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All of your accounting needs covered
Financial year
the financial year in thailand runs from january 1st - december 31st
All registered businesses in Thailand are required to pay their applicable taxes, failure to comply or have accurate accounting can result in fines and investigations into your business financial affairs with serious consequences.
Monthly book keeping
So you have taken the plunge and opened your own business and you are rightfully excited, but running a business is more than just making sales. It is important that all businesses keep good, accurate bookkeeping for a number of reasons.
With good bookkeeping you will easily be able to keep track and monitor your sales, see the areas which require improvement and which areas are doing the best, you will also be able to see your income vs expenses all in one place to give you an accurate monthly overview or profit and loss. monthly bookkeeping is also an important tool to prepare your end of year financial statement for audit and tax filings.
Some medium to large size businesses employ a full time bookkeeper to take care of all the daily comings and goings but of course this comes at a cost of a full time salary expense.
If your business isn’t at the stage where you require or can afford a full time bookkeeper then Maliwan Business & Accounting have solutions available to you without paying the same expense of a full time bookkeeper.
We tailor make bookkeeping packages to suit all business sizes and budgets at competitive rates and we even offer out call collection of your receipts and invoices from your place of business anywhere on Samui. Contact our team today to discuss your monthly bookkeeping needs and to get a tailor made quotation.
Did you know ?
The dbd ( department of business ) reserves the right to close a business down if it has not shown a profit after 3 years of trading
end of year financial audits ( balance sheets )
All registered businesses in Thailand are obliged to complete an end of year balance sheet to which is then audited.It is from here that your corporate tax is calculated if you have shown a profit.
There are different levels of tax depending on which bracket of profitability your business after audit completion, below is a breakdown of the tax brackets for companies with less than 5,000,000 THB registered capital.
* 0 THB – 300,000 THB in annual profit = 0% Tax
* 300,000 THB – 3,000,000 THB in annual profit = 15% Tax
* 3,000,000 + THB in annual profit = 20% Tax
Maliwan Business & Accounting prepare and complete the whole balance sheet and audit process for you allowing you to focus on the running of your business. We carefully comb over and include all of your claimable expenses for an accurate report.
Did you know ?
foreigners cannot directly own property or land in thailand but can a registered company with a foreigner director can. so even if you don't actually work but own a registered company for the purpose of owning your property or land, you will still be required to file an end of year financial audit statement ( balance sheet )
Taxes
Withholding Tax
– is a mixture of taxes with different % for different categories of service that all business owners in Thailand will face at some point whilst conduction business and also by foreigners who hold a work permit.
Any foreigner who holds a work permit must pay Withholding tax on the minimum salary as stated in their work permit, please note that different nationalities have different minimum wage amounts stated in the work permits. This is also sometimes referred to as income tax for foreigners.
Other types of Withholding tax are used when invoicing other companies for services and depending on the service category depends on the amount of withholding tax applicable, for example advertising service the rate is 2% while professional services are 3%. ( please note Withholding tax is not for products but rather it is for services )
VAT
– Businesses in Thailand are required to registered for VAT once they reach a turnover limit of 1,800,000 THB in a financial year. In Thailand the current rate for VAT is set at 7%.
Corporate Tax
– is the tax applied after completion of your end of year financial statement audit ( balance sheet ) and the level of tax % applicable is as follows:
* 0 THB – 300,000 THB in annual profit = 0% Tax
* 300,000 THB – 3,000,000 THB in annual profit = 15% Tax
* 3,000,000 + THB in annual profit = 20% Tax
** It is important to mention that Corporate Tax ( profitability ) is directly linked to a foreigner work permit and the department of labor reserve the right to reject work permit renewals if the given company has not show a profit in the last 2 years of trading **