Running My Business
How To File a Hong Kong Employers Return? Form BIR56A and IR56B
As an employer, you need to fill up the Employer’s Return to report the amount of remuneration and other employee benefits. Form BIR56A acts as a cover letter to all IR56B forms an employer has to submit.
5 Tips from Entrepreneurs on Scaling Your Business Across Closed Borders
In times of this unprecedented economic situation, how can SMEs adjust to become a global player? Several Singapore-based entrepreneurs will discuss the major points of scaling up their companies, and how to survive and thrive today.
What Small Medium Businesses Should Know About UK Budget 2021
What does the budget mean for UK SMBs? And what can they do with it? Let's explore.
What Do SMEs Need To Know About Budget 2021?
With Budget 2021, the Hong Kong government has introduced various measures to help support you and your business, and facilitate long-term growth of all Hong Kong companies.
4 Ways the Singapore Budget 2021 Supports Small Businesses
With Budget 2021, the Singapore government has put in place new initiatives and measures to help you develop new potential, deal with short-term problems, and embrace the future for long-term growth. Here’s how the Singapore Budget 2021 can help you according to your business needs.
Do Your Employees Working Remotely Overseas Have to File Income Tax in Singapore?
What happens if your foreign employee was on a short-term business trip to Singapore and is unable to return to their resident country? Let’s find out.
A Guide to Trademark Registration in Hong Kong
Even though it’s not mandatory, a registered trademark could be a pretty valuable asset for setting up business in Hong Kong.
Dates and Events to Use in Your 2021 E-commerce Sales Campaigns
Singaporeans spent an average of S$113 online from January to June 2020, driven mostly by high-value shoppers. Find out which dates they do more shopping on.
Tips for Organising Invoices and Receipts for Small Businesses
Ask any entrepreneur what their least favorite business activity, just about all of them will say “paperwork”. Here’s some tips to get you to organise your invoices and receipts so you can turn your frown upside down.
7 Best Platforms for E-Commerce Entrepreneurs to Sell
You do not need to spend much time, money, or have much know-how to build your online stores from scratch. Most of the time, the best and fastest option is to sign up with established e-commerce platforms. Here are some of them.
Keeping Invoices Organised for Your Small Business
Paperwork is the least popular business activity to do because frankly balancing receivables and payables takes up a lot of time and can cause a severe headache. So how can we organise invoices and receipts more efficiently?
How to Manage Expenses When You Have a Remote Workforce
One issue a company faces with a team working from home is also managing the company’s budgets. Employees find it hard to access a company's funds while the finance team finds it difficult to administer these expenses.
A Guide to Maternity Leave and its Costs to Employers
Since the Employment Amendment Ordinance was passed on 11 December 2020, you might need to update your company’s policies and procedures concerning pay and leave entitlements for your staff on maternity leave.
A Guide to How Small Companies in UK Can Survive Lockdown 3.0
Entering into the 3rd lockdown, times are tough. If businesses are to survive, they need to make use of the special government lockdown grants available to them. We take you through 4 useful ones.
7 Steps To Keep Invoices Organised for Small Business Accounting
Managing business finances might be challenging. Staying on top of your invoices and receipts will help you stay on top of your finances. We take you through 7 steps that will help keep you organised.
9 Ways You Can Protect Your Businesses
Our partner Finaqe advises on what SMEs can look at to protect their business better in order to grow. From trade factoring to business insurance, find out how else you can better protect your business.
COVID-19 Support: Longer Instalment Plans for Corporate Income Tax in 2021
If your business has been affected by the coronavirus (COVID-19), the Inland Revenue Authority of Singapore (IRAS) has introduced a series of support measures to alleviate cash flow woes of businesses and individuals. Find out more.
5 Reasons an SME Needs an Accounting Firm
As your business grows, the amount of paperwork would also increase and become more time consuming. At this point, it might be sensible to find an accountant for your small business. Here are 5 Reasons why your small business might need to work with an Accounting Firm.
5 Hong Kong Government Funds to Tap Into for Your Startup
The Hong Kong government has put in place a few financing schemes to support the growth of these smaller businesses through financing and loan guarantees. Find out more about them and if you are eligible to apply.
Choosing to Hire or Outsource a Bookkeeper or Accountant: How to Decide
As your business expands, the amount of paperwork would increase. To ease your load, you may think of getting help by hiring or engaging a service provider. Let’s look at the pros and cons of these two options.
