Goods and Service Tax

The review process prior to submission includes, but not limited to, review of taxable supplies and taxable purchases, determine whether supplies are standard-rated, zero-rated or exempt supplies, review of GST accounts properly recorded in balance sheet and any other GST related matters. Common error of client would be the error on price display, error on details of invoicing customers and proper record-keeping of the invoices.

For GST-registered business, it is important to file correct return with Inland Revenue of Singapore (“IRAS”). For submission of incorrect return without reasonable excuse, you are liable on conviction to:

  • a penalty equal to double the amount of tax undercharged; and
  • a fine not exceeding S$5,000 or an imprisonment term not exceeding 3 years; or
  • both fine and imprisonment.

There are also penalty of S$200 per month for each month if the GST-registered business fail to file GST returns within prescribed period.

How Singaporean Businesses Can Benefit From Using the Services Provided by WeCount

 

Many companies are now switching to computerized accounting versus paper and book to increase productivity and decrease paper waste. Computerized accounting software is very affordable, quicker in processing, more accurate, and more efficient. QuickBooks and MYOB are the two most popular accounting software programs on the market today. 

Small businesses receive a number of benefits by using accounting software. After first trying out accounting software, your business will never return to the old paper system. With computerized accounting systems, you have access to:

 

  • Automatically updated customer accounts
  • Supplier invoices are recorded
  • An easier way to make payments to suppliers
  • Automatic payroll calculation
  • Automatically adjusted stock records
  • And much more!

 

Training on the Use of Accounting Software Provided by WeCount

Before a business can receive all the benefits of accounting software, they must learn how to operate it. WeCount is an accounting company that specializes in training individuals on how to use QuickBooks and MYOB. They also provide services such as bookkeeping, additional accounting training, and are authorized to sell these programs. 

Best of all many of the services they provide are claimable from the Singapore Government under the Productivity and Innovation Credit (PIC) Scheme.

 

Becoming GST Registered

WeCount also provides one other service. They assist companies in becoming GST registered. GST is a goods and services tax where companies above 1 million in revenue per year are required to pay the government at a 7% tax rate.

 

Why Become GST Registered?

Companies are required to track their taxable income every year. If income goes past 1 million for the past four quarters, they are required to apply for GST registration. Failure to do so would end in a fine of up to $10,000 and a 10% tax instead of the 7% a company would’ve had to pay when GST registered. For more information, visit Inland Revenue Authority of Singapore website.

 

WeCount Can Help

Businesses are constantly busy, especially in the bustling economy of Singapore. In many situations, supervisors do not have the time to train to employees in the use of accounting software or worry about paperwork in becoming GST registered. That’s why WeCount is here to provide the needed services to complete both tasks.