SME FAQ

Commonly Asked Questions and Concerns of Small Medium Enterprises (SME) :

Over the years, our professionals have addressed the some of the most commonly raised concerns of our clients as follows:

Accounting & Auditing

– Where should I book “under table money”?

-Should I pay more allowance instead of higher basic salary?

– My accountant delays in closing the book. Will I get penalised?

-How do I understand my financial statements better?

-How could I improve my inventory control and reduce stock loss?

-Could you assist in identifying fraud by my staffs?

Company Structure

-What is the advantage of setting up limited liability company vs sole

proprietorship

-When I buy a property, should it be in my name, my wife’s, my

children’s or my company’s name?

– Shall I bring my wife/mum as a partner of my business to enjoy the tax

benefits?

– Should I make all my children directors of my company?

– Can my family members be the shareholders of my company?

Disputes

-I can no longer work with my partner. How do we terminate our

partnership?

-My 1% minority shareholder cum director refused to sign cheques. Can

I fire him?

– The company has substantial amount of debts. Can I resign as a

director?

– I am a minority shareholder and the company did not call for

shareholders meeting. What are my rights?

Grants and Tax Incentives

-I did not claim for Reinvestment Allowance previously. Can I claim now?

-What grants can I apply for my exhibitions spending?

– I am starting an IT business. What kind of grants can i apply from the

government?

-What is the procedures to apply for MSC status?

– I am in the manufacturing business. How would I qualify for pioneer

status?

Income Tax

– How do I know whether my company need to pay sales and service

tax?

-What kind of tax planning measure can I take to reduce my tax?

– What kind of company expenses are not deductible?

-Is it more beneficial in terms of tax to buy a car under my personal

name or my company?

Investment

– How could I avoid paying 20% tax on interest income?

-Should I use working capital to invest in shares?

-Should I take up endowment policy and/or investment linked plan?

– Which investment yield better returns, landed property, shop or land?

-Whose names should I use for investment?

Winding Up

-Inland Revenue Board had frozen my company bank account, what can

I do?

– Can I wind up my company while I am not afford to pay my creditors?

– How to get Customs and Excise and Inland Revenue Board’s clearance

before I liquidate my manufacturing company?

Tax Audit and Investigation

– My accounts were messy. How do I prepare for a tax audit?

– My business is not big. Will the Inland Revenue Board come after me?

-During tax audit of my company, will the Inland Revenue Board check

on my personal bank accounts?

If you are having the above concerns, contact us now.

We shall set up a meeting and discuss further.

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