Should You Get a Directors and Officers Insurance to Protect Your Directors?
As a founder of a company or someone who makes management decisions for the company, you should know that your personal assets are at risk if you were to be named in a lawsuit. Would this D&O Insurance help?
Understanding Value Added Tax (VAT) for UK Amazon Sellers
Once you’ve crossed an annual turnover of £85,000 within the last 12 months, you must register for VAT with HM Revenue and Customs (HMRC), but what’s next? Find out how much to charge and how to reclaim VAT.
Skills Development Levy: How Much Must Employers Pay on Their Staff?
This article will elaborate on this less well known statutory fund that all employers need to pay on each staff they have. Find out how to pay it and more in this article.
7 Tips for Improving the Accuracy of Your Accounting for Small Businesses in the UK
If you want to achieve better accuracy in terms of your accounting, heed these advice reviewed suggested and reviewed by our expert in-house accountants.
Hiring Foreign Talent: The Difference Between an Employment Pass and S Pass
Once you’ve registered your company in Singapore, and start looking to expand your operations. You might want to hire talent from overseas. Find out the difference between S-Pass and Employment so you can hire correctly and stay compliant.
Filing Financial Statements: Does My Company Need to Do This?
The general rule is that it’s always good to prepare your financial statements but do you have to file them with ACRA too? Find out in this article.
6 Tips to Improve Accounting Accuracy for Hong Kong Companies
Stay compliant with the Inland Revenue Department and prepare end-of-year financial statements in no time at all when you follow these tips for accounting accuracy of your company.
A Guide to Covid-19 Relief for UK Businesses
The announcements and updates might be overwhelming to keep up with. Start here.
Just for Startups: Grants, Incentives & Tax Reliefs
Startups are at the heart of the UK economy, so know that you’ll never walk alone with the government supporting you through grants, and tax incentives.
From CPF to GST: Things to Check as Your Business Grows
Companies who are growing will find that they have many administrative things to do too such as calculating Skills Development Levy (SDL) and CPF Registration.
What You Should Know About Changing Your Company’s Registered Office Address
If you’ve ever wondered what the administrative things you need to do when you move offices, read on.
Getting Ready for Post-Brexit Product Liability Rules from Jan 2021
Wondering how to protect your business from product liability claims after Brexit? Find out what Chris Salmon of Quittance Legal Services has to say.
How Do I Withdraw My MPF Before Leaving Hong Kong?
If you will be leaving Hong Kong permanently, you can withdraw your MPF before reaching the retirement age of 65. Find out how.
Changing My Company’s Financial Year End
If your current financial year end date was not chosen by you, or you want to streamline the date with your parent company, you may want to read this.
What Business Owners Need to Know About Accounting Standards in Hong Kong
Find out more about how to standardise your accounting with Hong Kong’s Accounting Standards
Startup Founders Share How They Aced Their Pitch & Raised Funds
Talking someone into giving you money is hard, especially if we are talking millions. Osome Blog asked 3 founders who succeeded, 1 startup scout and 1 product lead to share their experience. Here’s what they told us.
What to Tell Investors so They will Fund Your Startup
Talking someone into giving you money is hard, especially if we are talking millions. Osome Blog asked 3 founders who succeeded, 1 startup scout and 1 product lead to share their experience. Here’s what they told us.
Filing Financial Statements in XBRL: Does My Company Need to Do This?
Not all incorporated companies have to file financial statements. Not all need to file in the Full or Simple XBRL template. Find out if you have to
Minimum Salary Raised for Employment Pass and S Pass in Sep & Dec 2020
Find out what an Employment Pass is, what an S Pass is, and what are the new rules to get one for your company’s staff
Profit Tax: How a Hong Kong Company Can Get An Exemption
In Hong Kong, tax exemptions are applied to profits received from offshore funds. Here’s how to apply so your offshore company can benefit.
Is Remitting through Banks the Best Way to Transfer Money?
So you’re remitting or transferring money? Ever thought of finding a cheaper and simpler way compared to using the banks’ service? Read on here.
Filing Your Annual Return in Hong Kong: A Quick Guide
Want to learn more about company annual return filing to Companies Registry in Hong Kong? Let's get you familiar with all the important details.
What You Need to Know to Deregister Your Hong Kong Company
We take you through the requirements, process, and what you can expect when you wish to deregister your company in Hong Kong.
