What are the requirements for accounting income and expenses for third group sole proprietors – VAT payers
The Tax Service draws the attention of individuals – entrepreneurs who apply the third group of the simplified taxation system and are VAT payers to the necessity of proper accounting of income and expenses.
According to the requirements of tax legislation, payers of the single tax of the third group – individuals – entrepreneurs registered as VAT payers – are obliged to keep records of income and expenses using the standard form and in the manner determined by the central executive authority responsible for forming and implementing state financial policy.
The legislation separately provides that entrepreneurs of this category must keep separate records of income and expenses received from the production and sale of their own agricultural products, and income and expenses related to other types of entrepreneurial activity.
Accounting of income and expenses is allowed both in paper and electronic form. In particular, the taxpayer's electronic cabinet may be used for this purpose.
These requirements are defined by the second to fourth paragraphs of clause 296.1 of the Tax Code of Ukraine. At the same time, these provisions do not apply to third group single tax payers who have the status of electronic residents (e-residents).
The standard form of accounting for income and expenses for individuals – entrepreneurs – payers of the single tax of the third group who are VAT payers, as well as the procedure for its maintenance, was approved by the order of the Ministry of Finance of Ukraine dated November 30, 2022 No. 405, taking into account the amendments and additions made to it.
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