LET'S TALK ABOUT YOUR COMPANY'S COMPLIANCE NEEDS. CALL US AT: 6272 0820
  • REGISTER
  • LOGIN
  • CAREER

Margin Wheeler

MarginWheeler - Your Company, Our Priority.

T +65 6272 0820
Email: [email protected]

Margin Wheeler
21 Bukit Batok Crescent, #15-75, WCEGA Tower, Singapore 658065

Open in Google Maps
  • HOME
  • OUR TEAM
  • SERVICES
  • ACCOMPLISHMENTS
  • TESTIMONIALS
  • BLOG
  • CONTACT
FREEQUOTE
  • Home
  • Accounting
  • How To Choose A Financial Year End

BLOG & Gossip

How To Choose A Financial Year End

by Sheann / Monday, 14 June 2021 / Published in Accounting
financial

Choosing a Financial Year End (FYE)

Besides dealing with bookkeeping and taxes, an important part of incorporation is choosing a Financial Year End (FYE). This chosen date will be when you submit all your corporate filings and taxes.

In this article, we’ll be going through what you need to know about your FYE and what you will need to take into account while choosing this date.

What is an FYE

A company’s FYE is the date on which it will have to submit Annual Returns and tax documentation, as part of national legislation. Though your chosen FYE date does not have to be the same as a calendar year, it should last for 12 months-long. 

Deciding on a Financial Year End for a new company

So you’ve just set up your new company and you’re in charge of choosing your FYE. Most companies begin on the day of the company incorporation and end on the day of your choice.

Your very first Financial Year cannot last more than 18 months unless the Registrar allows you to extend it. After the first year, your Financial Year should be 12 months long, starting on the day after the previous Financial Year ends.

A company’s FYE must be selected at the time of your company’s incorporation. This cannot be done after that, so you must choose an appropriate date. If you are unsure of what date to choose, common dates that companies use include 31 March, 30 June., 30 September, and 31 December, according to the Accounting and Corporate Regulations Authority (ACRA). 

Length of Financial Year

As mentioned previously, your first Financial Year can last for up to 18 months long. However, the IRAS operates within 12 month-long periods. For periods longer than this, they will be split and assessed as 2 independent periods. 

This may directly affect the amount of taxes that you will have to pay. If you want to enjoy tax exemptions, you should consider what exemptions you’d like to file for before setting your FYE.

Changing your FYE

You will be able to change your FYE, but only for your current or previous Financial Year. This means that years before will not be able to be altered. However, if statutory deadlines for your Annual General Meeting or the filing of your Annual Returns have passed, you will not be able to change your FYE.

Changing your FYE is pretty simple – you’ll just need to send a notice to the Registrar. But you’ll need approval from the Registrar under the following circumstances:

  • If the change in FYE will make your financial year longer than 18 months
  • If it is the third request for a change of FYE
  • If the FYE was changed within the last 5 years (from the last changed FYE)

Financial Year End

IF you are unsure about what to do when it comes to choosing an FYE or other matters that have to do with incorporation, be sure to contact our experienced team at Margin Wheeler to get it all sorted out.

Read more:

  • Filing requirements with ACRA and IRAS
  • Setting up a holding company in Singapore
  • Guide to bookkeeping
0

About Sheann

Penultimate undergraduate at NUS with experience in writing lifestyle articles and copywriting.

What you can read next

balance sheets
Reading Balance Sheets for Beginners
record-keeping
A Guide To Record-Keeping For Beginners
bookkeeping
A Simple Guide To Bookkeeping For Beginners

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • e-commerce

    Designing Your E-commerce Website

    Creating an e-commerce website In today’s day a...
  • accountant

    Growing your startup with an accountant

    Hiring an accountant  When you first open a sta...
  • shipping

    8 Tips to Make Profits While Offering Free Shipping

    Offering free shipping You would have probably ...
  • traffic

    5 Tips To Get Traffic to your Online Store

    Getting traffic to your online store Though set...
  • CTA

    Full Guide to Commercial Tenancy Agreements (CTA)

    What are Commercial Tenancy Agreements? Though ...

Categories

  • Accounting
  • Business
  • Entrepreneurship
  • Incorporation
  • Taxation
  • Uncategorized

INCORPORATION

  • Incorporation with Local
  • Incorporation with Foreigner
  • Incorporation (BVI)
  • Nominee Director Services
  • Registered Address

CORPORATE SECRETARY

  • Company Secretary Service
  • Meeting Room Support
  • Company Strike Off
  • Scrutineer

WORK PASS

  • Work Permit
  • Skill Pass
  • Employment Pass
  • Entrepreneur Pass

TAXATION

  • Company Tax
  • Personal Tax
  • Goods And Services Tax (GST)
  • Tax Planning

ACCOUNTING SERVICES

  • Bookkeeping
  • Cloud Accounting
  • Financial Statement
  • XBRL Filing
  • Onsite Accounting

AUDIT SERVICES

  • Statutory Audit
  • Sales/Rental Audit (GTO)
  • Charity Audit
  • Lucky Draw Audit

HR, ADMIN &
DATA PROTECTION

  • Payroll Services
  • CPF Account Opening
  • Administrative Services
  • Data Protection Services

TRADEMARK

  • Trademark Registration
  • Trademark Classes

GET IN TOUCH

T (+65) 6272 0820
Email: [email protected]

Margin Wheeler Pte Ltd
21 Bukit Batok Crescent, #15-75, WCEGA Tower
Singapore 658065

Margin Wheeler

© 2023 All rights reserved. Margin Wheeler Pte Ltd (Professional Firm Licence No. FA20153653) Privacy Policy

TOP
×