Running a business, big or small, comes with problems. Outsourcing the problems can diminish the issues. It can reduce the everyday hustle of businesses. accounting services for small business singapore is one such outsourcing. Businesses can make the most of it by using these services in their favor. The experts of finance are available to offer help. A team of Chartered Accounts is present to solve the issues of Goods and Services Tax (GST).
Accounting Services for Small Business Singapore has multiple services. Apart from accounting, it also offers the following services:
- Conversion to a private limited company
- GST Registration
- Work Permit
- License Services
Therefore, the service provider gives holistic solutions to the consumers. Business owners can rely on outsourcing services to get their work done.
The company’s purpose is to let the businesses act according to the local Companies Act. The Companies Act of Singapore is critical to understand. New business owners find it challenging to understand technicalities. Here, the subject experts let the business owners do their job peacefully.
For a small business, maintaining an account is new and troublesome. The accounting services offer solutions to every problem. Yearly tax payments are necessary to stay away from unnecessary legal trouble. There is an exact date to file tax- the outsourcing.
What is GST?
The governing body dealing with taxes is the Inland Revenue Authority of Singapore (IRAS). They impose regulations for GST. Every business owner should be aware of the term GST. It is a value-added tax levied on goods and services produced in a country. It varies from place to place and item to item.
When your company has generated over one million dollars, you must register for GST. If your turnover is less than 1 million dollars, you can also register for GST. In that case, you will have to remain registered for a minimum of two years. The IRAS takes almost ten working days to process to provide GST registration numbers. You can cancel registration when your company is not performing well.
What if Company is not Registered?
If your company is not registered for GST, then you cannot charge GST on your items. That means you cannot claim extra on your services.
The company should be transparent on the GST issues. Transparency fosters trust in your brand. You will be away from legal hindrances. Comply with GST laws to continue the hassle-free business.