Personal Income Tax Return
Overview
Filing an accurate and timely personal income tax return is an essential obligation for every self-employed individual in Malta. Beyond fulfilling a legal requirement, submitting a correct return ensures that your tax affairs are in order, your obligations are met, and your financial standing remains sound. The process can, however, be complex, requiring detailed attention to various sources of income, allowable deductions, exemptions, and changing regulations.
Our personal income tax return service focuses entirely on managing the preparation, submission, and settlement of your annual income tax return as a self-employed individual. With in-depth knowledge of Maltese tax regulations and years of experience, we ensure that your tax return accurately reflects your financial affairs, fully complies with all applicable requirements, and makes proper use of any available deductions or reliefs.
A properly prepared tax return not only reduces the risk of errors, penalties, or audits but also provides peace of mind that your obligations are fulfilled correctly and efficiently. As part of our service, we also handle the collection and settlement of any tax liability arising from your return, simplifying the process and ensuring that deadlines are consistently met.
At Busuttil Assurance, our personal income tax return service is delivered by experienced tax professionals who are fully conversant with the obligations applicable to self-employed individuals. We approach every engagement with diligence, confidentiality, and a commitment to accuracy, guiding our clients through the process with clear communication and reliable advice.
Scope
Our personal income tax return service covers the full process of preparing and submitting your annual return, including the settlement of any resulting tax liability. In delivering this service, we:
- gather and review all necessary financial information and supporting documentation,
- verify the completeness and accuracy of declared income from self-employment and other sources,
- identify and apply allowable deductions, credits, and exemptions available under applicable tax regulations,
- calculate the taxable income and the final tax liability, and
- prepare the official personal income tax return form for submission to the Maltese tax authorities.
As part of the process, we carry out several additional tasks to ensure that your tax return is accurate and fully compliant. In doing so, we:
- liaise directly with clients to clarify any queries or missing information,
- verify that all provisional tax payments made during the year are correctly accounted for,
- review any relevant part-time income declarations or rental income declarations that may affect the final calculation,
- ensure submission of the tax return within statutory deadlines,
- collect and settle any tax balance due on behalf of the client, and
- maintain secure records of all filings and correspondence for future reference.
Our personal income tax return service is specifically tailored for self-employed individuals, ensuring that each return is properly prepared and submitted in full compliance with current regulations.
Benefit
Submitting a professionally prepared personal income tax return provides numerous benefits for self-employed individuals. By engaging our personal income tax return service, you:
- ensure full compliance with Maltese income tax obligations,
- reduce the risk of errors, omissions, or misstatements,
- avoid penalties and interest resulting from late or incorrect filings,
- maximise the use of applicable deductions, credits, and reliefs,
- receive expert guidance on any queries or uncertainties,
- simplify the process by delegating complex calculations and paperwork,
- ensure timely settlement of any tax liability, and
- maintain peace of mind knowing your tax affairs are properly managed.
With our professional support, self-employed individuals can focus on their business activities while we handle the detailed and often intricate task of tax compliance.
Regulatory Compliance
Personal income tax compliance for self-employed individuals in Malta is governed by strict obligations and deadlines established by the applicable regulatory framework. Our personal income tax return service ensures strict adherence to these requirements. In fulfilling our responsibilities, we:
- prepare returns in accordance with current tax regulations and guidelines,
- ensure correct calculation of taxable income and application of deductions and credits,
- comply with all deadlines for submission and payment as established by the Maltese tax authorities,
- verify that all provisional tax payments have been properly accounted for, and
- liaise with the tax authorities on behalf of clients if any clarifications or correspondence arise.
By ensuring complete compliance with all applicable obligations, we help our clients avoid unnecessary complications while maintaining accurate and fully compliant tax records.
Related Services
In addition to our personal income tax return service, we offer several related services that support the full financial obligations of self-employed individuals. These include:
- Accounting — recording, classifying, and maintaining all financial transactions to provide accurate financial records,
- PT and SSC Form — preparation of forms for the payment of provisional tax and social security contributions,
- Part-Time Self-Employed Declaration — submission of declarations for part-time self-employment income subject to separate tax treatment (TA22),
- Part-Time Employed Declaration — submission of declarations for part-time employment income taxed at preferential rates (TA23), and
- Rental Income Declaration — submission of declarations for rental income subject to final withholding tax (TA24).
By providing these related services, we offer a fully integrated solution that simplifies your ongoing compliance and ensures complete peace of mind in managing your tax obligations.
More Information
If you would like to receive more information or get in touch with us, kindly contact us now.