What accounting services do Singapore SMEs usually need?+−
It's tempting to treat accounting as one tax form a year — but the calendar holds more than that. Done properly it means monthly financial statements and IRAS corporate tax returns, spread through the year so nothing becomes overwhelming right before a deadline.
When do I need to file my corporate tax return?+−
Estimated Chargeable Income (ECI) is due three months after your financial year ends, and Corporate Income Tax Return on 30 November every year. This applies even if your company has made a loss or was inactive. If you do not remember anything else, always keep these two deadlines in mind.
Do new companies qualify for IRAS tax exemption?+−
Yes. IRAS offers a tax exemption scheme for qualifying companies during their first three years of assessment, which can significantly reduce the amount of tax payable on the first portion of profits. It only works if your accounts are properly prepared and your filings are done correctly.
Can I do my own bookkeeping instead of hiring an accountant?+−
Of course, and many founders understandably try to handle it themselves in the early days. The problem is that bookkeeping mistakes tend to show up at the worst possible moment: when authorities question a filing, a late notice lands, or investors ask to see your books. By then, the fines or missed funding can cost far more than getting things done properly from the start.