Self-employed persons are taxed on their net trade or business income after allowable business expenses. For YA 2026, the basis period is generally calendar year 2025 for an individual carrying on a trade, business, profession or vocation.
Gross business receipts are reduced by expenses that are wholly and exclusively incurred in producing the income, subject to the Income Tax Act. Private or capital expenses are generally not deductible unless a specific deduction or capital allowance applies.
A self-employed individual who is a Singapore tax resident is subject to the progressive resident individual rates, with a top marginal rate of 24%. Personal reliefs may be available subject to their conditions and the S$80,000 overall relief cap. Course Fees Relief is not available from YA 2026.
Self-employed persons should maintain complete business records supporting income and deductions for the statutory retention period. Separate CPF/MediSave obligations may apply depending on net trade income and CPF Board requirements; these are not the same as income-tax filing obligations.
The general due date for Individual Income Tax returns for the 2026 filing season is 18 April 2026. File through myTax Portal where required and ensure the trade income and allowable expenses are correctly reported.
Apexia can prepare self-employed accounts, determine allowable deductions and capital allowances, reconcile business records and complete the individual tax return.
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