A New Business Owner’s Guide to a Company Audit in Hong Kong
A company audit assures that all the information in your businesses financial report is fair, accurate and compliant. So you’re a new business owner in Hong Kong facing your first company audit, this article is here to guide you through the process.
All You Need to Know About Appointing a Data Protection Officer For Your Company
Are you ready to select a Data Protection Officer to comply with Singapore’s Personal Data Protection Act? We’ll take you through the importance of choosing one, and tips to select the best person for the job.
How Entrepreneurs in Singapore can Pay Less Tax Legally
Did you know that you can reduce your company’s taxable income and pay less tax to IRAS by writing off some of your business expenses? But which expenses can a company deduct from its income? We break it down for you.
How Saying “No” Can Become Your Superpower in Every Negotiation
Compromise ruins negotiations. The win-win approach ruins negotiations. What doesn’t? Saying “no” whenever it needs to be said. This is the essence of Jim Camp’s theory. The 4 rules he put forward will help you feel confident and seize opportunities inside and outside the conference room
Understanding Singapore Business Insurance
Business is fraught with dangers, and all dangers, from fires to lawsuits, can lead to a financial disaster. You can’t guarantee bad things won’t happen to you, but you can minimize the damage — with the right insurance policy.
Tools to Keep Track of Your Startup Finances: P&L and Cash Flow
Running out of cash is a Number 2 reason for startup failures. So how to avoid cash disappearing into the void? Even if you are bad with numbers and find mathematics exhausting, you can use two simple tools to organise your finances: P&L and Cash Flow statements.
What is a Register of Controllers and Why Singapore Companies Now Have to Submit This Document
In April 2020, Singapore businesses will have to submit the Register for Registrable Controllers to ACRA. Before, your company was only obliged to maintain it internally. Now you will have to file the Register with ACRA electronically and maintain it updated at all times.
New GST Rules to Kick off in January 2020
Beginning January 1, 2020, all Singapore companies will be charged 7% GST on the services they buy online from foreign-based providers. We explain what to do about it and how to pay the tax. Spoiler: if you are GST-registered, you will have some paperwork to do.
How to Register a Trade Mark in Singapore and Beyond
Registering a trade mark can be tricky. Here’s a step-by-step guide with some insights for you to make sense of the process. Bonus track: we explain how to register in Singapore and get international trade mark protection right away
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?
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.
What Is a Trade Mark in Singapore?
Having a nice design is not enough to make a company legally distinctive among competitors. Let’s clarify what a trade mark can be, when a company needs it, how to transform a trade mark into a valuable asset and how to use it.
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.
How to Verify a Company in Singapore
When you find a new partner or a new client, you may want to check the counterparty's reliability. Luckily, there’s a tool to verify companies that small and medium-sized businesses can use for free. Let’s take a closer look at it.
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.
Oops, I’ve Overpaid an Employee
On a settlement day you understand that you paid too much to one of your employees last month. Or the employee comes to you and awkwardly says that they have been receiving way more money than the employment contract requires. How to solve any overpayment? Here are the answers.
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.
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.
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.
How Electronic Signatures Work in Singapore
Many businessmen live with reams of papers all over the office — although they don’t have to. In Singapore, most documents can be signed on the computer, which is just as legal.
What Investors Want to Hear at Your Pitch
Talking someone into giving you money is hard, especially if we are talking millions. Osome Blog asked 3 founders who succeeded, 1 startup scout and 1 product lead to share their experience. Here’s what they told us.
How to Set up Alipay & WeChat Pay for Your Business in Singapore?
If you have clients from mainland China, offering them the preferred payment options like WeChat Pay and Alipay is a way to boost your business. The Chinese visiting your website or your offline shop in Singapore will have fewer problems paying and are likely to buy more.
How Does ACRA's BizFile Work in Singapore?
As a Singapore entrepreneur, you, or more likely, your Corporate secretary, are going to interact with Bizfile regularly. Residents can access the directory themselves while foreigners need to hire an agent to do that for them. Here are some of the major activities your business might need
How not to Hold Annual General Meetings
Annual General Meetings are important. Firstly, they are compulsory. Secondly, vital subjects are discussed there: during AGMs, shareholders approve financial statements. Without the shareholders’ approval, your business can’t meet the filing requirements.
