TOP ACCOUNTING FIRM IN SINGAPORE

In Singapore's strong economy, accounting firms are crucial for keeping it as a leading global financial center. Audit firms play a vital role in ensuring transparency and accountability in business operations. They help maintain accurate financial records and build trust with stakeholders and potential investors.

Clooud Consulting LLP is honored to be recognized as a finalist for the Medium Singapore Accounting Partner of the Year award at the XERO Singapore Awards 2023. As a top accounting firm in Singapore, Clooud Consulting is committed to supporting local entrepreneurs at every stage of business journey. We specialize in helping businesses build core capabilities and navigate through the ever-evolving business landscape.

WHY CHOOSE CLOOUD CONSULTING SERVICES?

Compliance Advisory Services

Handling administrative filings and meeting compliance requirements can be challenging for SMEs, often causing stress and the risk of fines. At Clooud Consulting, we provide personalized advisory solutions to address our clients' compliance needs. Our team ensures timely completion of tasks and adherence to regulations, freeing up entrepreneurs to concentrate on their core business activities.

Company Incorporation Assistance

We specialize in assisting entrepreneurs with company incorporation in Singapore, handling accounting, tax compliance, and governance matters. Our experts help clients identify government grants and schemes to enhance business capabilities and foster growth.

Experience & Clientele

With a diverse clientele spanning non-profit organizations, corporate companies, and MNCs, we provide a range of services including Digital Design, Digital Marketing, and Cloud software solutions. Our goal is to empower clients to focus on business development while we handle regulatory and operational aspects efficiently.

IMDA Vendor & ACRA-certified Filing Agent

Being an approved IMDA vendor, Singapore SMEs can enjoy a 50% PSG subsidy for Xero, a cloud-based accounting software platform. Additionally, Clooud Consulting holds ACRA certification as a Filing Agent and is an approved Government Grant Consultant. This allows SMEs to access grants like the EDG, PSG, and MRA to enhance core capabilities and digitize business processes.

Best Business Accounting App

Xero is our top pick for tracking and paying bills because of its convenient features like scheduled payments, bill storage, and receipt uploads. It's suitable for businesses of all sizes, from freelancers to larger enterprises. With robust expense management capabilities, Xero helps monitor expenses, forecast budgets, and identify financial trends. This review is aimed at small business owners considering Xero, explaining why it's our preferred software for bill payment. Its versatility and superior tools make it an invaluable asset for accountants and bookkeepers alike, with three plan options catering to businesses of varying sizes.

For all your accounting needs, look no further than Clooud Consulting, one of the top accounting firms in Singapore. With our expertise and commitment to excellence, we provide comprehensive solutions tailored to your business requirements. Whether you're a startup or a well-established company, our team is dedicated to delivering exceptional service and driving your success. Contact us today and experience the difference with Clooud Consulting.

Calculating GST & Service Charges in SG 2024

How the GST Rate Change Impacts You

In Singapore, when you buy something, you almost always pay more than the stated price due to GST and service charge. These charges, at 8% and 10% of the item's retail price, respectively, are payable when you receive the bill at most restaurants and hotels.

As many of us know, commencing from 1 January 2024, Singapore will implement the second tranche of its Goods and Services Tax (GST) hike, transitioning from 8% to 9%. Calculating GST & Service Charges in SG 2024 can be dauting. Let's find out more in this post.

There are scenarios where one or more of the following events straddle 1 Jan 2024:

Easy Way to Add GST and Service Charge to Your Bill

No need for complicated calculators! Here’s a super simple way to figure out your bill with extra charges:

Here's the example:

Its is easy to calculate Singaporean GST at 9% rate:

1.If $100 is the GST exclusive value

$100 * 0.09 = $9 GST amount.

2. To get the GST inclusive amount, multiply the GST exclusive value by 1.09.

For a $100 GST exclusive value, $100 * 1.09 = $109 GST inclusive amount.

3. To extract the GST part from a GST inclusive amount, divide the GST inclusive amount by 109 and multiply by 9.

If $109 is the GST inclusive value, then ($109/109) * 9 = $9 GST value.

