admin_timcole, Author at Timcole Accounting

Former Managing Director Sentenced to 64 weeks’ Jail and to Pay More than $1 million in Penalty for GST Evasion and Wrongful Issue of Tax Invoice

NewsBy admin_timcole May 19, 2022

SINGAPORE: Ang Wilson (“Ang”), 34, a former managing director of Fabriglass Construction Pte Ltd (“Fabriglass”) which was in the business of supplying glass and aluminium to the construction industry, has been sentenced by the Court to 64 weeks of imprisonment and ordered to pay a total of $1,005,073 in fine and penalties after being found guilty of committing the following tax…

Why Should Your Company Engage an External Financial Auditor?

Accounting & FinanceBy admin_timcole May 10, 2022

In addition to having permanent in-house auditing staff members, many Singapore firms embrace external auditing to appraise their financial documents. And it’s not just the big companies or corporations doing this; even small firms owned by individuals or family members now seek external audits from independent auditing firms. But why is an external financial auditor…

How to Reduce Your Taxes by Making Tax-Deductible Donations

TaxationBy admin_timcole May 5, 2022

The word “tax” can be a confusing concept to several people. This is because there are so many elements and fields one needs to look into. Also, many people do not know that their taxes can be reduced in several ways legally. For example, every business or individual can claim tax relief for their donation…

Budget 2022 – Support Packages for SMEs (Part 2)

Grants for BusinessesBy admin_timcole April 26, 2022

On February 18, 2022, Minister Lawrence Wong delivered his first address as Minister of Finance, announcing the much-anticipated Singapore Budget 2022. We have archived all of the significant updates, split into two parts. Don’t forget to read the first part of this article to know more about the Jobs and Business Support Packages. This part…

Budget 2022 – Support Packages for SMEs (Part 1)

Grants for BusinessesBy admin_timcole April 19, 2022

On February 18, 2022, Minister Lawrence Wong delivered his first address as Minister of Finance, announcing the much-anticipated Singapore Budget 2022. Mr Wong emphasised the Singapore economy’s resurgence in his opening comments, underlining the country’s excellent comeback from one of its worst recessions since independence. Mr Wong went on to say that the economy will…

What is the Difference Between Internal and External Audits?

Accounting & FinanceBy admin_timcole April 12, 2022

Several factors determine the continued success of businesses over time. To ensure the company is always on track to achieving its objectives and goals, there is a need to audit the processes and activities in the business occasionally. On a larger scale, auditing can be described as critically analysing the effectiveness and efficiency of a…

All You Need to Know About Central Provident Fund (CPF)

Accounting & FinanceBy admin_timcole April 5, 2022

The Central Provident Fund (CPF) is pervasive and perhaps a little perplexing for Singaporeans. However, because your CPF contribution is so significant at so many different points in your life, it’s critical to understand what it is, what you can do with it, and what changes have occurred in recent years. Therefore, we’ll go through…

Is It Wise To Outsource My Accounting & Bookkeeping Functions?

Accounting & FinanceBy admin_timcole March 29, 2022

Outsourcing has become a global trend and a standard solution for organisations and small businesses. Businesses are adopting it as it is cost-efficient and helps companies focus more on core activities. However, every decision you make has pros and cons; the same applies to outsourcing your accounting and bookkeeping functions. Although there are pros and…

New Business Owner in Singapore: Know About the Important Records You Must Keep.

Accounting & FinanceBy admin_timcole March 22, 2022

If you are just starting your business, a good recordkeeping practice can be highly beneficial to your company. Recordkeeping may not be the first thing that comes to mind when starting a business, but you will realise its importance as you move along. It can help you manage your cash flow, file taxes smoothly, monitor…

Company failed to perform enhanced measures to mitigate money laundering, terrorism financing risks

NewsBy admin_timcole March 21, 2022

SINGAPORE: A company had its registration cancelled by the Accounting and Corporate Regulatory Authority (ACRA) after it failed to take enhanced measures to mitigate money laundering and terrorism financing risks when incorporating companies. SGCN Link and its sole director and shareholder Lew Chian Hwa had their registration cancelled by ACRA with effect from Jan 29,…

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