Every self-employed person knows that it is necessary to submit various reports to the tax authorities. Filing an annual report is essential for both exempt and licensed traders, since the report is designed to detail all of the business's income and expenses for the relevant tax year. It is important to note that anyone who chooses not to file the report on the specified date is breaking the law, which could lead to fines and indictment. Therefore, it is important to use an advanced and reliable system that will help you produce the annual report in the most efficient and fastest way possible, without any fear of human error or inaccuracies. This type of system can also assist employees who are required by law to file an annual report.
How to submit an annual report? – This is how you do it right
First of all, it is worth knowing that exempt businesses, whose total income does not exceed NIS 60,000 in the tax year in question, can file an abbreviated annual report, using Form 137. This type of report does not include the business's tax payment calculations or its deductions and credits. This report is compared by the Income Tax to the advances that the business owner paid throughout the year, assuming that it is a licensed dealer. If it is a business that paid less tax than required, it will have to make up the gap. On the other hand, a business that paid more than required will be able to receive a tax refund within three months. It is worth knowing that the annual report must be filed by April 30, but in most cases an extension can be obtained from the tax assessor. You can produce the report through your accountant, or alternatively, through an advanced and dedicated system for business management and accounting.
What should you know about submitting the report?
Filing an annual report is essential for all types of self-employed individuals and business owners, including limited liability companies. Also, anyone who owns non-residential real estate is required to report their receipts above a certain amount determined by the Income Tax. In addition, an annual report is mandatory for anyone who owns assets or funds abroad, anyone who receives a retirement grant, anyone who owns shares above a certain amount, and so on. The annual report should include all of your income, including salary payments, business income, pensions and security fees, income from capital gains, interest payments, and more. Using an advanced system specializing in the field, you can organize your income and expenses and produce an annual report simply and quickly.
We at AccountIT would be happy to provide you with a business management system that will assist you in the area of submitting an annual report in an extremely efficient and fast manner. Our system was developed by the accounting firm Aharon & Co., in accordance with all relevant laws and regulations. It is an advanced system, based on cloud technology and allows for convenient and friendly access from anywhere and at any time. You can use the system to produce various reports, including an annual report. Log in to the system and start enjoying all its benefits!
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