Making Tax Preparation Easy For Your Business
Tax preparation is the process of preparing tax returns for tax filing purposes. Companies in Singapore must file their corporate tax returns with the Inland Revenue Authority of Singapore (IRAS) by 30 November. However, if you are a small business, you can perform a simplified tax filing and the due date for filing is 15 December. You should make sure that you prepare your tax returns for filing to avoid civil and criminal penalties.
You may either do your own tax preparation or you may hire an outsourced tax preparation service provider to prepare the taxes for you. The preparation requires you to disclose your business income for the year and the amount of tax that you are liable to pay to the IRAS.
Preparing your Tax with J Accounting Services in Singapore
Due to the complex nature of preparing tax returns, you may need a tax accountant expert who is able to identify areas where you can make deductions and credits to reduce the amount of tax that you are to pay.
Our tax professionals has tax preparation and tax planning experience that
- Make your work of running the business much easier without worrying about tax preparation. This gives you the peace of mind.
- Maximize tax benefits that allows you to save on the amount you should have paid as tax.
J Accounting Services provides the following Tax Preparation Services:
- Identifying taxable and non-taxable income
- Identifying deductible and non deductible expenses
- Calculating captial allowances for your business
- Expense equipment which do not qualifying for capitalization
- Preparing scheudules for IRAS
- Writing off provisions for bad debt
- Computing your taxable profits
- Other business tax credits
More information on Tax Preparation Services
Computing taxes requires you to calculate the amount of taxes to be paid by making adjustments to the accounting profit. Some of the adjustments include non-deductible expenses such as bad debts and amortization, non-taxable receipts such as sale of fixed assets gains and gains on foreign exchange on capital transactions and capital allowances.
Once you have computed the taxable income for your company you then submit it. This is together with the audited or unaudited financial accounts which are either audited or unaudited depending on the requirement and with form C. If the company is a small company, you should submit form C-S together with the relevant documents.