Annual tax filing is the process of submitting your yearly tax return to the Inland Revenue Authority of Singapore (IRAS). Your annual tax return shows your income, expenses, and the amount of tax you owe.

• For companies, this includes reporting profits and claiming any deductions or exemptions to which they qualify.
• For individuals, it means declaring income from all sources so that IRAS can calculate the correct tax payable.

Filing correctly keeps you compliant and reduces the risk of penalties or delays.

• Companies: The corporate tax return (Form C-S or Form C) must be filed by 30 November of the Year of Assessment. Additionally, the Estimated Chargeable Income (ECI) must typically be filed within 3 months of the company’s financial year-end.
• Individuals: The personal income tax return should be filed by 15 April for paper submissions and by 18 April for e-filing.

Being aware of these deadlines in advance helps you plan ahead and avoid last-minute issues.

Many people find tax filing tricky because of:

• Mistakes in calculating taxable income
• Missing deadlines due to poor planning
• Errors when claiming deductions or tax reliefs

Knowing these challenges ahead of time helps you prepare better and reduce stress during annual tax filing.

Keeping your records organised is one of the best ways to make tax filing easier.

• Track all income, expenses, and receipts as they happen.
• Use accounting software or spreadsheets to stay on top of your finances.
• Keep digital copies of invoices and receipts in case IRAS asks for proof.

Good record-keeping saves time and reduces the likelihood of mistakes when preparing your annual tax filing.

Different taxpayers have different forms and rules:

• Companies usually file Form C-S (for small businesses) or Form C.
• Individuals file Form B or Form B1.

Check which deductions, exemptions, or reliefs apply to you. For example, business expenses, personal reliefs, or approved donations can reduce your taxable income.

Knowing your obligations helps you stay compliant and may reduce the tax you owe.

Tax rules can change, so it is important to stay informed. Keep an eye on updates from IRAS or your tax adviser and review the latest rules before submitting your annual tax return. Staying aware of any changes helps ensure your filing is accurate and can prevent penalties.

Technology can make tax filing faster and more accurate.

• Use the myTax Portal in Singapore for easy e-filing.
• Accounting software can handle calculations and generate reports automatically.
• Digital tools can remind you of upcoming deadlines and missing information.

Using these tools simplifies your annual tax filing and helps reduce human errors.

Leaving your tax filing until the last minute can cause stress and increase the chance of mistakes. Start preparing your annual tax return early and check your data for missing or incorrect details. Preparing ahead gives you enough time to fix any issues before the submission deadline.

Getting expert support from professionals such as BoardRoom's Tax and Accounting Services can make a significant difference when filing your taxes. Tax consultants or accountants can explain the rules, review your figures, and check your filing to ensure everything is correct. They can also suggest ways to save on taxes and ensure you follow IRAS regulations. While hiring professionals may cost extra, it often saves time, reduces stress, and helps avoid costly mistakes.

One of the most common and costly mistakes is missing tax filing deadlines. Late submissions can result in fines, interest charges, and increased scrutiny from IRAS. To prevent this, mark all key dates clearly in your calendar and set multiple reminders in advance. Submitting your annual tax return early is always a best practice, as it gives you extra time to correct any errors and helps you avoid last-minute system issues during peak filing periods.

Inaccurate reporting is another common issue that can cause delays or even trigger an audit. It is important to review all figures carefully before submitting your annual tax return. Ensure that your reported income, expenses, and deductions match your supporting documents, such as invoices, receipts, and bank statements. Maintaining detailed records for at least five years also ensures that you can provide proof if requested by IRAS. Accurate reporting not only keeps you compliant but also gives you a clear view of your financial position, supporting better planning and decision-making.

Many taxpayers miss out on available reliefs and incentives that could reduce their tax payable. For businesses, this may include schemes such as the Start-Up Tax Exemption or Partial Tax Exemption, which can significantly lower taxable income. For individuals, reliefs can include contributions to CPF, support for dependents, and donations to approved charities. Taking the time to identify and claim all eligible reliefs and exemptions helps you save money, ensures compliance, and maximises the benefits available to you.