In an article by the Business Times on the 2nd of June 2020, the Inland Revenue Authority of Singapore (IRAS) informed the publisher that expenses incurred from working from home can be deducted against employment income. Here are the qualifying criteria: The expenses must be incurred while carrying out duties; and These expenses must not [...]
At the end of every financial year, the directors of a company will need to compile their financial statements. The financial statements can be audited and unaudited. For exempt private companies limited by shares or small companies, they may present their financial statements unaudited as they qualify for audit exemption. For exempt private companies limited [...]
Buildings, machinery, renovations and computer peripherals are an example of tangible assets that will last your business more than one year of usage. But not indefinitely as they will eventually become obsolete, thus we depreciate these assets' value over the term of their useful life. For intangible assets such as intellectual property and brands equity, [...]
Keeping an eye on your business cash flow is without a doubt a key component to monitoring the financial health of your business. Running short of cash is one of the most common causes of business failure for start-ups. The statement of cash flows, also commonly known as the cash flow statement, is the report [...]
Profit and Loss Statements, also commonly known as P&L or income statements, shows you the profitability of your business over a given period of time. The Profit and Loss Statements are usually prepared monthly, quarterly and yearly. The Importance Of Profit and Loss Statements First and foremost, companies are required by law to complete [...]
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 [...]
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 [...]
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 [...]
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, [...]
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 [...]