Beginner’s Guide to Choosing the Best Company Tax Preparation in Singapore
Tax preparation is probably one of the most frustrating parts of running a business. Even if some may say that the taxation in Singapore is pretty straightforward, not many have the time and patience to study and practice such a technical activity. If such is your dilemma, you have the option of hiring a company tax preparation in Singapore.
Hiring a professional to do your tax preparations is known to yield lots of benefits for the company. For one, you do not have to stress over the whole thing at all. Secondly, you can also get expert advice on applying for incentives and reducing your tax assessments and liabilities. Also, hiring a tax service provider allows you to consult with a knowledgeable person regarding tax disputes and issues.
If you intend to look for a corporate tax preparer, you are probably at a loss on where to start looking and how to choose the best one. Fret no more! This article outlines the top 10 best company preparation in Singapore. We also present here a beginner’s guide to tax preparations to give you an idea of what to look for in a tax preparer.
What Is Company Tax Preparation?
Singapore companies are required to submit an Estimated Chargeable Income (ECI) within three months from the end of the fiscal year and the final tax return by November 30 every year. The Inland Revenue Authority of Singapore governs the taxation of Singapore and imposes penalties for late and incorrect filings of returns. If you want a professional to handle your timely and correct tax returns, you need to hire a company tax preparation professional.
A tax service provider can help you prepare and file your ECI and final tax returns. With knowledgeable professionals handling it, you are confident that the tax computations, supporting schedules, documents and forms are properly and correctly completed. There are many tax reliefs and incentives available in Singapore, and your service provider can advise you what you can apply for and help you process it.
Moreover, tax preparers can help you register as a new taxpayer if you are a starting business owner. They can orient on you how your type of company is taxed and on the basics of how your type of business is taxed and what to expect. If you’re facing tax complications on your initial decision to do the taxes yourself, they can help you smooth it out and work it out and process tax refunds or tax extensions when necessary.
When looking for a tax preparer, ask for their credentials, certifying them as qualified in handling tax preparations. You should also check the company’s history and reputation before picking one out blindly. You can search how they’re rated by clients- if they are truthful to what they advertise or have licensing violations.
Why Do You Need Company Tax Preparation?
Hiring a professional to do your taxes ensures that you use the deductions and credits you are eligible to receive. These professionals are very well-acquainted with the tax codes and can help legally reduce your taxable income and save money. Further, you are also saving your valuable time preparing the documents, calculating your tax and filing the returns. You can use this time instead to focus on decision-making activities.
Moreover, the tax code is complicated. And if you’re already juggling your business operations, how will you handle the complexities of tax preparations? Tax professionals can do that for you and also give you tax guidance on different tax matters.
Lastly, if you are already tight on your free cash, you cannot afford to incur penalties from erroneous tax preparations or late filing. A tax professional can eliminate these errors and submit correct and complete returns, forms and documents on time. Tax preparers can also give you insights into how you can make smart tax-saving decisions.
Where Should I Find the Best Company Tax Preparation?
After learning the basics, you may already have formed an idea of what to look for in a tax preparer. You’d want to make sure that they are reliable and can work with you without complications. You should be able to relay your business needs and concerns freely, too. It is best if your choices have good recommendations to partnering only with the best corporate tax preparers.
We’ve narrowed down the choices for you to make the choosing process more convenient for you. Here are the top 10 best company tax preparation in Singapore.