Posts by Corpworld biz

Common mistakes in filing tax return

By on Oct 13, 2014 in Informative Posts | 0 comments

Famous quotes suggest it is better to do things right the first time. It is more time-consuming and costly to do back jobs or fixing errors. IRAS observed common mistakes that companies make in filing tax returns and as a response, they educate companies on the significance of adherence to tax policies and how to properly file tax returns. IRAS may impose penalties according to the provisions in the Singapore Income Tax Act if these companies that do not adhere to tax policies. Take note of the following common mistakes that companies make in filing tax returns: Understatement of Company Income – To avoid penalties, companies must properly account and report all its income and appropriate invoices for products/good that have been sold or services that have been provided. Official receipts must be supported by correct invoicing and must be recorded while preparing their accounts. Any omission or error of any receipt or invoice issued which results to understatement of earning are punishable under the Law. Declaration of Deduction Against Non-Deductible Expenses – All expenses or costs that are not related to the business like personal expenses of the company director on entertainment or vacation, must properly be classified as private expenses and should not be included in the Form c/Form C-S claims. Excluded also are the vehicle expenses such as insurance, repair and maintenance, parking fees, ERP fees, petrol, and the like of private In-plate cars with non Q-plate cars and business service vehicles with Q-plate cars. Other personal deductions of the company’s directors and shareholders that are not allowed are stipulated in Section 1 of Singapore Income Tax Act are as follows: Travelling expenses with families during holidays or special events, and the like; Parties, social gatherings ad celebrations, meals, and the like; Gifts for families and relatives, for self, for friends, and the like; Personal and family’s credit card expenses; Domestic and residence’s telephone bills, family member’s telephone bills, utility bills, internet bills, and the like; Domestic or residence’s renovation expenses, maintenance and repair expenses, monthly or quarterly contributions to sinking funds, mortgage loan interests, property tax, and the like; Domestic helper’s salaries and levy; Domestic or household purchases like electrical appliances, groceries, furniture and fittings,...

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Bookkeeping Services in Singapore

By on Apr 18, 2014 in Informative Posts | 0 comments

Bookkeeping Services in Singapore Situated at the centre of Asia’s growing economy, Singapore’s business activities are at its peak and still expanding. Many business owners select Singapore for many reasons. Many of the government’s policies on businesses may seem to be complicated but in the long run benefit not only the government but also the companies in Singapore. Its policy on corporate tax is fair yet competitive rates. This is why local entrepreneurs and foreign investors are choosing Singapore to build their businesses. Since entrepreneurs try to find ways where they can be functional and attain their corporate goals. One of these alternatives is gaining so much popularity. Singapore companies are now outsourcing some of their non-core services such as accounting, bookkeeping, payroll, and other administrative functions. By doing so, they will be able to focus on the major goals of the company like expanding their businesses or increasing their sales. Why do companies in Singapore are turning into outsourcing bookkeeping services in Singapore? Outsourcing bookkeeping functions saves time. Assigning these services to a highly professional outsourcing company with qualified and experienced team of bookkeepers and accountants is giving quality time to do your main goal – of developing and expanding your business.  The time you have to spend in monitoring accounting and bookkeeping records will now be the time to plan your business directions well. Or, you can use this time to have your quality time with your family. You will be able to relax knowing that invoices, reconciliations, and even payables are in place and keep your cash flow properly handled. Outsourcing bookkeeping services saves money. Operating and overhead expenses for maintaining accounting staff will be reduced. You do not have to employ a regular and full time bookkeeper or accounting staff to do bookkeeping which is now classified as non-core functions. You do not have to buy accounting and bookkeeping software. There will be no more penalty charges on taxes and lower interest expenses. With outsourcing providers, aside from handling your accounting and bookkeeping functions, you will be able to get professional advice as to comply with the tax regulations. With reasonable professional bookkeeping services in Singapore, you will be able to save money for other...

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Singapore Accounts Outsourcing

By on Apr 15, 2014 in Informative Posts | 0 comments

Singapore Accounts Outsourcing  Statistics show that Singapore economy increases by 1.3% during the third quarter of 2013. Ministry of Trade and Industry is forecasting an economy growth between 3.5% and 4.0% in 2013 and from 2.0% to 4.0% by 2014. Singapore’s booming economy is contributed by effective business trends and opportunities due to effective and attractive incentives provided to businesses, from small to medium enterprises as well as the big corporations in Singapore. The professional corporate services in Singapore also contribute in the growth of businesses. They make sure that the companies they serve have the right business information and data and efficient assistance in Singapore company incorporation from business planning until it is fully operating as business entity. They provide efficient and professional management in support functions of the companies such as accounts functions. They also help in ensuring that your business is complying with the requirements needed for your business. By hiring these experienced professional outsourcing accounts services in Singapore, it allows you to focus more on your business plans and strategies during the start-up stage of your company.  Some of these professional services companies take an extra mile by offering services in finding the best office or factory location, design and build your work place, and create your IT and network framework. They can provide professional advices on the taxation system that best fit on your business and assist you in filing of taxes. They have experts and professional financial advisors, accountants, and staff to assist you in your business. As business owners or entrepreneurs, outsourcing your accounts services in Singapore is very helpful. It can improve your business performance as you will be able to focus on your core tasks while the support services such as accounting, bookkeeping, payroll and administrative functions are outsourced to professional services. Outsourcing your non-core support system to professional services providers saves you time and money, provides you essential and right information and data, and eliminates your stress in handling non-performing employees and the hassles from hiring and terminating employees. Your concentration is how to get to the top and leading business in...

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Singapore Company Incorporation Services

By on Apr 10, 2014 in Informative Posts | 0 comments

Singapore Company Incorporation Services Are you considering setting up your business in Singapore? Or, are you planning to expand your company in Singapore? That is not surprising because Singapore is known to be an ideal place to set up business. Like any other countries, Singapore has initial and continuing regulations and requirements for setting up and running your business in Singapore. One of the attractive packages in Singapore is its taxation. Registered companies in Singapore enjoy good tax exemptions and tax incentives. For the initial S$300,000 yearly income, the company pays below 9%, and 17% after. In Singapore, you do not pay for capital gains or dividend taxes. This attractive tax benefits draw investors and business owners from other countries to come and set up their businesses in Singapore. Since the process of company registration in Singapore is a complex process, it is therefore, recommended to local and foreign business owners to seek assistance from professional outsourcing company in the process of company registration in Singapore. Most popular companies in Singapore are registered as private limited liability companies, also called as private limited companies. It is considered as separate legal unit where shareholders are not accountable for the debts of their company which is over the value of share capital they have contributed. This is the reason it is called limited liability. The Singapore Companies Act states that any individual, local or foreign, who is beyond 18 years old, can register a company in Singapore. Pre-Registration Stage Business owners provide basic information about the company such as the: Company name Shareholders Directors Company Secretary Registered or Official Address Paid-Up Capital Tax If you are a foreigner and you are interested to register your company in Singapore, take note of the following requirements: That you must employ the services of professional incorporate company to register your business since Singapore laws do not permit any foreigner or unit to register a company by himself. If you are just interested to incorporate a private limited business but you do not intend to transfer residence in Singapore, there are no requirements. You can run your business in Singapore, visit, and attend to any company activity on a short term period. However, you need...

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