Have you ever heard of PIC bonuses? These bonuses are available to new and upcoming businesses from all across Singapore as well as to existing businesses. The main aim of this bonus is to help upcoming businesses expand and grow. The upper limit for this bonus is $ 15,000 and this is across the period between the assessment years 2013 to 2015. This figure is computed using a maximum of 60 % of your qualifying expenditure. Don't forget that you can claim for 400 % tax allowances along with this incentive. And don't make the mistake of thinking that it is tax free either because it's not.
If your qualifying expenditure does not cross $ 5,000 in any particular year, you will not be given PIC bonus for that year.
If you are claiming a 400 % tax deduction then you will not even have to apply for the PIC bonus overview. You can expect to receive the money within 3 months of your filing your tax returns. All the information provided by you will need to be accurate and will be checked during this time. So prepare your application/file your returns carefully.
If you are a sole proprietor or are running a partnership concern then you will also have to fill out the PIC enhanced deduction/allowances declaration form. This is a very important step which many business owners forget about. Don't make this mistake or you will lose out on your bonus for nothing.
When you are making your PIC claim it is very important for you to go through all your documentation thoroughly so as to ensure you don't make any mistakes. There are some very hefty fines which are imposed on businesses that file incorrect claims. What's more you could get arrested for filing an incorrect claim as well. This site will help you get started with your application.
This is where PIC claim professionals come into play. These professionals know everything there is to know about PIC claims and will be able to help you prepare your claim in such a way that there are no mistakes and that you don't have to suffer or lose out because of an incorrect claim. You will have to pay these professionals a small fee for their services but at least you will not have to go through the trouble of preparing your claim yourself. They will take care of the entire headache for you and you can focus on more important things like expanding your business. So what are you waiting for? It's time for you to take advantage of PIC claims.
If your qualifying expenditure does not cross $ 5,000 in any particular year, you will not be given PIC bonus for that year.
If you are claiming a 400 % tax deduction then you will not even have to apply for the PIC bonus overview. You can expect to receive the money within 3 months of your filing your tax returns. All the information provided by you will need to be accurate and will be checked during this time. So prepare your application/file your returns carefully.
If you are a sole proprietor or are running a partnership concern then you will also have to fill out the PIC enhanced deduction/allowances declaration form. This is a very important step which many business owners forget about. Don't make this mistake or you will lose out on your bonus for nothing.
When you are making your PIC claim it is very important for you to go through all your documentation thoroughly so as to ensure you don't make any mistakes. There are some very hefty fines which are imposed on businesses that file incorrect claims. What's more you could get arrested for filing an incorrect claim as well. This site will help you get started with your application.
This is where PIC claim professionals come into play. These professionals know everything there is to know about PIC claims and will be able to help you prepare your claim in such a way that there are no mistakes and that you don't have to suffer or lose out because of an incorrect claim. You will have to pay these professionals a small fee for their services but at least you will not have to go through the trouble of preparing your claim yourself. They will take care of the entire headache for you and you can focus on more important things like expanding your business. So what are you waiting for? It's time for you to take advantage of PIC claims.