Accounting & Tax Essentials
Essential Accounting Practices and Tax Obligations for Singapore Businesses
Every Singapore company must maintain accurate books and records for compliance and decision-making. Halynce provides full-spectrum accounting and tax solutions to keep your business compliant and financially sound.
1. Bookkeeping Basics
We handle your day-to-day bookkeeping, including:
- Recording income and expenses
- Reconciling bank statements
- Preparing management accounts and balance sheets
- Ensuring compliance with Singapore Financial Reporting Standards (SFRS)
Why Proper Bookkeeping Matters
Accurate bookkeeping helps you:
Make informed business decisions with real-time financial data
Track cash flow and profitability
Prepare for tax filing and audits
Comply with statutory requirements
Secure loans and attract investors
2. GST Registration
If your annual revenue exceeds S$1 million, Goods and Services Tax (GST) registration is mandatory.
We assist with:
- Voluntary or compulsory GST registration
- Filing quarterly GST returns
- Advising on input tax claims and exemptions
GST Registration Timeline
You must register for GST within 30 days of exceeding the S$1 million threshold. Voluntary registration is also available if your revenue is below this amount but you want to claim input tax.
GST Rates in Singapore
- Standard Rate: 9% (as of 2024)
- Zero-Rated: Export of goods and international services
- Exempt: Residential property sales and most financial services
3. Corporate Tax Filing
Singapore’s corporate tax rate is 17%, one of the lowest globally.
We manage:
- Estimated Chargeable Income (ECI) submission
- Form C/C-S filing
- Tax computation and planning to maximize exemptions and rebates
Tax Filing Deadlines
- ECI: Within 3 months of financial year-end
- Form C-S/C: By November 30 each year
- Tax Payment: Within 1 month of receiving Notice of Assessment
Tax Exemptions for New Startups
Qualifying new companies enjoy significant tax exemptions:
- 75% exemption on first S$100,000 of chargeable income
- 50% exemption on next S$100,000 of chargeable income
- Valid for the first 3 consecutive years of assessment
Tax-Saving Strategies
Our tax advisors help you:
4. Financial Statements
All companies must prepare financial statements annually. We ensure timely preparation, review, and submission aligned with ACRA and IRAS requirements, ready for audit or XBRL filing if applicable.
Components of Financial Statements
Statement of Financial Position: Assets, liabilities, and equity
Statement of Comprehensive Income: Revenue and expenses
Statement of Changes in Equity: Movements in shareholders’ equity
Statement of Cash Flows: Cash inflows and outflows
Notes to Financial Statements: Accounting policies and explanations
Audit Requirements
Small companies may be exempt from audit if they meet certain criteria. We’ll help you determine if your company qualifies for audit exemption.
Accounting Software Solutions
We can help you implement and use accounting software that:
Automates data entry and reconciliation
Generates real-time financial reports
Integrates with your banking and payment systems
Ensures IRAS-compliant record-keeping
Supports GST and tax calculations
Payroll Services
Our payroll services include:
Monthly salary calculations and disbursement
CPF submissions and IR8A preparation
Leave and attendance tracking
Payslip generation and distribution
Year-end tax clearance for employees
Why Choose Halynce for Accounting Services?
Common Accounting Mistakes to Avoid
❌ Mixing personal and business expenses
❌ Poor documentation and record-keeping
❌ Missing tax filing deadlines
❌ Incorrect GST treatment
❌ Failing to reconcile accounts regularly
❌ Not keeping records for the required 5-year period
Your trusted partner for Singapore business incorporation and corporate services.
UEN: 202521892M
ACRA Registered Agent
FA20250264
60 Paya Lebar Road
#06-28 Paya Lebar Square
Singapore 409051
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Information on this website is general guidance. Government fees are billed separately.