What are some of the Singapore Accounting deadlines
What are some of the Singapore Accounting deadlines – Are you a new entrepreneur who is just starting up?
Starting up a business is so exciting yet tiring. For someone who is brand new, you might find it extremely difficult to get so many things done, especially when you are not trained in almost everything that demands of you.
There are marketing things to be done, operations paperwork to done. Then there is accounting! Something that is so necessary yet so troublesome and require skills to get done.
There are some accounting deadlines that you need to be concerned about though.
So What are some of the Singapore Accounting deadlines:
1. ACRA filing deadline
Financial Year of Most Private limited companies can be decided by the board of the company. For the purpose of illustration we will assume that the deadline is december 31st of the previous year.
For those who end their financial year on the 31st of December 2020, you have up till June 30th to finish filing your AGM and another 1 more month to get the annual return of your company submitted to the ACRA authorities.
For those who do not meet the deadlines will be imposed a $300 penalty from ACRA.
2. Financial Year ends
Financial year ends can be adjusted to reflect the 12 previous months of operation. For some businesses they can shorten the financial year so that they coincide with the calendar year to make things easier to remember and manage.
3. Corporate Income Tax Deadline
For businesses or owners who are new or not familiar with corporate tax deadlines.
For those who end their financial year in 2020 for example, their deadline to file their corporate income tax returns are the November of the subsequent year which is November 2021.
4. Personal Income Tax Deadline
For business owners that do take a salary or director fees, you will have to make your personal income tax submissions by the April of the subsequent calendar year.
If you are new and looking for some help with your business accounting and bookkeeping or will require some help with tax computation and submissions, you could speak to us at K Cloud Accounting. Our qualified accounting specialist will assist you with all the requirements!