Form C-S is a declaration form for companies to declare their actual income. Companies must ensure that the form is correctly completed and gives a full and true account of the company's income.
The deadline for filing your company’s YA 2021 Corporate Income Tax Return (Form C-S/ C) is 30 Nov 2021. This deadline of 30 Nov will similarly apply to subsequent YAs. For more information, you may refer to this link.
Estimated Chargeable Income (ECI) is an estimate of the company's taxable income (after deducting tax-allowable expenses) for a Year of Assessment (YA). All companies must file their ECI within three months from the end of their financial year. For more information, you may refer to this link.
We will usually recommend companies to set up a corporate bank account as soon as possible once the company formation is done, so as to segregate the personal and company’s bank account. This is because a company is considered a separate legal entity from its shareholders.
If there are business expenses before the company bank account is up, we will classify them as “amount due to shareholders”.
First cash deposit after a corporate bank account is opened will usually be the paid-up capital. Subsequent cash injection or withdrawal from and to shareholders are considered “amount due to shareholders” and “amount due from shareholders” respectively.
No. As shareholders are not considered employees of the company (they are owners of the company), it is not permitted for shareholders to be paid a salary unless they are also employees of the company.
Dext is an application integrated with your Xero account and it can help you track your business expenses. Once the company has taken up our bookkeeping services, we will provide a unique Dext email where clients can forward the bills (supplier invoices or receipts) to the email.
Xero is a cloud accounting software where you can record and track your revenue and expenses. The accounting software can also generate different reports such as P&L statements and balance sheets, where clients can easily track their company’s progress easily and closely.
For newly onboarded clients, please provide us with any bank statements of the previous months (if any). In addition, we will also need any bills (receipts or supplier invoices), or all your invoices issued previously, if any.
This is because we will need to import all this information into Xero so that the company’s transactions are up to date.
You will be subscribed to a Xero and Dext account for bookkeeping. We will also provide you with monthly reports (P&L statement and balance sheet) once we have closed off the monthly financials, so that you can monitor your revenue and expenditures closely.
Dext is a reciept management software and Xero is a cloud accounting software where you can record and track your revenue and expenses. The accounting software can also generate different reports such as P&L statements and balance sheets, where clients can easily track their company’s progress easily and closely.
XBRL is a form of reporting language adopted by the Accounting and Corporate Regulatory Authority (ACRA) for the purpose of financial statements reporting by companies that are required to be lodged accounts with the authority. To find out if your company needs to file its Financial Statements in XBRL, you may refer to this link.
If your record volume is not more than 100, you can choose to use Annual Bookkeeping as this will help to minimise your cost. If your volume is more than 100, this is when the cost of manually compiling your books starts to get expensive and you may wish to adopt a cloud accounting software to automate your bookkeeping processes and manage your cost. Our plans include assisting you to implement Xero in your business!
Nominee directors have the obligations to understand the operations of the company. Subscribing to our bookkeeping services allows Sprout to gain a more intimate understanding of your business.
Your company is only required to have its financial statements audited if the company meets any 2 of the following 3 conditions: Total annual revenue exceeding S$10 million; Total assets exceeding S$10 million; or Has more than 50 employees.