See also: Things you need to know about GST in 2024

Understanding Corporate Tax Filing

Who is obligated to file corporate income tax?

The Inland Revenue Authority of Singapore (IRAS) mandates the following entities to file their corporate income tax:

It is important to note that sole-proprietorship's or partnerships are not classified as companies. Tax obligations for sole-proprietorship's or partnerships are to be fulfilled through individual income tax filings.

How to Determine Your Taxable Income

Companies are taxed based on the income earned in the preceding financial year. For the tax assessment year 2023, income generated in the financial year 2022 will be taxed. Most companies end their financial year on 31 December, but some may choose alternative year-end dates. It's important to inform IRAS if your company's financial year-end differs from 31 December or extends beyond 12 months.

In Singapore, companies are taxed at a standard rate of 17% of their chargeable income, which is the income after deducting tax-allowable expenses. Capital allowances and reliefs may further reduce the taxable income and tax liability.

Tax Filing for Sole-Proprietorships or Partnerships

Sole-proprietors and partnership owners are responsible for filing their taxes as part of their individual income tax. To facilitate this process, they must maintain accurate records and accounts of all business transactions, supported by relevant documents like invoices and receipts.

At the end of the accounting period, owners must compile a statement of accounts, including profit and loss accounts and balance sheets, to ascertain business income and expenses.

Owners typically receive a filing notification or Income Tax Return (Form B or B1 or P) from IRAS by March each year. Upon receipt, they must submit either a 2-line or 4-line Statement for tax filing. The 2-line Statement is for businesses with revenue under S$200,000 for the YA, while the 4-line Statement is for those exceeding this threshold. In the 2-line Statement, businesses declare revenue and adjusted profit/loss, while the 4-line Statement requires additional information such as revenue, gross profit/loss, allowable business expenses, and adjusted profit/loss.

Filing a GST F5 return directly to IRAS using Xero

Elevate Your Business with Xero PSG Grant 2024


Welcome to PSG Xero Accounting Grant Singapore! Here, you can access the incredible features of Xero Cloud Accounting Software at incredibly affordable prices. Starting from just $360 per year, our subscriptions allow you to streamline your business finances effortlessly.

Enjoy the benefits of the 50% XERO PSG Grant, making Xero Cloud Accounting Software more accessible and affordable than ever before. As a pre-approved IMDA vendor, Clooud Consulting is your trusted partner for Xero cloud accounting solutions in Singapore. Moreover, its trusted by numerous SMEs across the island, our solutions are tailored to enhance productivity and efficiency in your business operations.

The Productivity Solutions Grant (PSG) is a program by the Infocomm Media Development Authority (IMDA) and Enterprise Singapore (ESG) to support SMEs with approved IT solutions and equipment. Your company may be eligible if it's registered with an ACRA UEN and operates in Singapore, with at least 30% local ownership by Singaporean or PR. Furthermore, your IT solutions and equipment should be used within your Singapore business, and your annual sales turnover should be ≤ S$100 million or ≤ 200 employees.

Are you curious about how to apply and claim the PSG Xero Accounting Grant? Our streamlined system ensures that the process is quick, with applications and claims typically processed within 4 to 6 weeks.

Advantages of Engaging Clooud Consulting for PSG Xero Accounting Grant

Here's what you need to do elevate your business with Xero PSG Grant 2024

Don't miss out on this amazing chance to modernize your business and increase efficiency. Therefore, get in touch with us today to find out more and start your PSG journey with Xero Cloud Accounting Software! Contact us now to explore the options that suit your needs best. In conclusion, benefit from the 50% XERO PSG Grant, making Xero Cloud Accounting Software more accessible and affordable than ever. Hurry now because our offer is only valid until March 30, 2024.

What is GST and how it works!


Navigating Singapore's bustling urban landscape, understanding its tax system can prove daunting. Among the complexities faced by businesses and individuals is the notion of service charges. It's essential for anyone in Singapore to grasp the ins and outs of service charges and their mechanics.

In this comprehensive guide, we'll explore the question, "What is a service charge in Singapore?" We'll also discuss the process of applying for Goods and Services Tax (GST) registration and provide insights into the complex calculations involved in service charges in this vibrant city-state. Let's begin this informative journey!

