Accounting and Tax Solutions for Services Companies

Preparing and maintaining important financial reports. Preparing profit and loss statements, tax returns, IRAS income tax, and ensuring that taxes are paid properly and on time. Evaluating financial operations to recommend best practices, identify issues and strategize solutions, and help organizations run efficiently.

Some firms, for instance, charge as much as S$300–S$400 monthly for low volume transactions. Small to medium volume transactions may incur a monthly fee of S$500 to S$800, while high volume transactions may incur a fee of S$1500 or more

You can access your federal tax account through a secure login at IRS.gov/account. Once in your account, you can view the amount you owe along with details of your balance, view 18 months of payment history, access Get Transcript, and view key information from your current year tax return.

Tax on corporate income is imposed at a flat rate of 17%.

A partial tax exemption and a three-year start-up tax exemption for qualifying start-up companies are available.

Partial tax exemption (income taxable at a normal rate):
First S$ 10,000 chargeable income:
– Exempt from tax: 75%
– Exempt income: S$ 7,500

Next S$190,000 chargeable income:
– Exempt from tax: 50%
– Exempt income: S$ 95,000

Start-up tax exemption* (income taxable at a normal rate):
First S$ 100,000 chargeable income:
– Exempt from tax: 75%
– Exempt income: S$ 75,000

Next S$ 100,000 chargeable income:
– Exempt from tax: 50%
– Exempt income: S$ 50,000

*The start-up exemption is not available to property development and investment holding companies.

Singapore companies that exceed a certain threshold for their GST-applicable revenue (referred to as taxable turnover) are required by law to register for GST Singapore. Other companies that don’t exceed the revenue threshold are not required to register for GST but can still register voluntarily if it suits them. All GST-registered companies are required to charge GST and file GST returns. Once registered, a company must remain registered for at least 2 years.

GST is only charged by GST-registered businesses. A business must register for GST if its annual turnover exceeds S$1 million. For small businesses that do need meet this threshold, GST registration is optional.

Individuals resident in Singapore are taxed on a progressive resident tax rate as listed below. Filing of personal tax return for tax resident is mandatory if your annual income is S$20,000 or more. Tax residents do not need to pay tax if your annual income is less than S$20,000:

First S$20,000 – 0%
Next S$10,000 (up to S$30,000) – 2%
Next $S10,000 (up to S$40,000) – 3.5%
Next S$40,000 (up to S$80,000) – 7%
Next $S40,000 (up to S$120,000) – 11.5%
Next S$40,000 (up to S$160,000) – 15%
Next S$40,000 (up to S$200,000) – 18%
Next S$40,000 (up to S$240,000) – 19%
Next S$40,000 (up to S$280,000) – 19.5%
Next S$40,000 (up to S$320,000) – 20%
Above S$320,000 – 22%

While bookkeeping is all about recording of financial transactions, accounting deals with the interpretation, analysis, classification, reporting and summarization of the financial data of a business.

Accounting services include tax preparation and counseling, as well as tracking spending and earnings. Accounting is concerned with preserving accurate financial records and implementing effective recordkeeping systems.