Businesses must register for VAT once it generates over S$ 1 million in yearly revenue. Octa Accountants’ VAT registration and filing services make the process hassle-free. Call our agent now or fill out a form to get a free quote for our VAT registration services.
Businesses must register for VAT once it generates over S$ 1 million in yearly revenue. Octa Accountants’ VAT registration and filing services make the process hassle-free.
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Get Your Business VAT Registered In Singapore
Service Features
Octa Accountants take care of the whole VAT registration and filling process so you can work on growing your business. Here’s what we do:
VAT Registration
We compile all the essential documents, fill out the VAT application form, and send you final document for e-signatures.
VAT Calculation & Filing
A dedicated accountant manages your business’s value-added tax, calculates tax payment/returns, and file it to IRAS.
IRAS Compliance
If your business earns more than S$ 1 million in yearly revenue, then we can help you manage your extensive VAT structure to keep you IRAS compliant.
How to register for VAT?
Once your business achieves £85k in yearly revenue or seems to be getting closer, it is time to register for VAT in the UK. You can apply for VAT registration online via HMRC’s official website.
How to register for VAT?
Once your business achieves S$ 1m in yearly revenue or seems to be getting closer, it is time to register for VAT in the UK. You can apply for VAT registration online via IRAS’s official website.
Benefits of Outsourcing VAT Registration and Filing
Service Features
Many business owners are not sure how VAT (value-added tax) works. In reality, you are not the one paying for VAT when you are a seller, as tax is included in your product or service. We just have to separate the VAT from our charges – so we do not overpay or underpay the tax. It may sound complex, right? Especially when you are selling in larger quantities.
Quick Process
We understand all the IRAS requirements, fill out the VAT registration forms and get your VAT registered.
Common VAT Accounting Schemes Are
Common VAT Schemes
VAT schemes help you pay tax to the HMRC, but a method has to be suitable for your business. Following are a few VAT schemes utilised by most companies in the Singapore:
Standard Accounting Scheme
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Standard accounting VAT scheme is the most common method to submit the value-added tax to HMRC. A business has to keep a thorough VAT record on each sale and purchase digitally according to MTD (Making Tax Digital) plan. The company applies for a VAT return quarterly and pays the owed amount to HMRC.
Flat Rate Scheme
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The flat rate VAT scheme is only acceptable for businesses with an annual turnover of less than £150,000. It is preferable for small businesses and sole traders. A business presents a quarterly fixed percentage of turnover to HMRC. You do not have to keep a VAT record of business sales or purchases in the flat rate scheme.
Annual Accounting Scheme
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You can go with the Annual Accounting VAT Scheme if your business turnover is below £1.35 million per year. A business submits one VAT return yearly and still has to pay VAT quarterly on an estimation basis. There are 9 monthly payments up to 10% of last year's VAT. One can apply for 3 quarterly payments too, comprising 25% of last year's VAT payments.
Cash Accounting Scheme
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Cash Accounting VAT Scheme is another method applicable for a business with a turnover under £1.35 million. According to this scheme, you pay VAT for all the sales and receive tax returns on all purchases. But you pay value-added tax when customers make payments and reclaim VAT when you pay the supplier.
Every business has different needs when it comes to managing finances. That’s why we prepare bespoke VAT registration & filing service plans according to a client’s requirements.
Book a Meeting to discuss your needs and get a fully personalised plan!
Frequently Asked Questions
Here’s a list of frequently asked questions about VAT registration from our web visitors.
When is VAT registration required?
If your business is close to or has gained turnover above S$ 1 million yearly, then you must go for VAT registration. Moreover, if you are an overseas business dealing with the Singapore, it is a legal requirement to get VAT registered. Late applications can result in penalties and consequences.
What is VAT?
VAT or value-added tax is a payable amount on most products and services in the Singapore. Although customers pay the tax while making a purchase, the businesses (that earn over a specific threshold) have to charge it and report it to IRAS as a "tax return".
VAT registration advantages and disadvantages?
Advantages:
- You can reclaim VAT on your purchases relevant to your products/services
- Higher credibility for your business
- Some suppliers in the Singapore have a VAT registered as a requirement
Disadvantages:
- More administrative costs and paperwork to deal with
- You are required to file a monthly or quarterly VAT to IRAS
- Have to update the prices according to the latest VAT rate
But all the disadvantages are not really holding you back if you hire an expert from Octa Accountants. We deal with complex VAT processes while you get to focus on growing your business with all the VAT benefits.
How much is the cost of VAT registration?
There are no fees to register your business for VAT (if you apply online by yourself). Any business can apply for it on IRAS's website.
What is the VAT registration number?
You receive a unique VAT registration number when you register with VAT in the Singapore. It is essential while submitting VAT returns, or your reclaim will be rejected.
So it is better to get help from a tax expert than to manage the VAT yourself.
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Ready for next step?
Are you ready to take your business to new heights? Contact the Octa Accountants SG to hire vat accountants for your business in Singapore.
