Oftentimes, self-employed entrepreneurs run into trouble when they’re late to file their tax returns. Svetlana Mishina, a business specialist and owner of business development programs, told socialbites.ca about this and other common reasons for penalties.
Another popular reason for fines, according to the expert, is the lack of desire to understand changes in legislation in their field of activity.
“For example, one of the innovations that you should pay attention to right now: since the beginning of 2023, the procedure for paying taxes and insurance premiums for organizations, individual entrepreneurs and individuals has changed. In the new system, all mandatory payments, including taxes, are paid using the Single Tax Payment (UTP) to the Single Tax Account (UNT). Penalties are also foreseen for late payment of taxes. The inspectorate immediately monitors the movement of funds in clearing accounts, automatically calculates the approximate tax amount and imposes fines.
Self-employed people are at risk if they report their income late (or not report sales at all) on Vergim. Forgetting to reflect the income on time and only remembering after a month, you may be penalized up to 20% of the transaction amount. The expert explained that the repetition of such a mistake within six months threatens with a fine of 100% of the amount of income.
“Another fine mistake by the freelancer is to ignore mandatory certification and product labeling when you start selling your services openly on the open market. Your current activity is converted into a retail sale of a product that, by law, requires confirmation of compliance with standards. Certification and labeling are also required for self-employed people who register as individual entrepreneurs, ”the expert recalled.
Do this at least ten days before the 28th of each month to simplify the process of filing documents. If you are an individual entrepreneur and “pull” until the last minute with the submission of the declaration and you do not have enough time or other resources to submit the document by the deadline, it is recommended to submit the most mediocre data, and then send an updated notice.
“Remember that legislation changes almost at the speed of light – on average, the State Duma adopts more than 500 laws per year, in 2022 their number was a record 653, so it is important to regularly monitor changes, constantly update information about what is what. is happening. An easy way to keep your pulse is to read news from your industry. But you should not read everything in a row – this can cause confusion, panic and the appearance of the “porridge in the head” effect. Choose one or two high-quality resources, such as the official website of the tax office or an interesting Telegram channel whose author you trust. Spend two to three hours a month watching the agenda,” the expert advised.
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