A self-employed person must estimate/average the total amount of money he/she will earn at the end of this year and the total amount in tax he/she will be required to pay. From this estimate he/she must pay one-quarter of the estimated  taxes by the following dates:

  • April 1
  • July 1
  • October 1
  • December 31

 

After paying the tax in the advanced quarters stated above, the self-employed person must submit an Income Tax Return by the April 30 of the next year, declaring that the tax has been paid as estimated. Any amount remaining/outstanding should be paid at the time of submitting the Return.

Note:

  • Tax is due on income exceeding of $780,000 annually, or $65,000 per month.
  • If you are earning an income below the annual threshold of $780,000, you are still required to file an Income Tax Return, along with your Income and Expenditure Statement.

For assistance with your Income Tax calculations, use our Income Tax Calculator