What is a single account❓

What is a single account❓

Many people are still not familiar with the term. 'One set audit' because it is still quite new. On January 1, 2019, the state has required all small business owners to join the measure. 'One set audit' by allowing businessmen or business owners with income not exceeding 500 million baht / year to submit a request for registering a single account. with the Revenue Department But there are still many people who don't understand what a single audit is all about. And how will it be useful? How will it affect the business? We will not wait to get to know you. 'One set of audits'

👉 What is a single set of accounts?

One set of accounts is accounting and financial statements in accordance with the actual conditions of the business by a single account. which must be used as an account that submits income to the Revenue Department as well Unlike in the past, many business owners tend to run multiple sets of accounts, which may cause the numbers to be inaccurate when filing with the IRS or banks.

👉🏻What is a single account? Why get to know each other!

single account as a state measure and the Ministry of Finance including the Revenue Department set up for SMEs who are companies or juristic partnerships with a duty to pay corporate income tax on income from the sale of goods or service

Not more than 500 million baht per year (accounting period). in order to pay tax in full as it really is from the accounting period of 2016 onwards

👉🏻The origin of one set of accounting taxes

In the past, entrepreneurs who own various businesses often do tax evasion by opening a backup account to cover up real income making it difficult for government agencies to inspect therefore requires a more thorough examination. The state has therefore issued a single tax measure. to help solve problems in the work of the government and issuing measures that help support the business

SMEs to be able to grow and drive the economy more A single set of accounting measures will be government-led guidelines that encourage business owners to General and small enterprise operators (SMEs) have prepared accounting and financial statements in accordance with the actual condition of the business. by having to submit a request for a single account notification to the Revenue Department for tax benefits in exemption and reduction of tax rates

👉 What are the benefits of one set of accounts?

1. Easy to register The numbers are correct, not confusing.

Accounting from the original to worry about the wrong accounting or confused with multi-volume accounts, which may be intended to separate accounts and facilitate transactions in each bank. But it is mostly seen as an act of tax evasion. By switching to using only one account, operators will be able to register more easily. There is only one correct number. No hassle in checking and does not open a loophole to cause fraud from accountants

2. Evaluate the operating results clearly

Business owners will know all income and sources of income. Know the real cost of running a business lead to effective planning as well as being able to know how to use strategies in that period will fight or defend or retreat

3. Increase the ability to compete

Because a single account reflects transparent earnings. As a result, partners will not hesitate to choose you as their business partner if your earnings are strong.

4. Easier to use tax planning

The principle of corporate taxation is (Income - expenses = profit), which will bring profit to the tax that must be paid. If we can find more expenses, that means The taxes that must be paid will also be reduced. The expenses of the owners themselves can be planned to be used as business expenses such as salaries, training and seminars, which can be doubled as expenses.

5. Increase the chances of applying for a loan and reduce financial costs

After the government issued such measures. There have also been responses from many banks for offering credit at a special rate to support SMEs using a single account because the bank sees that Using a single set of accounts truly reflects the operating capabilities of the entity. It turned out to be a good thing for SMEs who can borrow cheaper. Reduce the financial cost of the business

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