A good compliance set up will go a long way in ensuring you have an easier time managing your compliance due dates when they fall due.
- Always maintain a proper record on your business inflows and outflows. This includes keeping all source receipts and invoices neatly in your Accounts file in Chronological order in each account category. Chucking away the documents randomly in your “Accounts” file is not considered maintaining a proper record.
- Keep your Business transactions “clean”. This means that you should only use your corporate account for your business transactions only. Any personal expenses should be kept out of the Company transactions. A common problem is paying off your brand new sports car using your Company funds. There is no tax incentive for doing so!
- Be Disciplined in Record Keeping – Always make it a point to account for your business transactions periodically. Some people like to do it once a day; others like to do it once a month or quarter. The key point is “Do it”. Don’t leave it to the last minute.
- Seek Professional Assistance – In your quest to achieve business success you may just forget about non-revenue generating tasks called “Annual Return to ACRA” or “Tax Filing to IRAS”. You may want to consider using a professional firm like J Accounting Services to help you manage your compliance submission on a timely manner.
- Be Mindful of Your Obligations – At the end of the day, the Directors of the Company are the ones fully responsible for ensuring compliance requirements are met by the Company, and that means ensuring the Annual Returns to ACRA and Tax Returns to IRAS are filed on a timely basis.
- Be Aware of Late Filing Penalties – This is the point that impacts most business owners. Late file = Penalties to be paid = Lower returns for the business. In extreme cases, a court order might be issued against directors of non-compliant companies. Why be late in your filing and grieve over the money and time lost? If you need professionals help, contact us today!
