Expenses Incurred From Working At Home Qualify For Tax Deductions

In an article by the Business Times on the 2nd of June 2020, the Inland Revenue Authority of Singapore (IRAS) informed the publisher that expenses incurred from working from home can be deducted against employment income. Here are the qualifying criteria: The expenses must be incurred while carrying out duties; and These expenses must not [...]

By |2020-06-02T11:20:21+08:00June 2nd, 2020|Accounting Bookkeeping Tax and XBRL|0 Comments

How to compile a company's financial statements

At the end of every financial year, the directors of a company will need to compile their financial statements. The financial statements can be audited and unaudited. For exempt private companies limited by shares or small companies, they may present their financial statements unaudited as they qualify for audit exemption. For exempt private companies limited [...]

An Introduction To Depreciation And Amortization

Buildings, machinery, renovations and computer peripherals are an example of tangible assets that will last your business more than one year of usage. But not indefinitely as they will eventually become obsolete, thus we depreciate these assets' value over the term of their useful life. For intangible assets such as intellectual property and brands equity, [...]

By |2019-03-13T17:56:03+08:00March 13th, 2019|Accounting Bookkeeping Tax and XBRL|0 Comments

Guide To Statement Of Cash Flow For Small And Medium Business Owners

Keeping an eye on your business cash flow is without a doubt a key component to monitoring the financial health of your business. Running short of cash is one of the most common causes of business failure for start-ups. The statement of cash flows, also commonly known as the cash flow statement, is the report [...]

By |2019-02-28T12:28:09+08:00February 28th, 2019|Accounting Bookkeeping Tax and XBRL|0 Comments

Guide To Profit And Loss Statement For Small And Medium Business Owners

Profit and Loss Statements, also commonly known as P&L or income statements, shows you the profitability of your business over a given period of time. The Profit and Loss Statements are usually prepared monthly, quarterly and yearly.   The Importance Of Profit and Loss Statements First and foremost, companies are required by law to complete [...]

By |2019-02-22T00:43:07+08:00February 22nd, 2019|Accounting Bookkeeping Tax and XBRL|0 Comments

Guide To Balance Sheet For Small and Medium Business Owners

A Balance Sheet, taken along with the Profit & Loss Statement and Cashflow Statement gives you a clear indication of your business's financial health. You can think of the Balance Sheet as a scorecard that tells you about the financial health of your business at any given point in time. On it, it will have [...]

By |2019-02-18T15:53:31+08:00February 18th, 2019|Accounting Bookkeeping Tax and XBRL|1 Comment

How To Select The Best Accounting Software For Your Business

As an entrepreneur, it is very important for you to keep track of your money inflow and outflow. You need to be able to analyze your business's financial health from different aspects. Your analysis is only as good as the quality of your data input. It is critical to get started with the right accounting [...]

By |2019-02-15T17:09:56+08:00February 15th, 2019|Accounting Bookkeeping Tax and XBRL|0 Comments

Can I pay myself dividends instead of salary and save on taxes?

To answer this question, we will need to know the tax rates and we will also need to set a few assumptions.   Here is the Singapore Resident Tax Rate:   Singapore has a flat rate of 17% for Corporate Taxes. Here are some Common Tax Reliefs for companies. You should be familiar [...]

What is XBRL (eXtensible Business Reporting Language)

XBRL stands for eXtensible Business Reporting Language and is a global framework for exchanging business information. Having a common framework to analyse data makes it easier to exchange and analyse business information of companies. XBRL allows for the generation of data which may be used by a large group of stakeholders for decision-making and analysis, [...]

By |2019-01-18T11:52:10+08:00January 18th, 2019|Accounting Bookkeeping Tax and XBRL, What Is...|0 Comments

Common Tax Reliefs that will help to reduce the tax bill for Companies

The Singapore government has tax reliefs that are designed to reduce the tax burden for companies. The Inland Revenue Authority of Singapore (IRAS) has come up with a Partial Tax Exemption for Companies (PTE). All companies, including companies limited by guarantee, can enjoy PTE unless they have already claimed the Tax Exemption Scheme for New [...]

By |2018-12-31T11:55:28+08:00December 31st, 2018|Accounting Bookkeeping Tax and XBRL, Useful Articles|0 Comments