What is the Service Charge in Singapore?

In Singapore, the service charge, also referred to as the service fee, is an extra expense for certain services provided. It's usually will be add based on service-oriented businesses to cover the costs of delivering their services. Unlike the Goods and Services Tax (GST), which applies to a wide range of goods and services, the service charge is a separate fee that customers pay on top of the bill.

When dining out or booking accommodation in Singapore, patrons may notice that the final bill surpasses the advertised price. This is primarily due to two charges: GST and the service charge. While GST is fixed at 8% of the item's retail value, the service charge typically stands at 10%. These charges are payable upon receipt of the bill at many eateries and hotels across the island.

Some places include GST in their menu prices, showing the total amount you'll pay. However, some people add a "++" to indicate that both GST and the service charge are included. It's important for customers to know about these extra costs to avoid surprises at checkout.

It's important to understand that service charges add to the total expenses of dining or lodging experiences. The money collected from these charges helps cover various operational costs, including staff salaries and maintenance. Specifically, the service charge allows businesses to recognize and compensate their employees for providing excellent service.

As we look forward, it's important to take note that Singapore's GST rate will rise to 9% in 2024. This change will affect the costs of items and services, including those with a service charge. Keeping up with these updates helps people plan their spending wisely.

How to Calculate Service Charge in Singapore

Understanding how to calculate the service charge in Singapore is crucial for anyone dining out or staying in hotels in this dynamic city-state. Unlike the Goods and Services Tax (GST), which is a fixed percentage of 8%, the service charge is usually 10% of the total bill. It's important to know how this charge is calculated to avoid any surprises when paying your bills. Here's a step-by-step guide on how to calculate the service charge:

Step 1: Check the Service Charge Percentage

Before you start dining out or booking a hotel, make sure to check the service charge percentage. You can usually find this information on the menu or displayed prominently in the establishment. While it's often set at 10%, it's important to confirm the rate for the specific place you plan to visit.

Step 2: Calculate the Service Charge Amount

Once you’ve identified the service charge percentage, calculating the service charge amount is straightforward. You simply multiply the service charge percentage (expressed as a decimal) by the total bill amount before the application of GST.

Step 3: Add the Service Charge to the Bill

Then, we add the calculated service charge amount to the total bill amount.

Step 4: Apply GST

After the service charge is added, the next step is to apply the Goods and Services Tax (GST). This will be calculate based on the total bill amount, including the service charge. The current GST rate in Singapore is 8%.

Step 5: Calculate the Final Bill Amount

To determine the final bill amount that you need to pay, add the GST amount to the total bill amount, including the service charge.

In short, understanding and calculating service charges in Singapore helps you make informed decisions when enjoying the city's food and hospitality. It ensures clarity about your expenses and allows you to appreciate the services provided. As you explore Singapore's vibrant dining scene and hospitality sector, it's important to keep up with changes like the upcoming GST hike to 9% in 2024.

CLOOUD CONSULTING IS THE BEST CHOICE!

Clooud Consulting LLP is a trusted business and accounting consultancy firm to support local entrepreneurs across various stages of their business journey. With a focus on building core capabilities and fostering transformation, we empower businesses to thrive in today's dynamic and ever-changing environments.

Furthermore, Clooud Consulting LLP is a finalist for the Medium Singapore Accounting Partner of the Year award at the XERO Singapore Awards 2023.

At Clooud Consulting LLP, we understand the importance of leveraging digital solutions to enhance efficiencies and productivity. By minimizing paperwork and streamlining processes, we enable our clients to focus on what they do best – growing their business. Our team of experienced professionals will provide tailored guidance and strategic advice to help businesses achieve their goals and navigate challenges effectively.

Whether you're just starting out or already established, Clooud Consulting LLP is here to assist you at every stage. Reach out to us now to discover how we can empower your business to succeed in today's digital landscape.

