How accounting service provider help with GST registration

Singapore is home to many different kinds of businesses. It has been considered as one of the best places to start or expand any kind of business operations. It can be considered as one of the countries that have the best set of policies and regulations. These policies make it easier and more convenient for businesses to conduct business activities. Due to these laws, it was even named as the most open-market economy in the world for being a safe place for all kinds of businesses.

Just like any other country, Singapore imposes taxes on every goods and service that all businesses offer. Singapore has one of the lowest tax rates in the world as it only charges a 17% tax rate on corporations. Another relatively low tax imposed in Singapore is the goods and services tax or also known as the value-added tax in other countries.

What is GST?

Goods and services tax is described as a consumption tax that is imposed upon the supply of goods and other services in Singapore. This can also be imposed on other imported products that come in Singapore. It is an indirect tax that is currently at 7% applied to the selling price of all kinds of products in Singapore. Accounting services providers Singapore firms are usually the ones that file and take care of these kinds of corporate responsibilities.

Goods and services tax is usually shouldered by the consumer and normally does not become an additional cost to business entities. This tax was implemented on April 1, 1994, in Singapore. It followed or modeled the way the United Kingdom does its value-added tax legislation. The inland revenue authority of Singapore is the government agency that governs and administers the GST. Any kind of accounting services provider Singapore company can take over and process the filing of this tax.

How can an accounting services provider Singapore company help with GST?

With the accounting services Singapore price that you will pay your third party firm, you should be able to help you register your company for GST. It was already mentioned that companies are not the ones to pay the gst but the consumers. However, Singapore requires companies to register for GST as it is a self-assessed tax. There are two types of GST registration that should be included in the accounting services Singapore price that you are paying your third party firm.

Compulsory registration

Your accounting services provider Singapore company should know that every business entity required to register for GST when the business turnover is more than S$1 million for the past 12 months. Another factor that makes a business entity required to register for the GST it’s when they expect to have a turnover of S$1 million for the next 12 months.

When the revenue exceeds $1 million, your accounting services provider Singapore entity will need to submit the application within 30 days. In the accounting services providers Singapore company fails to register your business to the specific government agencies it may result in penalties. You should hire the most competent hunting service provided to make sure that the accounting services Singapore price you are paying will be worth it.

Voluntary registration

The second type of GST application that every accounting services provider Singapore entity should help you to submit is voluntary registration. If you are not liable to compulsory register your company you can do it voluntarily depending on your business operation. This is one of the things or perks of paying a relatively expensive accounting services Singapore price. You can make sure that these kinds of things are well taken care of by your accounting services provider.

When you want a voluntary register, the business must have plans to do sales or have started doing business operations in Singapore. There are additional conditions when you want to voluntarily apply for GST. Applying voluntarily makes you registered for at least two years and should comply with regulations during this period. With the accounting services Singapore price you are to pay your service provider, they should be able to discuss these kinds of things with you. These are important details to remember especially when you are conducting business in Singapore.

Hire a helping hand

Conducting business in Singapore is one of the most fulfilling and satisfying things to do. However, there would be many things to consider and comply with. That is why it is more advisable to hire a service provider to help you with these kinds of things. The accounting services Singapore price varies depending on many factors. That is why it is important to make sure that you are hiring the best fit company for your needs. WLP Group is one of the most trusted service providers in Singapore. Visit our website today to get you started.

Leave a Comment