Guide To Balance Sheet For Small and Medium Business Owners

A Balance Sheet, taken along with the Profit & Loss Statement and Cashflow Statement gives you a clear indication of your business's financial health. You can think of the Balance Sheet as a scorecard that tells you about the financial health of your business at any given point in time. On it, it will have [...]

2019-02-19T13:23:28+00:00February 18th, 2019|

How To Select The Best Accounting Software For Your Business

As an entrepreneur, it is very important for you to keep track of your money inflow and outflow. You need to be able to analyze your business's financial health from different aspects. Your analysis is only as good as the quality of your data input. It is critical to get started with the right accounting [...]

2019-02-15T20:17:41+00:00February 15th, 2019|

Can I pay myself dividends instead of salary and save on taxes?

To answer this question, we will need to know the tax rates and we will also need to set a few assumptions.   Here is the Singapore Resident Tax Rate:   Singapore has a flat rate of 17% for Corporate Taxes. Here are some Common Tax Reliefs for companies. You should be familiar [...]

2019-02-15T20:19:22+00:00February 11th, 2019|

XBRL (eXtensible Business Reporting Language)

XBRL stands for eXtensible Business Reporting Language and is a global framework for exchanging business information. Having a common framework to analyse data makes it easier to exchange and analyse business information of companies. XBRL allows for the generation of data which may be used by a large group of stakeholders for decision-making and analysis, [...]

2019-02-15T20:22:52+00:00January 18th, 2019|

Common Tax Reliefs that will help to reduce the tax bill for Companies

The Singapore government has tax reliefs that are designed to reduce the tax burden for companies. The Inland Revenue Authority of Singapore (IRAS) has come up with a Partial Tax Exemption for Companies (PTE). All companies, including companies limited by guarantee, can enjoy PTE unless they have already claimed the Tax Exemption Scheme for New [...]

2019-02-15T20:22:40+00:00December 31st, 2018|

Common Tax Reliefs that will help to reduce the tax bill for New Start-Up Companies

The Singapore government has always been supportive of start-up companies and has many schemes to support entrepreneurship. One of the ways which they have been assisting new start-up companies is by providing tax reliefs. Let us focus on Year of Assessment 2019 and 2020. Year of Assessment 2019 (YA 2019) This is for financial years [...]

2019-02-15T20:22:15+00:00December 31st, 2018|

How to authorise a third party to file your company corporate tax

Tax filing season is here and for some companies, that means looking for a third party with the relevant expertise to file the company's corporate taxes with the Inland Revenue Authority of Singapore. Here is a step by step guide on how to authorise a third party entity to file your corporate tax. Note: You [...]

2019-02-15T20:21:28+00:00December 3rd, 2018|

Corporate Tax Filing

Singapore is a very attractive place to do business. It is safe, corruption-free, has a highly-skilled workforce and a very attractive corporate tax system. Singapore has a single-tier corporate tax system. There is no double taxation on the monies received by shareholders. Tax paid by a company for its chargeable income is final and all dividends [...]

2019-02-15T20:21:14+00:00October 19th, 2018|

Estimated Chargeable Income (ECI)

Estimated Chargeable Income (ECI) is an estimate of a company's taxable income (after deducting tax-allowable expenses) for a Year of Assessment (YA). The Inland Revenue Authority of Singapore (IRAS) requires that the ECI be filed so that they can raise an early assessment. The data collected by IRAS will also be useful in helping the [...]

2019-02-15T20:20:59+00:00October 16th, 2018|

Xero. The ideal accounting partner for small businesses.

Xero is excellent for small businesses. If you are looking for a program to do your accounts, it should be able to handle most accounting tasks for small businesses. It is built on a true double-entry accounting framework. It allows business owners to track and manage sales, purchases, inventory and payroll. Business owners can create [...]

2019-02-05T01:32:43+00:00December 22nd, 2017|
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