Accounting and Tax Service

Accounting and Tax Service

Accounting and Tax Service

Accounting and Taxation is a way of life for every people in the world. It is a system where we can manage our profits and expenses. If you have a business or just an ordinary person you are still obliged to calculate tax and do accounting matters. That why you need to looking for accounting and tax service team.

Every company or other entities like Branch Office, Representative Office or Regional Office who are established businesses must look for someone to help them for account and tax service in Thailand in order to prepare book keeping records and files tax and other important document to the relevant authorities in Thailand.

We know that as a foreign, you will need an accountant who is professional and has good English Communication Skills.

We are deemed to serve you with our qualified accounting and tax team.

Table of Content:

  1. Why choose us for your accounting and tax services in Thailand?
  2. What is the Accounting and Tax service we provide in Bangkok and Phuket?
  3. Basic duty of the company in accounting’s perspective.
  4. Corporate Income tax rate in Thailand.
  5. Personal Income tax rate in Thailand.
  6. What’s the program we use for provide accounting service in Bangkok and Phuket.
  7. Conclusion

If you have not set up the company yet, we suggest you to read this information how to set up company first.

1.Why choose us for your accounting and tax services in Thailand?

A. Many years of experience: Yes, we provide a team who is more experienced and seniors to provide and accounting and tax service for you in Bangkok and Phuket Office.

Our team avoids the junior accountants and fresh graduations to make sure the quality of work and services we provide are topnotch.

Because financial matters and responsibility is one of the most important aspects for the business and we don’t want the junior accountants and fresh graduated to cause any problem or make your financial records messy. (We have a significant experience with incompliant staff before)

B. Our Accountant team is good in communicating in English: During your operation, you may have some question about tax, documents and other that is related to your business, our senior accountant can listen and respond to you in English, this way we will ensure direct and proper communication and avoid misunderstandings.

C. We are located in downtown of Bangkok and Phuket : We have 2 offices which is in downtown of Bangkok and Phuket.

It’s easy for you to come and visit via BTS, MRT and other transportation means to meet with us.

D. We are in association with a Lawyer: For many instances the accounting will be relevant to the legal matter like you need accounting document to support your Visa & Work Permit Application etc.

So, our accountant and lawyer can discuss on how to prepare the report of tax in order to comply with the legal matters.

E. Cloud of accounting: This is the year of 2020.

So, we have partnered with a reliable partner of cloud accounting program to do the accounting record and allow you to access to the financial report anytime and anywhere in the world.

F. One Stop service for your business: Finally, as we have served well with our services to the foreign and Thai company for many years, we always use our professional skills to solve many problems for our client.

Not only about accounting and law, we also advise how to run business in Thailand properly.

We always realized that “Your growth is our growth as well”.

2. What is the Accounting and Tax service we provide in Bangkok and Phuket?

A. We do the book keeping of your transactions.

Please find the example here.

Here is the format for record the income side.

accounting firm in bangkok

Here is the format for record the expense side.

accounting firm in Phuket

Here is the format for record the assets.

B. We do the filling of monthly tax report.

  • Withholding Tax (PND1, 3, 53)
  • VAT Report (Sale & Buy Report, PP.30)

C. We do the monthly Social Security report.

D. We do Half Year Report (PND.51)

E. We do Year End report

F. We provide the Auditor report. By connect with our Auditor Partner.

G. We provide Payroll service via internet banking.

H. We provide tax planning that is tailor cut for each business.

accountant in thailand

3. Basic duty of the company in accounting’s perspective.

After you set up the company in Thailand, the job is not finish yet.

But you need to carry out to comply with the accounting and tax rule of Thailand.

Here is the basic duty that you need to do.

A. Submit withholding tax and pay the money to the Revenue Department.

During your monthly operation, you may get deducted withholding tax from employees, individual vendor or corporate vendor, then you need to provide such report and tax such deduction to the Revenue Department.

This activity must be done within date 7th of each month.

B. Submit VAT report and pay VAT to the Revenue Department.

As during your operation, you may have selling VAT and buying VAT, then you need to provide both reports.

 If the selling VAT is greater than buying VAT, you need to pay the difference to the Revenue Department.

