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So far Daryl has created 444 blog entries.

When do I need to prepare my Statement of Accounts?

This question pertains to self-employed individuals and partnerships. So if you are a self-employed individual, sole proprietor or partnership, this question and its answer are relevant to you. All self-employed individuals, sole proprietors and partnerships have to prepare their statement of accounts. This is under the law. The statement of accounts reflects the business income [...]

By |2024-01-25T13:26:29+08:00January 25th, 2024|Accounting Bookkeeping Tax and XBRL|

Changing the name of your company

Even though you have settled for a company name from the onset, there may be reasons to change the company name as time passes. The company may be repurposed to do other activities or a more suitable name may come to mind later. Whatever the case, companies, in general, are allowed to make changes to [...]

By |2024-01-23T13:43:18+08:00January 23rd, 2024|Running a Company|

A company’s fiscal year. What you need to know.

A company's fiscal year refers to a company's financial period. Typically, in almost all scenarios, this would be a 12-month period. The most common fiscal year would be the calendar year (i.e. 1st January to 31st December). However, companies are accorded flexibility in selecting their fiscal year. There may be a multitude of considerations. A [...]

By |2024-01-03T19:21:50+08:00January 3rd, 2024|Running a Company, Useful Incorporation Articles|

Understanding the various Tax Exemption Schemes for Singapore companies

There are 2 tax relief schemes that help companies reduce their tax bills. They are: The Tax Exemption Scheme for New Start-Up Companies The Partial Tax Exemption Scheme   1) The Tax Exemption Scheme for New Start-Up Companies The Tax Exemption Scheme for New Start-Up Companies will reduce a company's tax bill greater than the [...]

By |2023-11-14T13:03:38+08:00October 23rd, 2023|Accounting Bookkeeping Tax and XBRL|

IRAS recovers SGD$79 million in taxes and penalties following audits on companies

Corporate tax filing season is once again upon us. How does this work? Usually, companies will engage a tax agent to work on their tax computation and file the corporate taxes according to the computation. In many cases, companies are required to file Form C-S or Form C-S (Lite). This is because the companies are [...]

What is needed to be proven to claim against a director who has breached his fiduciary duties?

A director owes fiduciary duties to his principal, i.e., his company. What this means is that the director has a duty of loyalty and fidelity to the company. This can be summarised by two rules, namely the no conflict and no profit rule. Therefore, when a director diverts business away from his company and the [...]

By |2023-10-23T18:48:00+08:00October 16th, 2023|Questions and Answers, Running a Company|

Can I claim capital allowance on vehicles?

Capital allowance claims are allowed only on private cars that are registered as: Private hire cars; or Cars for instructional purposes and are hired out or used for providing driving instruction in the course of the company's business. Private cars are deemed as S-plated cars, RU-plated cars and company cars (Q-plated or S-plated cars).   [...]

By |2023-10-24T15:34:20+08:00October 10th, 2023|Accounting Bookkeeping Tax and XBRL, Questions and Answers|

Capital Allowance or Depreciation allowance

Capital allowance pertains to the sum that a business is eligible to deduct annually from its revenue through depreciation, representing its capital investment expenses aimed at fostering long-term corporate growth. These deductions are alternatively known as depreciation allowances. The Intersection of Capital Allowances and Cost Recovery Governments establish depreciation schedules to specify the timing at [...]

By |2023-10-24T15:37:41+08:00October 9th, 2023|Accounting Bookkeeping Tax and XBRL|

How do I remove a partner from a partnership?

According to section 1(1) of the Partnership Act 1890 ("PA"), a Partnership is defined as a relationship between persons carrying on a business with a view of profit. Therefore, so long as two or more individuals come together to do business with the intention of generating profit, they are deemed under the PA to be [...]

By |2023-10-24T16:54:56+08:00October 5th, 2023|Questions and Answers|
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