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Personal tax time is upon us again, and I have been receiving calls asking about your dividend income, bonuses and director's fees declaration in your IRAS Form B1 either online or hardcopy form.
For those whose year end closing is on 31 December 2007, you have many queries on whether you should declare director's fees or dividends.
For those year ending EARLIER then 31 December 2007 who have yet to submit their accounts for filing, please do so soon!
One popular question:
How to know if I should pay myself a salary, how much, and the company owes me money, can I ever get it back and how?
Answer – There is no straigthforward answer, however, one very popular scenario happens as follows:
Sunday, April 6, 2008
Income and taxes
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