According to the registration type of the studio (such as individual industrial and commercial households, sole proprietorship enterprises or limited companies) and the regulations of the local tax authorities, the requirements for bookkeeping and tax declaration may be different. The following is the relevant introduction:
1, recognized payment method. For individual studios that adopt approved collections, account management may be relatively simple, mainly to record daily accounts.
2. Audit collection methods. For individual studios that use audit collection, more standardized accounting management is needed, including the preparation of accounting vouchers and subject summary tables.
The taxes and fees that individual studios need to pay in the course of operation mainly include:
1, personal income tax. This is the main tax of individual studios, with a tax rate of 3.5%. Personal studios belonging to small and micro enterprises can enjoy lower tax rates.
2. VAT. Individual studios need to pay VAT at the rate of 3%. It should be noted that VAT should be paid only when the sales or turnover reaches a certain standard.
3. Additional tax. Individual studios have to pay an additional tax of 0.3%. Similarly, only when the sales volume or turnover reaches a certain standard, additional tax needs to be paid.
4. Enterprise income tax. If the individual studio adopts the enterprise form, it needs to pay the enterprise income tax at the rate of 25%.
Summary: Individual industrial and commercial households that fail to fulfill their annual reporting obligations in accordance with the regulations will be listed in the business exception list and publicized to the public on the enterprise credit information publicity system. Therefore, in order to comply with relevant laws and regulations and ensure the smooth progress of business activities, it is very necessary for individual studios to keep accounts and declare taxes.
Legal basis:
Provisional Regulations of People's Republic of China (PRC) Municipality on Value-added Tax
Article 11
Small-scale taxpayers engaged in taxable sales shall adopt a simple method to calculate the tax payable according to the sales volume and the collection rate, and shall not deduct the input tax.