Basics of Record Keeping for Company
A CRASH COURSE ON RECORD KEEPING for SMALL BUSINESS OWNERS In this article, you will gain a basic understanding of what are the starting steps to maintaining transactional records for small businesses. This article is suitable for first time business owners who have no experience on how to get their record keeping going. Ingredients […]
Concept of Accounting
A Brief Explanation of Accounting for SMALL BUSINESS OWNERS In this article, you will gain a basic understanding of what are the general concepts of bookkeeping and accounting. Please note that accounting is a subject that graduates took at least 3 years to learn the tools, and plenty of years to hone their accounting skills […]
The Financial Statements
Introduction to FINANCIAL STATEMENTS In this article, you will learn what are Financial Statements, and a brief introduction to the compilation process. Types of Financial Statements There are 2 types of financial statements – An audited financial statements and an unaudited financial statements. For exempt private limited companies / small companies eligible for audit […]
Do I Outsource or Hire My Own Accountant?
We will be frank here. If you’ve checked most of the pointers below, you will be better off doing the accounts and tax yourself, or probably only need certain specific services from us. I have bookkeeping experience from my past profession or working experience and I am confident that I am capable of managing the […]
Singapore Tax Rates
In this section, you will learn about the tax rates for the major taxes applicable in Singapore. A. Singapore Corporate Tax The headline corporate tax rate in Singapore is 17%. This rate is considered one of the lowest in economically advanced countries in the world. Headline rate refers to the highest tax rate in […]
Understanding Corporate Tax in Singapore
In this section, you will be introduced to the corporate tax in Singapore. The corporate tax system is applicable to all companies. This system is not applicable for Sole Proprietorship and all forms of Partnerships. Corporate Tax in Singapore The headline corporate tax rate in Singapore is 17%. This rate is considered one of the […]
How are your business income taxed?
In this section, you will gain a brief understanding on how business income generated are taxed. It is important to appreciate whether the income stream is taxable for the purpose of tax calculations. Basis of Determining if an Income Stream is Taxable A company is liable to pay tax on income accrued in or […]
Knowing what are deductible and non-deductible expenses
In this section, you will gain a brief understanding on how to identify if a business expense is considered tax deductible expense or a non-deductible expenses (disallowed expenses). It is important to know that not all expenses that are taken up in your accounting books can be allowed for tax deductions. Basis of Determining […]
Allowances and Deductions
In this section, you will be introduced to common tax policies and tax treatments relating to some of the most common company transactions. These tax benefits are in addition to the deductible expenses discussed in our previous article: Knowing what are deductible and non-deductible expenses. Common Allowance and Deductions that you should be aware […]
