4 Points to Consider for Finding Right Tax Filing Service Company in Singapore

Many small businesses in Singapore do find it difficult to calculate the right taxable amount of their annual expenses or goods and service (GST) tax as per Accounting and Corporate Regularity Authority (ACRA) or IRAS rules. This situation may lead to imposing some tax penalties and getting the name of the company to add in tax falters’ too. If you do not want to face such situations for your small business, you should consult the right accounting and consulting service agencies in Singapore. The tax rates imposed on corporate businesses in Singapore are fixed at 17% and GST tax is 7%. However, it gives a fair idea to the companies to calculate their annual income taxes and GST taxes as per the fixed rates. But, there are still some hidden taxes that may involve businesses as per their business type or domain-specific rules that need to be included while calculating business taxes. Hence, the calculation work of the annual tax of the company may affect the final result. This may lead to rework or re-assessment of tax calculation of business that will lead to stress to the employer. To get rid of such a situation, you should not be late to take tax filing services of reputed accounting service firms in Singapore. 

In Singapore, you will find many licensed or government-recognized accounting service agencies. They claim to serve you with accurate accounting and income tax services for your business. But, the key to success is to find the right accounting and consulting service company amongst the glut. Hence it is necessary to check some credentials and types of accounting services offered by the company before starting dealing.

1. Licensed Accounting Agency

Your first step towards finding an accounting service company in Singapore should start by checking the license or authenticity of the accounting service firm. Make sure, you are dealing with a reliable and professional accounting service firm, which has a proven track record in the industry too. Moreover, you may have a look at other relevant proofs of the company such as online reviews, customers’ feedback, addresses, contact details, and more. All the proofs should be real to trust upon accounting company to deal with.

2. Types of Accounting Services

Have a look at the types of services offered by the accounting service agencies in Singapore. A genuine accounting firm will provide all standard accounting services such as income tax filing, GST filing, annual audit, bookkeeping, and other corporate tax filing services too. In case, you fail to calculate the right income tax for a company or individual, you may apply for the best income tax filing service of a trusted accounting firm and get good results for the same. The accounting agencies will provide the right calculation for the income tax of your company with accuracy and also file for the same on time. 

3. Accounting Professionals

It is also evident to check with an accounting firm in Singapore that it has professional and experienced charted accountants who can handle all accounting works of your company with accuracy. The accountants should be excellent in all works like income tax filing or calculation, GST tax filing, finance settlement, bookkeeping, and more. Also, they should be aware of all standard tax rules as per ACRA and IRAS authorities in Singapore. The accountants should know how to manage the accounting and taxing works of a client’s business and calculate the right taxable amount for the business and save the company from unwanted tax penalties.

4. Accuracy and Confidentiality

You should also check with record and accuracy of all accounting works done by the company for your company. You should ensure, that the accounting firm provides complete accuracy for all tax calculation and filing works as per the ACRA rules. Moreover, you can expect total transparency and confidentiality in accounting works or finance works of the client’s business too. Hence, you can rely on the accounting service firm for all accounting works and their safety from unwanted access. 

Thus, above are some key points to consider before taking income tax filing or any other service from accounting service firms in Singapore for your business.