GST Claims for Businesses in Singapore

Entrepreneurship can be an exhilarating journey, filled with the excitement of bringing your vision to life and navigating the complexities of business ownership. From conceptualizing your idea to achieving product-market fit and targeting your desired customer segments, every step is a thrilling adventure. However, amidst the hustle and bustle of entrepreneurship, it's crucial not to overlook essential tasks like managing accounting, cash flow, and taxes.

Fortunately, with the assistance of Xero, handling these critical aspects of business management becomes remarkably streamlined and efficient. This allows entrepreneurs to devote more time and energy to realizing their visions and driving their ventures forward. While it may be tempting to overlook accounting and tax-related matters, adhering to Singapore's regulatory frameworks is fundamental to the success and sustainability of any business endeavor. Let's dive to learn more on how to claim GST for business in Singapore.

Exploring the nuances of GST claims accessible to Singaporean businesses

Within the realm of GST, two primary components dictate financial transactions:

Input Tax: This refers to the GST paid for business-related purposes on invoices issued by GST-registered entities for goods and services procured from suppliers, contractors, and business associates.

Output Tax: Conversely, Output Tax pertains to the GST charged or collected for business purposes, acting as a representative of the government for GST-registered entities when selling goods or services.

Duration for GST Claims & Filing?

When it comes to Singapore GST claims, understanding the time frame is crucial. As a business owner, you often juggle multiple responsibilities, particularly in the early stages of your venture. It's imperative to ensure that any GST claims align with your company's accounting period.

The accounting period typically corresponds with the financial year, which can vary among entities. A prevalent accounting period spans from April to March, although some companies, like HP Inc and HP Enterprise, operate on a November to October fiscal year. Alternatively, some businesses and entrepreneurs opt for a January to December financial year, which is often chosen for its simplicity and alignment with the standard calendar period.

Unlocking the Benefits of GST Claims for Businesses

For Singapore startups and SMEs, claiming GST refunds can be a game-changer. Especially for those in STEM fields, where R&D activities often eat into financial resources. Being GST-registered means potential refunds from IRAS, injecting much-needed funds into day-to-day operations. This financial boost, though seemingly modest, can cover essential expenses like office rent, salaries, and utilities, helping businesses stay afloat and focused on growth.

How to switch to Xero from a different accounting system

Are you struggling to switch to Xero from a different accounting system? Dive into this guide to learn more.

Firstly, how to transition to Xero:

Transfer data from your previous system to Xero

For users of alternative systems, data migration to Xero can be facilitate through importing CSV files in bulk. You can import the following categories:

Input historical transactions by:

Record historical transactions starting from the conversion date, including:

Process payments and reconcile your bank account with these steps:

Generate reports to assess your business performance, start with these key reports:

Finalize your tax returns:

Howevery, the terminology for sales tax may vary depending on your organization's country. For instance, South African entities may refer to it as VAT on reports and screens within Xero.

Finally, if transitioning from another accounting system to Xero is proving to be a challenge, explore additional guidance available here.

Experience seamless transition to Xero:

In conclusion, at Clooud Consulting, we understand the urgency of your business needs. As a result, we prioritize providing swift and efficient solutions to help you switch to Xero from a different accounting system. As a result, from initial consultation to full setup, our team works tirelessly to complete the migration, because we aim to minimize disruptions to your operations. Trust Clooud Consulting to seamlessly move your business to Xero and unlock its full potential. Contact us today to get started.

How to make effortless filing of GST

Effortlessly manage your GST F5 returns with IRAS-compliant software, and directly file your returns from Xero to IRAS.

Tailored accounting software designed for small businesses, offering seamless functionality regardless of your location. With Xero, you can streamline routine business operations, access real-time financial information, and manage your business affairs from anywhere.

Reasons to Choose Xero:

Let Clooud Consulting be your trusted partner in confidently managing your quarterly GST reporting and IRAS submission. Our experienced and attentive team is here to ensure a seamless communication and system implementation process for your business. From the initial consultation to the final setup, we'll be there every step of the way, addressing your concerns and providing expert guidance. With our patience and dedication, we'll make a difference in streamlining your operations and enhancing overall efficiency. Experience the difference with Clooud Consulting and let us help you take your business to new heights.

