Require clarity on tax returns for private individual who also owns a small business?
By Marc Sevitz · Updated
2) Must I submit 2 tax returns? One for personal tax and one for the CC irrespective of the amount of income derived from either income source?
The two returns are completely independent of each other and do not include the same information. The only time they will overlap is if the CC pays you a salary or declares dividends which will then be disclosed on both returns in their relevant income and expenditure blocks.
Thank you for your reply. This is helpful and a good guide.
Only a pleasure!