Tax Returns without the hassles.
Goods and Services Tax or GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. In other countries, GST is known as the Value-Added Tax or VAT.
Compulsory registration
If your taxable turnover is:
Â
Voluntary registration
If you satisfy any of the following:
— Managing and responding to IRAS queries
— Making voluntary disclosures of errors to the IRAS to mitigate penalty exposure
— Managing IRAS audits and investigations.
Running a small business in Singapore brings many rewards. It also brings a pile of financial paperwork. Many owners lose track of receipts, invoices, and filing deadlines. Missing a single date can lead to fines or penalties. This scenario is where professional help makes a real difference. The right accounting and tax services keep a company on track without stress. These solutions handle number crunching, form submissions, and compliance checks. Business owners can then focus on what they do best: growing their company.
Understanding financial management does not require a degree in maths. Simple systems and clear steps lead to clean records. The following sections break down each part of professional financial care. From monthly bookkeeping to yearly filings, we clearly state every detail. By the end, every business owner will have learned how to keep their finances in order.
Good financial management covers many different tasks. A single provider can handle all of them under one roof. This saves precious time and reduces the chance of mistakes. Accounting and tax services bring everything together in one smooth package.
Here is what a complete solution offers:
SMEs and startups benefit the most from bundled support. These smaller teams rarely have full-time finance staff. Outsourcing accounting services fills this gap efficiently without a high cost. Accounting and tax services turn a messy pile of papers into clean, organised records. The peace of mind alone makes the arrangement worthwhile.
Every business follows a similar path toward clean finances. The journey breaks down into five simple stages. Each step builds on the previous one for complete coverage.
Step 1: Understand your business
The first meeting explores how the company earns and spends money. Different industries have unique patterns and needs.
Step 2: Set up an accounting system
Software gets installed and tailored to match the business structure. The chart of accounts, tax codes, and reporting preferences all receive attention.
Step 3: Monthly bookkeeping
Every month, transactions are sorted, categorised, and recorded. Bank statements reconcile against internal records to catch errors early.
Step 4: Tax filing and compliance
Quarterly GST submissions and yearly corporate tax returns reach the authorities on time. Professionals handle every form and calculation.
Step 5: Ongoing support
Questions pop up throughout the year. A dedicated team answers calls and emails promptly.
For income tax purposes, the following is considered a company:
A sole-proprietorship or partnership business is not considered a company.
Your company is taxed on the income earned in the preceding financial year.
This means that income earned in the financial year 2020 will be taxed in 2021. In tax terms, 2021 is the Year of Assessment (YA), as it is the year in which your company’s income is assessed to tax.
To assess the amount of tax, IRAS looks at the income, expenses, etc. during the financial year. This financial year is known as the ‘basis period’.
The basis period is generally a 12-month period preceding the YA.
Â
Examples of Basis Periods Based on Different Financial Year Ends
Â
Picking the right partner changes everything. The best providers have four key strengths. Each one adds value to the working relationship.
Every business is unique. We take time to understand your operations, industry, and goals before creating an accounting solution that fits your exact needs.
Work with the same experienced professionals throughout your journey. No repeated explanations, no unnecessary handovers, just consistent support you can trust.
With 11+ years of experience, we manage GST, ACRA, payroll, corporate tax, and compliance while keeping your business fully aligned with Singapore regulations.
Access real-time financial information anytime with Xero cloud accounting. No waiting for month-end reports—your numbers are always available.
Accounting and tax services become truly valuable when these four elements come together. The combination of people, knowledge, and technology creates a smooth experience.
Strength | Benefit for Your Business |
Tailored to your business, not a template | Service shaped around your actual needs — not a generic package |
One dedicated team, from day one | Same accountant throughout — no repeating yourself, no handovers |
Singapore expertise, professionally recognised | On-time filings, zero penalties, backed by 11 years of proven practice |
Powered by cloud technology | Real-time access to your numbers — anytime, from any device |
Many providers claim to offer these features. Only a few deliver them consistently. The right choice makes financial management feel effortless.
Company is taxed at a flat rate of 17% of its chargeable income.
The tax exemption scheme for new start-up companies and partial tax exemption scheme for companies are tax reliefs available to reduce companies’ tax bills.
Lets begin with a quick chat, let us know what we can help with so we can understand you better.
Most businesses need a combination of monthly bookkeeping, quarterly GST filing, annual corporate tax submission, and ACRA annual return. Payroll processing and financial statement preparation are also commonly required. The exact mix depends on the size, structure, and industry of the business.
Yes. Most full-service accounting firms handle bookkeeping, GST, corporate tax, payroll, and ACRA filings under one roof. This is generally more efficient and accurate than engaging separate providers for each service, as one team has full visibility of the complete financial picture.
A dedicated accountant builds a deep understanding of your business over time — your industry, your cost structure, your filing history, and your goals. This means less time explaining context on every call, faster problem-solving, and more proactive advice compared to dealing with a rotating team that picks up your file fresh each time.
Typically, you need to provide bank statements, sales invoices, expense receipts, and payroll information. Many firms use cloud accounting platforms that automate much of this through direct bank feeds and digital receipt capture — reducing the amount of manual document sharing required.
The process is straightforward. Your new firm will request the necessary records and working files from your previous accountant, reconcile the opening balances, and take over from a clean cut-off date. A professional firm handles the transition with minimal disruption — you do not need to manage the handover yourself.
Yes. Even dormant companies in Singapore are required to maintain financial records and meet certain filing obligations with IRAS and ACRA. Failing to file — even with zero activity — can still result in penalties. An accounting firm ensures compliance is maintained regardless of whether the business was active during the period.