You enjoy one of the world’s lowest tax rates when you do business in Singapore. Now you can enjoy the least possible hassle when filing your taxes.
In light of the benefits within each tax bracket, a reliable provider of taxation services in Singapore is simply invaluable to businesses of all sizes. Such a provider stays abreast of the latest developments in tax laws, schemes, policies and practices, enabling business owners to take full advantage of any exemptions or concessions being offered by the Inland Revenue Authority of Singapore (IRAS).
The correct and conscientious computation of your taxes ensures your business’ full compliance with tax regulations, and minimises the possibility of errors and consequently, having to pay penalties or fines. Instead of having to rush as each filing falls due, you enjoy peace of mind knowing that your taxes are filed on time by experts who have taken the necessary time and care.
And if you transact with businesses overseas, a dependable taxation services provider would be aware of the treaties that Singapore has with the US, Europe and other countries, and prepare your tax documents accordingly.
With nothing but your best interests at heart, we offer taxation services that plan and optimises the tax requirements of your business. Trust U Ventures with your taxes, today.
Why look to U Ventures for taxation services in Singapore?
- We have more than 10 years of experience helping businesses with their various accountancy and financial management requirements, including taxation as a tax consultant in Singapore.
- We leverage the latest accounting software and technology in preparing: Personal tax in Singapore and Corporate tax in Singapore
- We are well-versed in the nation’s tax laws governing income, property, stamp duties, and goods & services as well as tax reduction tips and exemptions.
- As an experienced tax advisor in Singapore, we offer step-by-step guidance in tax filing and payment according to the structure and other characteristics unique to your business.
Outsource your tax preparation and payment processing to U Ventures.
1. Tax Computation
As the owner or manager of a Singapore-based business, you will be required to comply with the Singapore Financial Reporting Standards or SFRS in preparing your yearly financial accounts. These accounts, in the form of financial statements, will be reviewed by the Accounting and Corporate Regulatory Authority (ACRA), using the Financial Reporting Surveillance Programme (FRSP).
In reviewing your financial statements, ACRA not only establishes whether your business complies with the SFRS, but also gains an understanding of how well your business is doing.
You will also need to know the right time for registering for Goods and Services Tax (GST), as well as the regulations and GST filing requirements pertinent to your business.
2. Tax Advice
Taxation guidance is especially beneficial for business owners who are employees as well as entrepreneurs, as the income streams from their professions and their enterprises are fully taxable. We can help you identify exemptions and deductions and help you keep your records and files in order.
3. Tax Returns
In preparing your tax return, we will be there to assist you with forms and ensure your eligibility for reliefs. We can also help you to avoid errors such as understating income, inflating expenses, using estimates for claiming business expenses, and wrongly claiming certain non-deductible expenses.
4. Tax Planning
Identifying opportunities for tax savings plays a key role in maximising your revenue. We can help you take advantage of the available tax reliefs for companies such as partial tax exemption, the tax exemption scheme for new startups, and deducting the expenses you incurred before the start of your business.
5. Tax Investigations, Enquiries and Disclosures
In the event of a tax enquiry, investigation or disclosures process, we can recommend a course of action to take in your unique situation. Drawing from our experience and familiarity with Singapore’s taxation system, we can assist you in limiting any financial damage resulting from such processes.
We can help individuals with their tax requirements.
- If you are Singaporean, a Singapore Permanent Resident or a foreigner who has lived and worked in Singapore for at least 183 days in the tax year, you are considered a tax resident required to pay personal taxes on your chargeable income. Non-residents who have lived and worked in Singapore for less than 183 days in the tax year may also be required to pay taxes.The corresponding forms you will have to fill out include
- Form B1 (individual tax residents)
- Form B (self-employed)
- Form M (non-residents)
Other taxes that individuals may have to pay include those imposed on property, rental income, stamp duty, motor vehicles, and Central Provident Fund (CPF) contributions.
We also provide taxation services for corporations.
Companies operating in Singapore are covered by the one-tier corporate tax system, where the final tax is the tax paid by the company on its chargeable income. This income must have been generated locally, including any income from overseas which was remitted to Singapore. We can help you meet your annual filing requirements which include taxes with IRAS and returns with the Accounting and Corporate Regulatory Authority (ACRA).
Companies may likewise have to pay property tax, stamp duty and CPF contributions, as well as the foreign worker levy and the Goods & Services Tax (GST Singapore).
We answer your Frequently Asked Questions about taxation in Singapore:
What happens if I file or pay my taxes late?
With the wealth of information available online, it has become relatively easy to assess the credibility and professionalism of an accounting services provider today. Once you’ve gotten past your first impression, get in direct touch with the service provider to get a personal feel of how trustworthy they are.
They should be ready and willing to provide you with details and other background information of the accountants on their team, as well as a track record of their clients. They should also be clear about their schedules, payment terms and pricing, and the scope of their responsibility to you, as well as yours to them.
What if I make a mistake in filing my taxes?
Under the Income Tax Act, if you make a mistake on your tax return with no intention of evading taxes, you may have to pay a penalty of up to 200% of the amount of undercharged tax, pay a fine of up to SGD5,000, or face three years’ imprisonment.
When are the deadlines for filing taxes?
The deadline for individual taxes on income from the preceding year is April 15th of the succeeding year.
The deadline for filing corporate taxes with the IRAS on income from the preceding year is November 30th of the assessment year.
Do I still need to file a return if my employer participates in the AIS?
A tax resident whose employer participates in the Auto-Inclusion Scheme (AIS) does not have to file for the income from that particular employer. However, you will need to file a return if the IRAS sends you a notification to file, which means you may have other sources of income such as rental income that you need to declare.
Why would the IRAS want to investigate me?
The IRAS conducts investigations when they suspect irregularities in the filing of individual income taxes, company income taxes, GST and other tax types. This is done to determine whether individual or corporate tax residents have committed any tax offences.
What is double taxation and how can I avoid it?
Companies with revenue coming in from overseas may be taxed abroad as well as in Singapore. To avoid this double taxation, companies have recourse to Double Tax Relief (DTR) and Unilateral Tax Credit (UTC) from the IRAS.
We’re proud to provide accounting services for the following clients:
“I believe I’ll continue to engage the services of U Ventures and also friends from F&B businesses which are usually located in different locations with multi outlets will find the clinics and their networks and link user friendly and provide a one stop support and solution for day to day matters for restaurants.”Lorance Toh
“As an entrepreneur myself, I believe the “think out of the box” clinic model will bring U Ventures services closer to home to many more businesses and expand their business outreach to many more customers at their convenience.”Roy Tay
Get in touch with us at U Ventures to get your accounting done right.
6001 Beach Road #22-01
Golden Mile Tower Singapore 199589
(65) 6735 8135
Let’s start together, today.
Talk to us at U Ventures to make sure your taxes are on point, and on time.