Tax
How To Reduce Taxable Income for Small Businesses
As a business owner, you can’t escape paying taxes. But what kind of taxes would you have to pay, and how are you taxed?
A Guide to Reducing Taxable Income for Small Businesses
As a business owner, you can’t escape paying taxes. But what kind of taxes would you have to pay, and how are you taxed?
What Are Double Tax Treaties in the UK?
If you are a tax resident of the UK and have a business established in the UK or overseas, your income might not be double taxed in the UK as a result of the double tax treaties in place. What exactly are Double Tax Treaties?
7 Questions on Accounting, Taxes & Brexit Answered
Osome’s own Senior Accountant, Taimur Ghafoor answers FAQs by e-commerce business owners from all around the world ranging from when the best time to get an accountant is, to what expenses are allowable for e-commerce owners.
How Online Sellers Can Get Ready for EU VAT Changes in July 2021
The EU is set to introduce a new eCommerce VAT package that will come into effect on the 1st of July 2021. Understanding your VAT requirements is already a tough task, especially if you specialise in cross-border eCommerce. Unfortunately, however, it’s about to become even more complex.
What Happens When You Avoid Tax in Hong Kong? A Guide to Tax Evasion Penalties
Hong Kong is well-known for its simple and straightforward tax regime, which makes the country one of the best places you could start a business in. However, despite the favorable tax rates, there are still cases of tax evasion which leads to legal consequences.
8 Steps for Online Sellers To Prepare for Tax Season
What exactly do you need to prepare during the tax season? This article will share 8 steps on how to prepare taxes for online business.
Calculating Taxes: The Self-employed & Freelancer Guide
Partner of a partnership business or sole proprietor? If you’re self-employed and earning an income in Hong Kong, this article will help you get up to speed on all you need to know about calculating taxes for freelance work.
A Guide to Hong Kong’s Double Tax Treaties
Hong Kong boasts a thriving economy with a business-friendly tax regime, including its Double Tax Treaties, which has attracted many entrepreneurs and investors alike.
A Guide to Calculating Taxes for Freelancers and Self-Employed
During tax season, it can get increasingly frustrating or confusing for freelancers and self-employed people as they are not clear about their tax obligations.
The Guide to Tax Deductions: Expenses You Can Write Off
In this article, we will go through what kind of business models will require you to pay tax, what counts as business expenses, what tax exemptions mean, and how to claim exemptions.
A Guide to Business Income Tax in the UK
Being the boss of your own company means you get the flexibility to decide your own schedule, but when it comes to tax season, things might get a little confusing. No worries though, we're here to guide you through the process so you can stay compliant with the law.
Calculating the Taxable Income of My Company
When it comes to tax season, it is crucial for you to understand which part of your business is taxable, so you can stay compliant with the law.
7 Tax Rules UK Freelancers Should Be Aware of in 2021
When you work for a company, they handle all taxes under the PAYE scheme. As a freelancer, however, this burden falls back on you — so it’s crucial you understand what your tax obligations are.
How To Avoid Double Taxation in Singapore
If you are a tax resident of Singapore, have set up businesses beyond Singapore and have paid taxes in other countries, how would your income be taxed? Double check if your income is double taxed.
How To Set Up a Singapore Holding Company From Indonesia for Fundraising
One of the most common fundraising strategies for startups, especially in Indonesia, is to set up a Singapore holding company. But how exactly do you set up a holding company abroad?
Penalties for Not Filing These 5 Documents on Time
There are penalties that a company must pay if any of the information or documents are not given to ACRA or IRAS as a company.
The Pros and Cons of Registering my E-commerce Company for VAT
While most business owners have the misconception that VAT registration is tedious and an additional bill to look after, VAT can also be advantageous to your business.
Do I Need To File Income Tax in Singapore for My Employees Working Remotely Due to COVID-19?
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 Complete Guide to Filing Estimated Chargeable Income
Starting YA 2020 all companies in Singapore need to file ECI. There are some exceptions, find out if you have to file.
