Tax compliance & planning
Two things that are certain in life are death and taxes. You pay tax if you make money.
Tax compliance and planning are crucial aspects of managing a business’s financial affairs, especially with the heightened emphasis on governance and regulation. Tax compliance is about paying the right amount of tax. Tax planning is about paying the fair amount of tax. It is important to note that non-compliance could result in penalties and increased tax charges. It can also harm the taxpayer’s reputation the tax authority.
To achieve the best tax outcome while minimising tax risks, tax professionals need to consider the specific context, applicable rules and regulations, and the unique financial situation of the individual or business. This may involve analysing financial statements, tax returns, business operations, and other relevant information to identify potential tax risks and opportunities for optimisation.
You should look to experienced tax professionals when sourcing for tax compliance and planning services. Such engagements would require a deep understanding of tax laws, regulations, and best practices.
What can Backbone provide?
At Backbone, we provide compliance and planning solutions, ensuring that your business remains compliant with tax regulations while optimising tax strategies to maximise savings. Our experienced team of accountants can provide the following services:
Tax computation and filing (income tax and goods & services tax)
Preparation and filing of income tax and goods & services tax (GST) returns according to the statutory requirements and guidance from Inland Revenue Authority of Singapore (IRAS).
GST registration
Pre-registration assessment on the requirements and eligibility criteria for GST registration, preparation and lodgment of the registration documents with IRAS. We also assist businesses to implement GST controls according to the best practices.
Tax compliance and transaction advisory
Our expertise spans from implementing proper in-house tax computation processes to evaluating the tax consequences of transactions. We help clients proactively manage their tax compliance and tax issues, ensuring that their tax obligations are met and optimised.
Tax risk assessment
Thorough review of tax processes, systems, and transactions to identify potential risks and provide recommendations for mitigation.
Liaising with tax authority
Representation and communication with IRAS on tax rulings, controversies, disputes, queries and audits.
Tax planning
Proactive strategies to optimise tax position, including business structures, incentives, and transaction timing.
Why us?
By outsourcing to Backbone, businesses can benefit from cost-effective solutions, access to expertise, scalability, and the ability to focus on their core business while leveraging advanced technology and tools for efficient finance operations.
We believe in providing value-added services to our clients. We begin by thoroughly understanding your requirements and identifying any gaps in your financial processes. Based on this understanding, we tailor a suite of services that best meet your needs. We are mindful of not replacing functions that are better suited or more economical to be performed in-house.
Experience and expertise
Backbone has a team of experienced accountants who are well-versed in business acumen, financial best practices, regulatory requirements, and industry standards. Led by qualified accountants, who bring a wealth of experience in the field of finance and accounting. With a proven track record in managing finance operations, financial reporting, and strategic financial planning, we have the expertise to handle various finance functions.
Customised solutions
Backbone takes the time to understand the specific requirements and gaps of each client before tailoring a suite of services that meet their needs. They are not keen on replacing functions that make more sense or are more economical to be performed in-house in your context, ensuring that the solutions provided are customised and aligned with the client's goals.
Advanced technology and tools
Backbone leverages technology and tools for efficient finance operations. This includes using industry-leading software for bookkeeping, financial reporting, and other finance functions.
Commitment to client success
Backbone is committed to the success of its clients. We work closely with clients, understanding their needs and financial goals, and providing proactive solutions that contribute to their growth and success. Their focus on building long-term relationships and delivering exceptional service sets them apart as a reliable partner for outsourcing finance functions.
