Need help on a few issues re part-time self-employed work, please

autonomas · 2013-10-12T21:12:22+02:00

Seeking guidance on part-time self-employment in Malta? Get answers to tax, registration, and revenue reporting questions on electronic services.

autonomas Member

Member since 18 February 2013

autonomasMember12 October 2013 19:12:22

Hi friends,

I'm employed full-time in Malta, but have a few websites from which I'd like to start declaring income as from next year. I have asked around and have gathered a lot of information, but there are still questions that remain unanswered. I'm hoping some of you may be able to help out.

My understanding is that when declaring part-time income as self-employed, the first 7,000 are taxed at 15%, whereas the rest are added to the tax return as an addition to your yearly income from full-time work and taxed in the same way.

The part-time income form is TA22 and it has to be filed 3 times a year.

You apply for a VAT number if your turnover is more than 7,000 annually. You can apply for VAT and ask to be exempted if your turnover is under 14,000 annually.

So far, so good.

The questions I wasn't able to find answers to are the following:

1. Do I need to register somewhere as part-time self-employed or do I just start submitting the TA22 form without any further formalities?

2. Since I am providing electronic services (website), how do the following items in the TA22 relate to my case:

- purchases
- expenses
- capital allowances
- opening stock
- closing stock

3. Do I have to submit a profit and loss statement for any part-time income exceeding 7,000 that I then later declare in my personal tax return?

I would really be grateful to anyone who knows the answers to these questions!

Also, please share any tips or advice if you are in a similar situation.

Thanks!

tearnet ViP

Member since 19 June 2011

tearnetViP13 October 2013 05:56:34

2179

Can you be in full time employment and self employed at the same time regarding tax?
You will no doubt get lots of advice from this site but my advice is to pay a professional!
You will then get the advice that relevant to your situation and probably save you money.

autonomas Member

Member since 18 February 2013

autonomasMember13 October 2013 06:59:37

Hey tearnet,

To answer your first question: yes, you can.

As for the tax professional, believe me, I have tried! I even contacted the person who is most widely recommended here, John Huber, 3-4 times by email and never received any reply.

I contacted some other legal firms and nobody dignified me with an answer. I'm guessing it's because I would be minor business for these guys.

Does anyone know somebody who deals with individuals in cases such as mine?

All I need is literally one session where I would ask them questions for up to one hour.

By the way, since I have no experience with this, does anyone know how much such a session would roughly cost?

Thanks!

tearnet ViP

Member since 19 June 2011

tearnetViP13 October 2013 08:58:42

2179

I guess that if you are asking questions by email they will be reluctant to reply with free advice. Like you, they are all in business to earn聽 a living.

tearnet ViP

Member since 19 June 2011

tearnetViP13 October 2013 09:14:36

2179

Have you tried contacting the tax office and asking them?

I have always found them very helpful over the telephone.

This is the number 2296 2296.

autonomas Member

Member since 18 February 2013

autonomasMember13 October 2013 09:44:34

Hey, I didn't ask them for free advice. I asked whether I could set up a meeting to get some advice and asked them about their rates.

Could it be they never got back to me because I asked for the rates?

I'm not trying to be cheap, I honestly don't have a clue about how much this advice costs as I've never used it.

I might try the tax department, but some of my questions spill over into other areas, such as accounting.

Thanks!