Post-Brexit VAT Rules UK Businesses Need To Take Note Of
If you consider your company an SMB, you may be asking, “Will there be VAT after Brexit?”. This article will touch on the major regulatory changes for VAT which all UK and EU businesses need to be aware of after Brexit in 2021 onwards.
A Guide to Income Tax for Foreign Company Owners and Directors in Singapore
This article is for you if you want to know whether you have to pay tax in Singapore on your own salary and are a foreign company owner
Should I Pay Corporation Tax with My Personal Credit Card or Company Card?
When it comes to actually submitting your payment, you might be wondering whether it’s best to use your personal credit card or your company card. Does it even matter? And if so, why?
A Guide to Taxable Income for New Business Owners in Hong Kong
With so many new rules and regulations every year, it’s hard to keep up with what is taxable and what is not taxable. In this article, we will take you through an overview of taxation in Hong Kong and the types of income earned that are taxable.
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.
3 Tips for a Better Tax Filing & Planning Strategy
Making sure your accounting paperwork is in order is important as you file your report profits tax to the Inland Revenue Department (IRD). You wouldn’t want to owe the Inland Revenue Department any tax as that will not look good for your business
A Guide to Tax Regulations for E-commerce Businesses in Singapore
Starting an e-commerce business involves transactions that are multi-jurisdictional in nature and multiple anonymous parties. In this article, we have put together information about Singapore’s tax regulations that will help you to run your e-commerce business smoothly.
Tax Evasion Penalties in Singapore: A Complete Guide
In Singapore, tax evasion or fraud is considered a criminal offence that is punishable by law. Have you ever wondered what the consequences of tax evasion are?
What Is 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.
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.
Hong Kong Withholding Tax: What Is It and Who Pays It?
If your company is a resident company and you’re making specific types of payments to non-resident companies or individuals? You’ll need to know about withholding tax then.
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.
Guide to Hong Kong Tax for SME Owners
Hong Kong can boast one of the simplest and cheapest tax systems in the world. Is there a value-added tax? No such thing. How about a withholding tax or a capital gains tax? Again — nope. We will explain which taxes for private limited companies do exist in Hong Kong and how to pay them.
How Singapore Will Support Your Business during the Pandemic
The Resilience Budget measures will help local companies survive: up to 25% of the salaries'll get co-funded, tax payments are called off and loans are secured. Read on for details
How Does Transfer Pricing Work in Singapore?
Affiliated businesses often trade on preferential conditions and thus pay less tax. To prevent that, countries developed a system to control the “family business” — the transfer pricing rules. Let’s see how they influence the prices you set, how to play by these rules and what documents to prepare.
Tips on Opening a Business Bank Account in Hong Kong
In 2020, a mere wish to open a business account is not enough. One needs to convince the bank that they can trust them. Every case is unique, but we gathered some universal insights from practising lawyers, explained the procedure, and outlined the questions you will be asked
3 Сases When It Makes Sense To Register for GST Voluntarily and 1 Case When It Doesn’t
You don't have to register for GST until your revenue is above S$1M. However, you can choose to register earlier as sometimes it can hep you save money. Let's see how it works!
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.
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.
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.
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.
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.
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.
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?
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.
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.
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.
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.
Singapore Personal Income Tax Rates 2021 & 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!
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.
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.
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.
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.
PAYE & Tax Reference Numbers: Don’t Let These Codes Confuse You
Your company has several numbers and codes that go on official documents. Different HMRC departments issue them to identify your company. Let’s figure out which one means what.
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.
Goods and Services Tax (GST) in Singapore: What Is It and How It Works?
Once your company has generated over S$1 million in revenue within a year, you need to register for GST. We look into the process and the requirements.
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.
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.
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.
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.
Singapore Tax System Guide: Types & Rates
Singapore is famous for its attractive corporate tax rates. We explain how it works in a snapshot.
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.
What Taxes Do Indian Entrepreneurs Pay in Singapore?
A guide to Singapore corporate taxes and exemptions for foreign business owners
How to Start a Business in Singapore from Malaysia?
Every year nearly 4,000 Malaysians register their company in Singapore. We put together the main questions they have into a simple guide that will help you grab business opportunities and become one of them.
