As an individual in Singapore, you are liable to pay tax on your income. Depending on your employment status and income level, you may be subject to taxation as an employee or employer, otherwise known as the Pay-As-You-Earn (PAYE) tax and self-assessed tax. In addition to these, other taxes like goods and services tax (GST), value-added tax (VAT), stamp duty, and property gains tax may also apply if you earn an income from other sources such as rental properties or business dealings, among others. Here is a list of ten essential tax advisory Singapore services that will be helpful whether you’re filing as an individual or as part of a larger company based in Singapore.
1. Tax Reporting Advisory Services
A professional in tax advisory singapore will help you report your taxes correctly. Failure to file or pay on time in Singapore could result in penalties and interest fees. It is vital to keep accurate records of all of your earnings, income, and expenses throughout the year so that it is easier to prepare a complete and accurate tax return at year-end.
A professional tax services advisor will help you with tax reporting aspects such as;
- Claim for refund
- Planning strategies
- Preparation of your income tax returns
- Offer advice on possible investments or business strategies to reduce your taxable income
Depending upon your circumstances, they will be able to ensure that you are only paying what is due according to law. If there are any mistakes or omissions in your tax filing, an experienced taxation consultant can advise how best to correct them without penalty or additional cost.
2. Managing Taxation Risks
Doing business can be challenging if you do not comply with all of your tax obligations. The last thing you need is a hefty fine or penalty because of an oversight. However, with a solid understanding of local tax laws and filing requirements, you can keep a close eye on your company’s potential tax risks while enjoying lower taxes.
You will need a reliable tax advisory team like the BoardRoom Singapore tax experts to manage taxation risks successfully. They provide valuable services that help you avoid penalties and fines by managing your tax risks. Taxation risks may arise when there are changes in tax law. Suppose you don’t file your returns in time or make mistakes in calculating your tax liabilities due to changes in regulations. In that case, it could result in late-filing penalties and interest charges.
You might also have to pay additional taxes if you fail to report specific income sources or expenses that affect your taxable income. It could also happen if errors in filing forms such as Income Tax Return (ITR) or Goods and Services Tax (GST). If you want to make sure that none of these things happen to your business, then make sure that you seek advice from expert professionals who have experience dealing with these matters.
3. Advisory on Managing Employee Benefits and Payrolls
As per The Inland Revenue Authority of Singapore (IRAS), there are rules that employers must follow to ensure that their staff’s entitlements are taken care of. These entitlements include employer contributions to a Central Provident Fund, CPF, Mandatory Provident Fund, or MPF. Failure to comply with these rules can result in hefty fines. So, hiring a payroll expert like the Singapore BoardRoom experts is best to ensure compliance.
According to IRAS, there are different types of employees;
- Casual Workers
- Non-Permanent Employees
- Fixed Term Contract Workers
- Full-time Permanent Employees
- Part-time Permanent Employees
Each type has different tax requirements. For example, part-time permanent employees do not have to contribute to CPF or MPF, but they still have specific limits on how much they can earn each month before tax at an increased rate. Another critical factor is whether your company operates as a Sole Proprietorship, Partnership Firm, Private Limited Company, or Public Limited Company. To easily comply with all these regulations, companies should always work with a professional like tax advisory singapore.
4. Advisory on Complex Areas of Tax Law
Tax law is a complex area of law, which can be challenging to understand at times. Suppose you have any doubts about your potential tax obligations or are unsure whether your business is following all of its legal obligations. In that case, it’s vital to use a tax advisory singapore service.
At least once a year, contact an expert to ensure that your financial situation is as secure as possible and your tax filing is accurate. The best way to ensure you are taking advantage of every tax-saving opportunity available is by making sure that you know what those opportunities are in advance.
5. Advisory Services on Cross-Border Taxation and Compliance
You may have moved to Singapore from another country, are planning to take a trip abroad in the future, or have foreign investments. These all have tax implications, and you will need specialized advice on cross-border taxation. It is vital to speak with an international tax expert like BoardRoom Singapore experts to advise you on how your move, travel plans, or foreign investments might affect your taxes in Singapore.
It could save you thousands of dollars each year by ensuring that your global income is reported correctly and subject to minimal withholding taxes. It’s crucial to remain compliant with Singapore GST tax regulations. Cross-border taxation experts can also help ensure that your overseas assets are not taxable in Singapore by implementing appropriate structures like non-resident companies or trusts. And they can also assist if you’re planning to relocate overseas – whether it’s back home or somewhere else entirely – at some point down the road.
6. Advisory on Estate and Business Succession/Sale Planning
You have a lot to consider when going through an estate and business succession planning process. Fortunately, some professionals can help with these issues. BoardRoom Singapore tax experts can assist in developing strategies that streamline your family’s transition from one generation to another or an entirely new owner. It includes effective tax planning, financial services, accounting, legal, consulting, and other professional services.
With their help, you’ll be able to lay down roots for future generations of your family or even ensure your business sale goes smoothly and efficiently. Whether you want to keep things in-house or sell out, an expert team will help ensure you don’t violate any tax laws or regulations.
7. Offering Real Estate and Property Tax Planning Services.
It’s not uncommon for real estate investors to misread their tax returns, so reviewing and understanding your financial reports is essential. In addition, filing your taxes can become complicated when you have multiple properties in different locations. To ensure that you pay all of your taxes correctly and on time, hire a tax advisor who can offer you guidance on these issues.
BoardRoom Singapore tax advisory experts are an excellent resource for finding a property tax adviser in Singapore. This company offers advice and services to help you save money on your property taxes by advising you about which deductions are available under current law.
Importance of tax advisory services is essential to assist taxpayers in avoiding unnecessary financial burdens. Tax advisory services are an integral part of taxpayers’ finances and are especially crucial as a taxpayer may be liable to face fines from both the Inland Revenue Authority of Singapore (IRAS) and the Ministry of Manpower (MOM). Therefore, it’s crucial to seek tax advisory singapore before commencing any investments or business start-ups to ensure smooth operations with IRAS and MOM.