Importance Of Proper Bookkeeping And Legit Tax Planning
If you try to do bookkeeping yourself or engage some junior outsourced bookkeeper to do your accounts, chances are the Books may not be done properly to allow clarity on proper tax planning to be done.
Worse still if IRAS deems your book is “cooked”, you will have to pay up to 4 times the Tax evaded!
How to determine your Book is properly done?
It’s really an art of balancing your Business Model in generating Cash Profits, the continued Existence of your company and Your Bank Statement.
It means, if your Business is only generating a very narrow Margin on every deal, and you are either making a very small profit or even loss, but your Bank Account does not show this, IRAS will direct its attention onto you soon.
It pays to invest in a good seasoned Accountant with a good business sense to appreciate your business model and who knows what and how IRAS looks at financial statements, really gives you good ROI to actually save you more Taxes.
If you need help, feel free to contact us at :
(O) +65 63851011
(M) +65 90880669