How To Do Singapore Corporate Tax Planning


Tax planning requires a thorough review of a company's finances to implement strategies that minimize taxes. In Singapore, individuals and businesses must follow tax regulations by filing returns to calculate their taxes.

In Singapore, both residents and businesses have to pay different taxes like income tax and property tax. Therefore, it's important to plan taxes carefully to get deductions and exemptions. People and companies pay income tax based on where they live or their business profits.

Singapore is known worldwide for its corporate tax benefits. It keeps lowering tax rates to draw in investments. Companies pay a flat income tax rate of 17%, making Singapore a great place for business. This helps the economy grow and brings in investments from around the world.

In general, Singapore has deals with about 100 countries to avoid taxing income twice. Our tax planning services help businesses cut down on taxes by using legal deductions and benefits. This helps reduce tax bills every year.

Furthermore, strategic tax planning not only aids in reducing tax liabilities but also bolsters the economy by ensuring a steady inflow of funds for growth, benefiting citizens and fostering economic stability. By channeling funds towards productive ventures, our goal is to maximize fund utilization for increased productivity.

Moreover, efficient tax planning helps avoid legal conflicts with tax authorities and aims to lower overall tax burdens. Our strategy concentrates on matching investments with the guidelines of the Income Tax Act 1947. This ensures financial efficiency while meeting official requirements.

WHY YOU SHOULD CONSIDER USING OUR SERVICE

In this post, we trust you've gained insights into how to do Singapore corporate tax planning techniques.

At Clooud Consulting LLP, we believe it's important to plan ahead for taxes in your business. Our experienced tax advisors provide personalized advice based on your finances. We help you pay taxes wisely and may even find ways for you to get exemptions. Our tax experts continue to support you and handle your tax filings with IRAS every year, whether you're an individual or a company.

Moreover, our team of Chartered Accountants and Consultants keeps track of deadlines and finds tax exemptions for you. We make everything easy by giving you digital documents that you can sign online, saving you time. This lets you concentrate on growing your business while we take care of your taxes.

Join forces with Clooud Consulting LLP to handle your tax duties smoothly. We'll help you plan your taxes and file them each year hassle-free. With our support, you can focus on growing your business effortlessly.

GST ACCOUNTING SERVICE SINGAPORE

GST, or Goods and Services Tax, is a vital part of Singapore's tax system, akin to VAT in other countries. It was implemented on April 1, 1994, at a rate of 9% and applies to goods, services, and imports. As part of Singapore's tax strategy, GST Registration Singapore emphasizes indirect taxes. Businesses with a turnover exceeding S$1 million must file GST Quarterly. For excellent GST accounting services in Singapore, see our guide below!

EXPLORE THE CATEGORIES OF GST REGISTRATION IN SINGAPORE

Understanding GST registration in Singapore is crucial. It's a tax system based on consumption. Traders must register and file returns if their annual turnover exceeds S$1 million.

WHY YOU SHOULD CONSIDER CLOOUD CONSULTING FOR YOUR GST ACCOUNTING SERVICE IN SINGAPORE?

  1. Time Saver:
    Our experienced accountants specialize in simplifying the GST registration and filing process. We ensure timely and accurate submissions, thereby saving you both time and effort.
  2. Experts Support:
    Understanding your unique business needs is central to our approach. Our experts carefully analyze your situation to maximize GST benefits while ensuring compliance with regulatory standards.
  3. Manage GST With Ease:
    Switching accountants shouldn't be a hassle. We ensure a seamless transition from your current accountant, giving you peace of mind to focus on your business.

Navigating GST doesn't have to be hard! At Clooud Consulting, we're here to make it easy. Our experts offer a personalized, complimentary consultation to help you understand GST. Navigating through taxes can be tough; however, with our assistance, you'll know exactly what steps to take for your business.

Don't let GST hold you back any longer – take the first step towards financial peace of mind by reaching out to us today! Our commitment is to simplify the GST journey for you, ensuring you can focus on what matters most – the growth and success of your business. Are you ready to streamline your GST journey. Talk to us today, and let Clooud Consulting be your partner in achieving financial efficiency and success for your business! Learn more about our GST Accounting Service.