Tax

Learn the ins and outs of Singapore’s tax system. What tax exemptions is your company eligible for? Let’s find out!

A collection of 28 posts

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Industry-specific Corporate Tax Incentives

Trading, banking or just innovative idea — all of this might be granted a corporate tax incentive in Singapore. Osome outlines what tax reliefs and reductions for business Singapore has to offer.

7 min read
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How Singapore Working Mothers Pay Less Tax Thanks to Child Relief

If you’re a working mother earning a taxable income in Singapore, it’s likely you qualify for Working Mother’s Child Relief (WMCR). Read on to find out a bit more about this personal tax relief programme and its benefits.

2 min read
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Withholding Tax in Singapore

Transferring money to a non-resident of Singapore will, in most cases, make you pay withholding tax on it. Osome covers who is seen as a non-resident, how to reduce the tax and what the due date is.

7 min read
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How Charity Can Help Your Tax Bill: Charitable Deductions in Singapore

In Singapore, the “giving is receiving” principle is brought to the level of national policy: one can make a donation to a charity and claim a tax deduction — for every dollar spent you’ll be deducted 2.5 dollars off your taxable income. How cool is that?

5 min read
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Form P50: Get Your Money Back Before the End of the Tax Year

If you overpay your taxes and you don’t get any taxable income for 4 weeks, you can contact HMRC and claim your refund straight away. That is what P50 is for. We look into the process and give tips on how to make things happen.

3 min read
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Singapore Corporate Income Tax: Rates, System, Reliefs

You make a profit — you pay a corporate income tax. We tell what the current tax rate is, how to reduce the sum you pay and do the counting.

6 min read
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What is Business Mileage and Who Can Claim It?

If your employees drive back and forth for business purposes, it’s a business-related expense. Thus, employees can claim petrol money back, and the firm can deduct these reimbursements from its taxable income. In the article below, we break down the latter — the so-called business mileage claim.

4 min read
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All Filing Requirements & Deadlines for a Small Business in the UK

As a limited company director, you have to keep 2 government agencies informed about your business: HMRC and Companies House. There are various forms and payments to take care of, and different filing timelines do not make it any easier. Let us glue all the pieces into a single picture, shall we?

5 min read
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Selling Your Business? Entrepreneurs’ Relief Helps to Pay Less Tax

Entrepreneurs’ Relief (ER) allows you to pay less tax when you sell your company. ER is great for those unhappy with where their startup is going but unwilling to give up on their entrepreneurial career. ER can save some money and also bring enough funds to start a new business from scratch.

4 min read
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How to legitimately reduce your corporation tax

You can take advantage of the legitimate ways to reduce your corporation tax, such as claiming expenses, paying yourself a salary, and spending profits. We explain each step with examples and show how you could reduce the tax you owe more than by half.

4 min read
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DIN It: IRAS Document Identification Number Explained

A Document Identification Number (DIN) is what you come across when you file your income tax to IRAS. We cover what it is and how to get one.

3 min read
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VAT returns and Making Tax Digital (MTD) in the UK

VAT returns in the UK have been moved online — from 2019, Making Tax Digital system is in force for it. We explain how to deal with it and what the deadlines are.

3 min read
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Singapore Personal Income Tax Rates YA 2019/2020 & How They Work

We break down Singapore income tax rates and how they apply to foreigners and locals. We will do some counting, so grab your calculators and let’s go!

3 min read
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When Do Companies Pay Capital Gains Tax in Singapore?

Capital Gains Tax (CGT) is the money you are to pay to the state when selling something valuable with profit. Singapore does not tax capital gains — in most cases. If you suspect that your situation might be an exception, read on.

4 min read
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Capital Gains Tax for Individuals in the UK

Capital Gains Tax is imposed when an asset that increased in value is sold. Let us look at cases when you do and do pay this tax, the rates and how they apply to you.

4 min read
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Why Become a Singapore Citizen?

For those who have obtained a Permanent Resident (PR) status in Singapore, the next natural step would be to convert their PR into a Singaporean Citizenship (SC). A PR provides a person with clear advantages over a foreign citizen, but having citizenship takes these benefits a step further.

5 min read
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All You Need to Know About IRAS (Inland Revenue Authority of Singapore)

Top Singaporean tax body — Inland Revenue Authority (or IRAS) deals with collecting taxes and helping out the government with any tax matters. Osome guides you through its functions and structure.

3 min read
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Taxes for UK Business Owners: 2019/20 Tax Rates, Thresholds & Allowances

Small business owners face double responsibility when paying taxes: they account both for themselves and for their companies. It is tiresome to keep up with the shifting tax rates, tax bands and allowances, so here is a guide for a private limited company owner to survive the 2019/2020 tax year.

7 min read
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P11D Form: All You Need to Know If You End up Googling It

The P11D form is a part of the UK payroll system that covers the benefits an employee gets. How and when to fill in the form, what the deadlines are and how to avoid any fines — Osome is here to guide you through all of it.

4 min read
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P60 Form: What Is It and How to Deal with It?

The P60 form is a part of the UK payroll system that features tax payments and National Insurance contributions of a certain employee. We look deeper into the nature of the document.

4 min read
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How Does GST Work in Singapore?

GST rate is 7% in Singapore, but you only have to register after your company generates more than S$1 million in taxable revenue.

2 min read
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What Taxes Do Australian Entrepreneurs Pay in Singapore?

Singapore corporate tax rate is 17% flat for foreigners and locals. The government supports startups with exemptions. And Singapore and Australia have a Double Taxation Agreement to avoid being taxed twice on the same income.

4 min read
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What Taxes Do Indonesian Entrepreneurs Pay in Singapore?

Singapore corporate tax rate is 17% flat for foreigners and locals. The government supports startups with exemptions. And Singapore and Indonesia have a Double Taxation Agreement to avoid being taxed twice on the same income.

4 min read
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What Taxes Do Malaysian Entrepreneurs Pay in Singapore?

Singapore corporate tax rate is 17% flat for foreigners and locals. The government supports startups with exemptions. And Singapore and Malaysia have a Double Taxation Agreement to avoid being taxed twice on the same income.

4 min read
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What Taxes Do UK Entrepreneurs Pay in Singapore?

Singapore corporate tax rate is 17% flat for foreigners and locals. The government supports startups with exemptions for the first three years. And Singapore and the UK have a Double Taxation Agreement to avoid being taxed twice on the same income.

4 min read
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3 Minute Guide to Singapore Tax

Singapore is famous for its attractive corporate tax rates. We explain how it works in a snapshot.

2 min read
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How Tax Exemptions Work in Singapore?

Singapore tax system is one of the best in the world for entrepreneurs. Learn how to benefit from opening your company and paying its taxes in Singapore.

3 min read
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What Taxes Do Indian Entrepreneurs Pay in Singapore?

A guide to Singapore corporate taxes and exemptions for foreign business owners

4 min read