News & Updates
September 28, 2022
Believe it or not, finding a tax agent is easy, but choosing the ideal one for your business can be challenging. Although not every business owner needs to know how to find a good tax professional, it is better than hiring someone unqualified to manage anything related to taxation. Because who doesn’t need extra support come tax season?
Because of that, it is vital to fully understand the factors to consider when hiring a tax agent to work around your business’s finances, especially their key traits. Follow through and learn more about how to get excellent tax assistance from a professional.
Top Traits of a Good Tax Agent
Knowing the ideal tax agent is more than skin deep; it takes careful consideration of skills, interests, and more. Before hiring professional tax support, here are some things to take a closer look at. Continue reading!
Skills Related to Handling Business Taxes
A label is not all that it takes to qualify as an excellent tax professional. Just because someone claims to be a tax agent does not mean they are the right person to access and handle your business’s taxes. The latter is not a simple thing that can be done overnight. Anything related to taxation is complex, which only means that a professional must be on board to supervise.
When hiring an individual to be on top of your business’s tax, ensure that they specialise in accounting and taxation with knowledge of the law. Moreover, tax professionals must have records and be registered in authorised offices. Take time to look it up because it will help with making decisions. Lacking any of these things could be a red flag and your wake-up call to reinforce the thorough recruitment of talents to work for your business.
Interest in Understanding Your Business
A tailored approach to anything for your business has the highest possibility of working. That is why hiring a tax agent that settles with a one-size-fits-all approach is the last thing you want to happen. Keep in mind that no business is like the others. Even though some business structures are the same, there is no exact copy of your company. And since every enterprise in Singapore is different, thus their needs.
With all that at the forefront of your business, it is essential to work with a tax professional with a genuine interest in understanding what goes in and out of your company. It will show as soon as they ask questions, dig deeper into your finances, and propose solutions to help address some concerns related to business taxes.
The more a tax agent understands the culture and nature of a business, the more they get acquainted with processes that work and that don’t. Knowing all this gives them a better way to do their job as tax professionals and benefit your company as it deserves.
Experience Working with Other Businesses
Experience is a vital tool not only for tax professionals but also for other business personnel. That said, determining previous professional work plays a significant role when hiring a tax agent to work for your company. The more experience they have working with small businesses, the better.
Tax agents who have worked with small businesses are likely to show more understanding. Not just that, they can also bring expertise to the table. This is an asset that your company should not take for granted. As soon as you have this opportunity in front of you, don’t think twice about grabbing it.
Filing taxes is not an easy job—it takes someone with the knowledge, expertise, and experience to run a less stressful tax season.
Attention to Detail and Organised
The moving parts set business taxes apart from the rest of corporate tasks. And these should motivate the tax agent to shift toward being more strategic, having a seat at the decision-making table along with company key players. All this makes hiring a tax professional with keen attention to detail and organisation necessary. Managing tax does not have to be complicated with a dependable tax agent taking part in your organisation.
In terms of getting everything tax-related done, a qualified tax agent will always put their best foot forwards. So, don’t think twice about going above and beyond just to hire the ideal tax professional to represent your business during tax time. Besides completing tax work, a reliable tax agent will bring long-term benefits to your business.
Get Reliable Tax and Accounting Services from ContactOne Today!
Are you having a hard time focusing on key business elements because tax season is around the corner? You don’t have to go through all this if efficient tax and accounting services are in place. Turn to ContactOne today and discover an array of corporate solutions that work. Our services are tailored to clients’ needs, ensuring effective and straightforward problem-solving. Call us on +65 6333 0633 or +65 8666 3633. You may also visit our website to get to know us better!
September 28, 2022
Singapore is an attractive business hub to investors because of its policies. Unsurprisingly, many companies are incorporated in one of the world’s most eligible business landscapes. But progress means saturation of other businesses, making the economy dense and competitive. This makes considering professional business support solutions crucial to every business’s success, including affordable accounting and tax services.
This article will discuss the different tax and accounting services every corporation in Singapore must take advantage of. So, stick around and learn how business owners can focus on growing their companies through reliable business support services. Continue reading below!
Things You Must Learn About Corporate Tax in Singapore
Through tax, every business in Singapore can contribute to the country’s revenue. The government will manage all the collected taxes to pay for expenses and maintain common resources. That is why companies must pay tax on 17% of their income. Computing taxable income is an accountant’s job. As a result, it is essential to hire tax and accounting services for dependable management of business finances.
Here are some benefits of corporate tax services that a business owner and stakeholders should take into consideration when it comes to growing their enterprise:
Correct Calculation of Taxable Income
The business industry is ever-changing, along with laws and regulations. Of course, taxes are not exempted from the changes. It is vital to work with a qualified accountant in terms of handling your business’s taxation activities. A professional at the forefront of your enterprise ensures the correct calculation of taxable income. It also means that your company will comply with the guidelines ACRA set. There is no room for mistakes, especially when your resources are at stake.
Assistance on Advance Ruling in Taxation
A qualified tax professional, as well as service providers, can assist in the advance ruling in taxation. According to IRAS, the advance ruling is defined as a written interpretation of the Income Tax Act of 1947, wherein issues that arise from a proposed arrangement are to be treated for tax purposes. Moreover, a ruling request must require interpretation of the law, not seeking to understand what the law provides.
Smooth Filing of All Tax Forms
Filing tax forms is an accountant’s most commonly known task, despite other processes requiring their expertise. But that is quite true, though. If you ask someone in the corporate world about what they think an accountant does, it would probably be liaising with ACRA and complying with the rules and regulations of authorised offices. That said, a reliable accountant working for your company is an asset that can benefit your business more than you can think.
Reliable Foreign Exchange Transactions
Singapore allows foreign ownership to businesses, resulting in many foreign exchange transactions. With this, funds can freely go in and out of the country. However, the government implement a few restrictions on loaning Singapore dollars (SGD) to non-resident financial entities. On the other hand, lending SGD to individual and non-financial organisations is a different story. All this will be easier with a reliable tax agent that will put your business’s interest first.
Get to Know More About the Singapore Business Hub’s Accounting Services
Besides corporate tax, accounting is another thing that should be taken care of by business owners in Singapore. Dependable accounting significantly contributes to a company’s success, and that is not a made-up truth. So, here are some advantages of hiring accounting services that will change your mind about doing your accounting activities on your own.
Observing good accounting practices is crucial to business growth. Thus, engaging in excellent accounting services can help your company with:
- Creating and managing budgets
- Maintaining receipts and tracking expenses
- Strategizing the best time to make major purchases
- Keeping credible and accurate records for bankers, investors, and tax
- Forecasting future revenue and growth opportunities
- Guiding manpower and operation adjustment
- Tracking and reporting the financial health of the business
- Monitoring the growth rate of business
With proper management of business finances, small and seasoned businesses will have plenty of growth opportunities. A qualified accountant will oversee your corporate accounts and bookkeeping to keep the company’s cash flow undisrupted. As soon as you determine your tax and accounting requirements, don’t think twice about getting the most suitable professional to work for your company. Taking some responsibilities off your shoulder allows you to focus more on growing your business.
Trust the Experts: Reach Out to ContactOne for Your Corporate Tax and Accounting Requirements
Do not compromise when it comes to corporate tax and atax and accounting services. Only trust the experts that can provide your business with high-quality business solutions. Turn to ContactOne today and discover an array of professional supports your business can take advantage of. What are you waiting for? Call us on +65 6333 0633 or +65 8666 3633. You may also visit our website to learn more about us and the services we can offer your enterprise in Singapore.