Under the Tennessee Business Tax Act, most businesses, vocations and occupations operating within the City of Lakesite are required to obtain a business tax license from both the City of Lakesite as well as the Hamilton County Clerk’s Office and report gross receipts to the Tennessee Department of Revenue on a yearly basis.
**Food Truck Operators and Transient Vendors must apply for a Food Truck and/or Transient Vendor Permit before doing business in Lakesite - those forms are available in our Document Center.
The following businesses are EXEMPT from the Business Tax:
- Businesses with gross receipts of less than $3,000 annually
- Manufacturers as described in Division D of the SIC.
- Services (not including tangible property sales) listed under the provisions of TCA 67-4-708(3)(C) and so described in the Division I of the SIC. Exempt services generally include but are not limited to doctors, dentists, veterinarians, attorneys, accountants, schools, religious organizations, insurance agents, loan companies, security exchanges and public utilities. If providers of any exempt service also make sales of tangible personal property and/or taxable services, they are subject to business tax on such sales. If you are unsure of your exempt status, please visit the TN Department of Revenue Website https://tntap.tn.gov .
If you are not exempt, what kind of Business Tax License do you need?
- The Business Tax Standard License is for businesses that gross $100,000 or more annually that are not exempt (see "Exempt" businesses below). To obtain the initial license, remit an application along with $15.00 to the City Recorder/Clerk’s Office. Then, at the end of the tax year, a tax return stating annual gross receipts is filed with the Tennessee Department of Revenue, Tennessee Taxpayer Access Point (TNTAP). Note that a tax year is not necessarily based on the calendar year but is based on the fiscal year end of the business. For more information about TNTAP, please go to https://tntap.tn.gov/eservices .
- The Business Tax Minimal Activity License is for businesses that gross more than $3,000 but less than $100,000 annually. No annual tax return is required. The license must be renewed at the end of the fiscal year at both the city and county clerk offices.
Issuance of a business tax license does not permit operation unless properly zoned and/or in compliance with all other applicable state, county or city laws, rules and regulations.
All new Lakesite businesses applying for a business license after February 20, 2024 are also required to complete a Codes Compliance Form and submit it with their Business Tax Registration Application at City Hall. The Codes Compliance Form will be reviewed for compliance by our Building Official. The application must be approved before operations can begin.
HOW TO OBTAIN A BUSINESS LICENSE
To obtain a business tax license, please complete a Business Tax Registration Application along with a Codes Compliance Form and submit to the Lakesite City Recorder/Clerk’s Office at City Hall. Please also bring payment for the $15 license fee (check only). Alternatively, you may mail the forms and payment to: City of Lakesite, 9201 Rocky Point Rd, Lakesite, TN 37379. Upon receipt of the forms and payment, you will receive your business license via mail. The letter will also include the Building Official's approved/denied Codes Compliance Form. If you do not receive your license within a week, please call the office at 423-842-2533 or email firstname.lastname@example.org.
All forms are available in our Document Center.
County Business Tax License Also Required: You are also required to obtain a business tax license from Hamilton County. Please contact the Hamilton County Clerk’s Office at 423-209-6500 or email at email@example.com.
ANNUAL RENEWALS/TAX PAYMENTS
Minimal Activity Business Licenses are renewed by paying a $15.00 renewal fee to the city and county offices each year.
Standard Business Tax Licenses are renewed by submitting a business tax return and payment to the TN Department of Revenue each year. Business Tax payments must be submitted through the Tennessee Tax Payer Access Point (TNTAP) at https://www.tn.gov/revenue/e-file-and-pay/tntap-information.html.
For tax filing information, you can call 800-342-1003 or go to https://www.tn.gov/revenue/taxes/business-tax.html .
CLOSING A BUSINESS
If you close your business, you are required to notify the Department of Revenue within 15 days of closing by filing a final tax return, even if no revenue was earned during the tax year.
- You must log on to your TNTAP profile, click on Business Tax, and then click on Close Account. Follow the instructions to close the account. You may also use this portal to close a particular location and leave your business tax account open along with any other active locations.
- Notify the Hamilton County Assessor’s Office at 423-209-7323 to close your account. Failing to close your account will result in future forced assessments.
- Notify the County Trustee’s Office (collector) at 423-209-7270 to determine if any personal tax is owed
- Notify the Clerk Offices for Hamilton County and Lakesite.