Self-Employed Tax

Singapore does not have quarterly individual tax filing. Self-employed individuals file one annual tax return with IRAS — due 15 April for paper filing or 18 April for e-filing, covering the preceding calendar year's income. Late filing incurs penalties from IRAS.

MediSave contributions are compulsory for self-employed people earning above the income threshold CPF sets, and you are notified of the amount after your income is assessed. The rate varies with age and income, so check the current CPF Board table or your notice rather than relying on an estimate. Ordinary and Special Account contributions stay voluntary, which is why self-employed people build far less CPF than employees unless they top up deliberately.

Registration is compulsory once taxable turnover exceeds $1 million in a calendar year, or if you reasonably expect to cross it. Voluntary registration below that lets you claim input tax but commits you to charging GST at 9% and filing returns, which can make you more expensive to non-registered customers.

Expenses incurred wholly and exclusively in producing your income are deductible — rent, supplies, professional fees, and the business portion of phone, transport and home-office costs. Private expenses are not, and mixed-use items must be apportioned honestly with records kept to support the split.

You are taxed on net trade income — revenue minus allowable expenses — rather than on gross receipts, and no employer withholds anything. Since Singapore does not deduct tax at source, the full assessed amount falls due at once, so setting money aside through the year matters.