5. I run a business on my own and need to declare “assessable profits” in the tax return. Must I engage a professional accountant to prepare the accounts?

5. I run a business on my own and need to declare “assessable profits” in the tax return. Must I engage a professional accountant to prepare the accounts?

There is no requirement under the law for engaging any professional service for the preparation of accounts for sole-proprietorships or partnerships. If you possess the necessary accounting and taxation knowledge, you may prepare your own accounts. You may also employ a bookkeeper to do so.

Since the calculation of accessible profits always involves the use of accounting principles, you may find it both helpful and safer to hire an accountant/auditor to handle your taxation matters.