At the end of the financial year, Singapore businesses must be efficient in their attempt to manage their tax liabilities with maximum efficiency. ENTRUST understands how important it is that your business optimises your tax position to the maximum extent without compromising absolute regulatory compliance of Singapore taxation. Year-end tax planning is not just about decreasing liabilities, it’s about making business choices, improving cash flow, and building to obtain long-term growth. With our experience in taxation services and with our complete array of taxation and accounting services, we help businesses with the ease and confidence of dealing with such procedures.
Why Year-End Tax Planning Matters
Year-end tax planning is essential for businesses of all sizes and types in Singapore. Through review of accounts, coding deductible expenses, and optimising the use of incentives, companies can realise significant tax savings. At ENTRUST, we guide business owners through the combination of compliance expertise and advisory strategies to make sure nothing falls between the cracks.
We don’t just provide taxation services—we partner with you to structure your finances in a way that aligns with long-term goals. Our accounting and taxation services explain every step, correctly and to the benefit of your business.
Actionable Year-End Tax Planning Strategies
1. Review and Reconcile Financial Records
Accurate bookkeeping lays the framework for effective tax planning. At the end of each year, we assist companies to work through all their expenses and revenues to verify accounts have been reconciled correctly. It reduces the likelihood of filing mistakes and outlines how tax efficiency can be optimised in specific areas.
2. Optimise Tax Deductions
Singapore tax regime allows corporations to claim as expenses those incurred “wholly and exclusively” for the purpose of deriving income. These would include rent for office spaces, salaries of staff, utilities, and advertising. We thoroughly audit your expense claims at ENTRUST so that you are able to claim all that you are entitled to without triggering IRAS rules.
3. Capital Allowances on Assets
If your company has incurred expenses on plant, computers, or other capital equipment, you can claim capital allowances. We advise clients on claiming the allowances, amortising the cost of assets over their lifespan to reduce taxable profits.
4. Utilise Tax Schemes and Incentives
Singapore offers several tax reliefs to aid in business growth, including the Research and Development (R&D) relief, and start-ups. Through our tax services, we identify which schemes suit your business best and implement them accordingly.
5. Optimise Business Structure
Your business structure is the target of tax. One example is reorganising director remuneration, dividends, or shareholding that could yield more tax-effective outcomes. Advisory on corporate structuring, our tax and accounting service, helps you consider lawful methods for tax optimisation planning.
6. Prepare Loss Carry-Forward and Group Relief
Companies that made losses in previous years may carry them forward and set them against taxable profits in subsequent years, subject to some conditions. We also assist in group relief, where member companies of a company group can transfer losses to other member companies of the group. All these, handled correctly, can significantly reduce the burden of tax.
7. Receipts and Payments Timing
By smoothing income to next year or front-loading deductible expenses near the end of the year, businesses can successfully control taxable income. We, at ENTRUST, offer customised recommendations on timing strategy that best fits your business’s cash status and long-term strategy.
8. GST Compliance Review
For GST-registered businesses, year-end is an ideal time to review GST returns. Errors in GST filing will be subject to penalties. Our staff maintain accurate GST accounts and reconcile GST accounts with accounts for convenience purposes.
Actionable Year-End Tax Planning Strategies
| 1. Review and Reconcile Financial Records | Prevents filing errors and identifies areas for tax efficiency. |
| 2. Optimise Tax Deductions | Maximises deductible expenses to reduce taxable income. |
| 3. Capital Allowances on Assets | Reduces taxable profits by spreading asset costs. |
| 4. Utilise Tax Schemes & Incentives | Leverages government programs for tax savings and growth. |
| 5. Optimise Business Structure | Ensures tax efficiency through strategic structuring. |
| 6. Prepare Loss Carry-Forward & Group Relief | Minimises tax burden across fiscal years and entities. |
| 7. Manage Receipts and Payments Timing | Controls taxable income to optimise current-year tax exposure. |
| 8. GST Compliance Review | Avoids penalties and ensures compliance with IRAS. |
Avoiding Penalties and Compliance
Lack of planning or watching can lead to underpayment of tax, late filing, or even IRAS audits. With our company, businesses shield themselves from costly blunders. We are providing technical know-how combined with hands-on vigilant eyes to make certain that all deadlines are met, all documents are on hand, and all filings are accurate.
Our accounting and tax services are not just a question of saving you penalties, but also getting your business ready for tax compliance and effectiveness in the future.
How ENTRUST Can Help Your Business
We aren’t service providers at ENTRUST—we’re your financial management partners. Here’s how we help your year-end tax planning:
- Personalised Tax Solutions – Every firm is unique, and ours are no exception.
- Tax Regulation Expertise – We have experts familiar with the latest tax regulations and IRAS requirements.
- Detail Oriented Services – From bookkeeping to taxation, we offer accounting and tax services spanning all areas.
- Annual Partnership – We are with you year in and year out, ensuring repeated compliance and long-term growth.
Conclusion
Year-end tax planning is a critical process that entails the inclusion of specialisation, intensity, and foresight. Working with ENTRUST can help Singapore companies maximise their tax advantage, reduce liabilities, and achieve visibility in compliance as they strive to grow. Our taxation and accounting services are optimised to eliminate complexity and trigger outcomes. We work to enable you to make tax planning an instrument for wiser business choices.
