Why would you outsource your bookkeeping duties?
Beginning a corporation is difficult, but success might be easier to achieve if management concentrates on the main undertaking and outsources bookkeeping to a company that employs Certified Public Accountants (CPAs) who are familiar with the most recent accounting procedures.
Why can’t I perform the bookkeeping myself?
It might be more cost- and time-effective to outsource bookkeeping to a company that offers expert services.
How much time and money can I save by outsourcing my bookkeeping and accounting?
Basic bookkeeping would take at least 3-5 hours a day if completed by a Qualified and experienced Accountant. It’s possible that this time might be better spent overseeing business operations.
Employing an in-house CPA to handle accounting, tax compliance, and payroll duties may be more expensive than paying a business to handle the same duties on a professional basis. In addition, the business would have a legal obligation to maintain services despite any adjustments to its workforce.
What documents must firms in Thailand keep on hand?
Thai law requires every company to keep proper books of account, together with the documents supporting each entry, at its registered place of business, and to keep them for at least five years. Both the Revenue Department and the Department of Business Development can ask to see them.
What should owners of small businesses watch out for?
Do not start trading before the registrations are complete. A company or partnership is registered with the Department of Business Development (DBD); you then register for tax with the Revenue Department, add VAT registration once your turnover requires it, and obtain any licence your particular activity needs from the relevant ministry or local authority.
Even if there are no transactions to report, the taxpayer must begin filing tax returns as soon as the government issues the Certificate of Registration.
What tax reporting and filing procedures must we maintain?
The taxpayer is required to submit tax returns on a regular basis that are pertinent to the tax kinds listed on its Certificate of Registration.
How often do we need to submit these reports/requirements to the Inland Revenue?
Taxpayers typically have to pay the following three types of taxes:
Withholding taxes: monthly and yearly filingsValue Added Tax – quarterly and monthly filingsAnnual and quarterly income tax filings
If my business is already registered but not yet active, do I still need to submit reports?
Once the Business Certificate of Registration is issued, the taxpayer must begin filing tax returns. The absence of any transactions throughout the period may be reflected in its returns.
Do international companies registered in Thailand have to meet any additional requirements?
For the most part, foreign enterprises are not subject to any additional tax compliance obligations. For taxes that are specific to foreign entities, such as the branch profit remittance tax for profits sent to its head office, additional tax filings could be necessary.
