to preserve, so you can rely on SnapTax to help you keep records.
However, for business income and expenses, we recommend still keeping related documents such as orders/receipts.

3. If I run a snack bar/shop and have my own POS, do I still need to record every charge on SnapTax?

If you already have a complete POS system, you only need to enter the income amount into SnapTax regularly. SnapTax supports text input mode and can complement other payment systems.

4. What should we do if we need to change the fiscal year end date?

Changing the closing date is a complicated matter. SnapTax supports changing the closing date of the latest fiscal year. Once the date is changed, the asset tax allowance calculation for that year will be removed. You need to confirm the new calculated amount, and the tax record for that year also will be automatically recalculated.
If you still need assistance, the SnapTax accounting team welcomes you to consult at any time.

5. Can the records be changed at any time?

No. Once the tax record is locked, no further adjustment is allowed for record during that fiscal year or the fiscal year before that. 

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