Dissatisfied with the URA tax assessment?

“Death, taxes and childbirth! There's never any convenient time for any of them.” ― Margaret Mitchell,

Are you eligible to file the returns?

If you are employed and you also have a business or rentals, or if you are purely a business owner or are self-employed, you are required to file your individual tax returns for yourself and or a non-individual tax return for your business. If you are an individual, you are required to have furnished URA with your provisional return for the year of income 1st July 2014 to 30th June 2015. If you haven’t, then you will receive a letter like the one below (refer to Sample Income Tax Notice for Assessment).

Dissatisfied with the URA tax assessment?

Many people fret when they receive such a notice of assessment especially when URA asses you for ridiculous amounts of tax payable. The good news is in the last paragraph of the letter which advises you on what to do 'If you are dissatisfied with this administrative estimated assessment'. However, to be able to make reasonable estimates, you need to have a reliable basis of making the estimate. This comes back to the basics, in order to get accurate and timely information about your business, you need to have proper books of accounts.

The greatest secret to success

I was privileged to be part of his audience on the 9th October 2013 where he spoke in a business forum under the theme “business leadership in the 21st century’”. In celebrating Dr. Miles Munroe’s life, I share my bullet point notes

The key to wealth

• Think beyond your JOB. There is no future in any JOB; the future is in the one who holds the JOB
• Create your business in your JOB. Make yourself disciplined in your WORK
• Never confuse your WORK to be your JOB
• Your JOB is what you were trained to do; your WORK is what you were born to do
• Your JOB is your career; your WORK is your life assignment
• Your JOB is your skill; your WORK is your gift
• You can retire from your JOB; you can never retire from your WORK
• JOBs prepare you for your WORK
• JOBs are temporary; WORK is permanent
• You can be fired from your JOB; but you can never be fired from you WORK
• You can retire from your JOB; but you can never retire from your WORK
• Your WORK protects you from your JOB
• Your WORK is your seed
• It is God who gives you the ability to produce wealth. God does not give bread but seed

Are you destined to be an Entrepreneur or an Employee or an Intrapreneur?

The dilemma

A friend sent me an email recently stating that she is really thinking and praying hard about whether to start a business or not and which one. Not an easy decision of course, which reminded me of another friend who once told me that we are not all cut out to be entrepreneurs.