If the selling VAT is less than buying VAT, you can claim the difference back or you can use it for deduction for next month as well.

This activity must be done within date 15th of each month.

The VAT rate in Thailand is 7 percent.

And please highly note that even if your company has not operated yet, you still need to file the report to the Revenue Department as well.

C. Social Security report and pay money to the Social Security Office.

According to the law, you need to deduct money from your employee before you paying salary to them.

You need to deduct them 5%, but not exceeding 750THB.

For example if they salary 10,000THB, you need to deduct them 500THB.

If they salary 20,000THB, you need to deduct them 750THB only.

Beside of that, the company need to contribute same amount from such deduction as well

Example:

Mr. A has base salary of 20,000THB

  • The company need to deduct SSF 750THB, and pay salary to Mr. A 19,250THB only.
  • And the company need to contribute SSF 750THB as well.
  • Finally, the company need to prepare report for Mr.A 750 + 750 = 1,500THB and pay this money to the Social Security Office.

This activity must be done within date 15th of each month.

D. Providing the Pay-Slip to every staff.

Under Thai Labor Law, the Employer must provide Pay-Slip of salary to every staff. 

E. Prepare half year report and pay the cooperate income tax pay to the Revenue Department.

This report is no need to be certified by an Auditor.

This report is for operation during January – June and need to file the report within August 31 of each year.

F. Prepare Year End report and pay the corporate income tax to the Revenue Department.

This report needs to be certified by a CPA. Auditor.

This report is for operation during January – December. And need to file within May 31 in next year.

G. Meeting the Revenue Officer.

In case the Revenue Office summon the letter to invite the director to come for explanation, the director or proxy needs to go there on appointment schedule.

4. Corporate Income tax rate in Thailand.

In case of the corporate who has the registered capital not exceeding 5 million Thai Bath and has income (not profit) not exceeding 30,000,000THB, the corporate will get the special rate as SMEs business below.

SMEs Tax Rate:

Thai company tax rate

In case is not entitle as SMEs business above, the corporate need to use normal tax rate 20% from the Net Profit.

5. Personal Income tax rate in Thailand.

Revenue Department of Thailand has stated that – any person who has income in Thailand must pay TAX.

The formula of personal income tax is:

Net income per year = Income – expenses – allowance

For the personal income tax rate is not the fix rate. We use the progressive rate for compute the tax.

Here is the tax rate for personal:

Thai personal tax rate

6. What’s the program we use for provide accounting service in Bangkok and Phuket.

As now is the year of 2020, we transformed our business to the digital and cloud system.

We use the reliable accounting software namely “Peak”.

Peak is the cloud accounting software that allow you to access to the report and prepare any material for the accounting in Thailand anytime and anywhere.

And Peak is accredited by the Thai government and partnered with the Top Banks of Thailand as well.

This allows you to obtain the credit and loan from the bank easily.

And the best thing is that the program is localized to use in Thailand in order to issue material for accounting and tax in Thailand. (the other program like Xero, Quick Book and others is not localize for Thailand)

And the program has both English and Thai version. (because our Thai government use only Thai language for filling all report)

You can use free trial via this link: Peak Accounting Program 

tax advisor bangkok

Conclusion

We understand the importance of accounting and financial matters for a business.  So, that why we formed a team for accounting and tax service in Bangkok and Phuket of Thailand to support the businesses of our clients.

We have been in the industry for a long time and we know how business and its aspects work here.

We know the routes and we know how to play the game well.

Our firm prioritizes our client’s well-being as well as prioritizes their benefits from our services, we do not just provide services, we make sure that everything that we do will be for the benefit of our clients as every time we receive payment, we treat it as a jumpstart to helping someone’s business to progress.

We have 5 members for the accounting and tax service in Bangkok.

And have 4 members for accounting and tax service in Phuket.

And all of them are holding a CPD license.

And our members is good in communicating in English that allows them to talk to foreign clients with ease, discuss and consult on any matter that is relevant to the accounting and tax transaction.

We also have a strong bond and association with the lawyer team who can provide legal consultation for your business as well.

In short, we are “One Stop Service” for foreign businesses in Thailand.

Start with us today and let us growth together. 

Thank you.