Accounting
What Do Employers Need To Know About Salaries Tax Returns (Form BIR60)?
As a director of a company in Hong Kong, you would be required to pay Salary Tax on your salary through Form BIR60.
Growing Your Online Store with 5 Basic Accounting Tips
Accurate accounting will boost profits for your online store. Here are five accounting basics to bolster your finances and grow your online store
Growing Your Online Store: 5 Basic Accounting Tips
Accurate accounting can help your online store make profits. Here are 5 accounting basics to level up your finances and grow your online store.
Your Online Store Will Grow With These 5 Accounting Tips
Your online store can suffer from poor accounting, so here are five accounting basics to strengthen your finances and increase sales.
What New Founders in Hong Kong Need To Know About Annual Financial Reporting Obligations
Companies must prepare financial statements and have them audited every year, with those financial statements being included with their annual tax filing. Find out more.
Is E-commerce Accounting Different From Other Types of Accounting?
Keeping an eye on your business's financial health is crucial. But is e-commerce accounting any different from accounting for other businesses?
How E-commerce Entrepreneurs Can Optimise Cash Flow Over Profits
Those who run e-commerce businesses often worry about profits but ignore the value of cash flow. Understand the difference between profit and cash flow.
Optimising Cash Flow Over Profits for E-commerce Entrepreneurs
As an e-commerce business owner, you might constantly worry about bringing in profit and overlook the importance of cash flow. Understand the difference between profit and cash flow.
Why E-commerce Entrepreneurs Should Prioritise Cash Flow over Profit
As an e-commerce business owner, you might find yourself constantly worrying about bringing in profit and neglecting the importance of cash flow in the process. Find out the difference between profit and cash flow.
Post-Brexit VAT Rules for UK and EU E-Commerce Businesses on Amazon and Online Marketplaces
From the 1st January 2021, all E-commerce sellers and marketplaces have to abide by new VAT rules when exporting goods based in the EU into the UK. The VAT rules depend on many conditions. Let’s unpack them.
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.
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.
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?
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?
Best Accounting Tools for E-Commerce Businesses
For small e-commerce businesses with little time or expertise, not making the right choice would be costly and time-consuming. To help you with your selection, we’ve taken a look at the best accounting tools in the market.
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.
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.
10 Best Accounting Software Used by Hong Kong Businesses
Each accounting software has different features with multiple pricing plans to choose from. Here we list some of Hong Kong’s most popular accounting software for you to select the most suitable for you.
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.
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
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.
A Guide to Profit Tax Return in Hong Kong
What is a Profits Tax Return? Does my company have to file this form? By when? We’ll take you through the different BIR forms there are and how to file them.
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.
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.
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.
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.
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
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
What’s Next After Incorporation? 12 Things To Do
There is more work you’ll need to do after opening a company. Here are 12 tasks you should do within your first year after registering your company.
Selecting a Financial Year End for Your New Company
Your financial year end affects how you do your accounting and tax submissions. So how do you decide? Read on.
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.
What Does the Electronic Transactions Act Mean for Entrepreneurs?
What do the Electronic Transactions mean for businesses and SMEs? We go through 4 things that entrepreneurs should take a close look at.
How Small Companies Can Qualify for Audit Exemptions
What defines a small company to qualify for audit exemption in Singapore? Find out everything you need to know in this guide.
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.
A 4 Minute Guide to the Inland Revenue Department in Hong Kong
Once you open up a company in Hong Kong, you’ll be dealing with this government agency a lot. Learn more about its role, functions, and services in Hong Kong.
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.
5 Things to Consider When Setting up an E-Commerce Business in UK
While starting an online venture can potentially be a rewarding business option, it involves more than just setting up a website and getting started on sales. Here are things to consider from the administrative side of setting up your business.
An Employers’ Guide to MPF in Hong Kong
As a new employer, you need to be aware of different schemes under the Mandatory Provident Fund (MPF) to kickstart your hiring process. This article will take you through what MPF is about.
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.
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.
Financial Statements & Business Growth: What’s the Connection?
Want to expand your business and make smart financial moves? How about attracting the right investors or securing that new business loan? We unpack how your financial statement can be a helpful tool for business growth, take a look.
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.
Everything You Wanted to Know About EBITDA Explained by an Investor
How to calculate EBITDA and, most importantly, why? A practicing financial analyst and investor Dan Satkunas explains how to assess business decisions based on EBITDA margin—and makes it all look quite interesting.
How Accounting Is Different from Bookkeeping?
In short, bookkeepers record transactions of your company, then accountants summarise, interpret and report them. We explain who needs both specialists and why a bookkeeper can't substitute an accountant.
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.
How to Regulate Your Relationship with a Business Partner under English Law
Whoever is becoming your partner, an old friend, your wife, or an investor, you'd better agree on how your partnership will work before you start doing business. We explain what to pay attention to and how legal documents can help.
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!
The Wage Credit Scheme (WCS)
Singapore encourages employers to pay more in wages by co-funding the pay raises. Learn how you and your team can benefit from it and how the financial aid works. Calculations included!
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.
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.
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.
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?
XBRL and Tax Filing in Singapore: An Introduction
XBRL is a language used to standardise the way that companies in Singapore file their tax statements online. Take a read to get to know a bit more about XBRL tax filing requirements.
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.
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.
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.
What You Need to Know About Singapore Accounting Standards
We explain what the international framework for financial reporting is all about and help you understand which of the standards apply to your particular company.
Confirmation Statement: Everything You Need to Know
The confirmation statement is a document that must be filed by every limited company and limited liability partnership (LLP) at least once a year. If you don’t follow deadlines when filing the confirmation statement, your company might be closed, so let’s have a closer look at the requirements.
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.
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.
How to Open a Corporate Bank Account in Singapore
With so many options, choosing a bank and a tariff in Singapore seems challenging. We compared the most startup friendly tariffs in the popular banks in Singapore and found out what you need to open a corporate bank account for a local company.
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.
3 Minute Guide to Singapore Tax
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 Do Dividends Work in Singapore?
You’ve made a profit and thinking about paying it out to shareholders. Here’s all you need to know about dividends in Singapore
