Holidaying Back, pls pay GST

[doodoo123]

   

$54k of gst evaded mean at least $700k of goods purchased, if he only mark up 20% just nice enough to pay the fine

 

[Mercury1]

Technically speaking he is under LLP. Shouldn't it be more appropriate for him to be pte ltd?

 

I always thought LLP suitable only for self-employed providing a service like taxi limo drivers, lawyers where no goods are transacted?

Hrmm llp is convenient cause less hassle when doings accounts etc, for instance pte ltd need to have director meetings and company memorandum etc. Pte ltd has its own benefits of course where you can retain profit in the company, give dividends etc. Sole prop and llp year end profits will be part of the owner or partner income and taxable.

 

It's likely he was the acting partner and there is a sleeping partner somewhere funding the business.

 

Products readings using any structure is fine I suppose pending on how big the business is. Llp can convert to pte ltd I believe.

 

I may not be right on all areas, feel free to correct

[inlinesix]

Hrmm llp is convenient cause less hassle when doings accounts etc, for instance pte ltd need to have director meetings and company memorandum etc. Pte ltd has its own benefits of course where you can retain profit in the company, give dividends etc. Sole prop and llp year end profits will be part of the owner or partner income and taxable.

 

It's likely he was the acting partner and there is a sleeping partner somewhere funding the business.

 

Products readings using any structure is fine I suppose pending on how big the business is. Llp can convert to pte ltd I believe.

 

I may not be right on all areas, feel free to correct

 

I think company act has been revised to reduce the hassle of private limited for small biz.

[Vratenza]

Do our Taxman have certain rules as to what form of business they will accept as LLP or Pte Ltd?

 

Because from what I see in this case, the very fact that this guy's LLP exempt him from some accounting requirements of Pte Ltd is a loophole that IRAS should have issue with?

 

Hrmm llp is convenient cause less hassle when doings accounts etc, for instance pte ltd need to have director meetings and company memorandum etc. Pte ltd has its own benefits of course where you can retain profit in the company, give dividends etc. Sole prop and llp year end profits will be part of the owner or partner income and taxable.

It's likely he was the acting partner and there is a sleeping partner somewhere funding the business.

Products readings using any structure is fine I suppose pending on how big the business is. Llp can convert to pte ltd I believe.

I may not be right on all areas, feel free to correct

 

[Jellandross]

$54k of gst evaded mean at least $700k of goods purchased, if he only mark up 20% just nice enough to pay the fine

There goes all the profit. Squeeze balls man LOL.

[Mercury1]

I believe they reduced the auditr requirements exempting small companies but the M&A all this must still submit. I have a dormant Pte ltd and even then I keep getting reminders from Accra to do submit m&a and perform agm and what not troublesome boy

 

 

I think company act has been revised to reduce the hassle of private limited for small biz.

 

Ah sorry what I meant was for LLP there are less things to do like have agm and m&a documents etc, accounts filed are generally the same declaring income and operating cost etc. 

 

Generally there isn't any loopholes between the two, Pte Ltd does have certain tax savings on income compared to LLP. But when it comes to GST there is no difference, fraudulent gst declarations also happen in pte ltd firms.

 

Actually I googled up the difference and found this

http://www.mycarforum.com/topic/2656568-difference-betw-pte-ltd-and-llp/

 

 

Do our Taxman have certain rules as to what form of business they will accept as LLP or Pte Ltd?

 

Because from what I see in this case, the very fact that this guy's LLP exempt him from some accounting requirements of Pte Ltd is a loophole that IRAS should have issue with?

 

[Vratenza]

yeah thanks. will read up when I have time.

 

I am also considering doing a proper striking off of a dormant pte ltd... that will come up to about $700 in fees just to do the final accounts and striking off. Wondering if I should even bother.

 

I believe they reduced the auditr requirements exempting small companies but the M&A all this must still submit. I have a dormant Pte ltd and even then I keep getting reminders from Accra to do submit m&a and perform agm and what not troublesome boy

 

 

 

Ah sorry what I meant was for LLP there are less things to do like have agm and m&a documents etc, accounts filed are generally the same declaring income and operating cost etc. 

 

Generally there isn't any loopholes between the two, Pte Ltd does have certain tax savings on income compared to LLP. But when it comes to GST there is no difference, fraudulent gst declarations also happen in pte ltd firms.

 

Actually I googled up the difference and found this

http://www.mycarforum.com/topic/2656568-difference-betw-pte-ltd-and-llp/

 

[Mercury1]

Yeah makes two of us, thinking of winding up mine as well.

 

Do you engage an accounting firm to sort this out or handle it yourself? (as in the yearly admin, M&A, AGM etc)

 

yeah thanks. will read up when I have time.

 

I am also considering doing a proper striking off of a dormant pte ltd... that will come up to about $700 in fees just to do the final accounts and striking off. Wondering if I should even bother.

 

[Duckduck]

yeah thanks. will read up when I have time.

 

I am also considering doing a proper striking off of a dormant pte ltd... that will come up to about $700 in fees just to do the final accounts and striking off. Wondering if I should even bother.

 

dormant still need to do AGM & file AR

[Vratenza]

Yeah makes two of us, thinking of winding up mine as well.

 

Do you engage an accounting firm to sort this out or handle it yourself? (as in the yearly admin, M&A, AGM etc)

I do engage an accounting firm to handle everything except for book keeping. I keep my own book keeping updated in an excel format the firm send to me and i submit it every end of FY. My accounting pretty straightforward.

 

Mine's been dormant for only about half a year. How long has your co been dormant? I just wonder if we do not submit any documents for 1 FY, will ACRA just list the co as non active and eventually delist from ACRA? Any penalty if I go down this way?

dormant still need to do AGM & file AR

If we do not do it, will there be penalty? Edited April 29, 2016 by Vratenza

[Mercury1]

Mine's been dormant for only about half a year. How long has your co been dormant? I just wonder if we do not submit any documents for 1 FY, will ACRA just list the co as non active and eventually delist from ACRA? Any penalty if I go down this way?

 

Accra will list the company as dormant but they still require the documents to be submitted, I believe there is a penalty for non or late submission (Maybe also have to write in and explain) but I dun know the exact penalty. I doubt they will just delist. 

 

Company I got has been dormant for a few years, that said my accounting firm still does the

 

- Submission of  Unaudited Financial statements

- Company MAA & AGM

 

Cost about 150/200 for them to sort this out.

 

Actually all this can self handle with the templates at hand? maybe you should check with the firm you engaged to see what they charge for the yearly cost or if you can do it yourself? So you can decide if you wanna save the hassle and close it now or do everything yourself (assuming cost is higher than expected)

 

I wouldn't recommend not doing anything, next time setup another firm might run into issues

 

I do engage an accounting firm to handle everything except for book keeping. I keep my own book keeping updated in an excel format the firm send to me and i submit it every end of FY. My accounting pretty straightforward.

Mine's been dormant for only about half a year. How long has your co been dormant? I just wonder if we do not submit any documents for 1 FY, will ACRA just list the co as non active and eventually delist from ACRA? Any penalty if I go down this way?
If we do not do it, will there be penalty?

 

[Wt_know]

si-too-pid or what? since buy air ticket to KL already

why not fly there ... take a MASSAGE (ahem) and come back with lolie on hand?

Edited September 26, 2017 by Wt_know

[Wt_know]

or bi good ... is she a runner trying to make a quick buck or elite with $11K shopping spree from Paris?

 

Arrested: Woman who evaded GST on $11k worth of branded goods bought overseas

 

 

Edited January 17, 2018 by Wt_know