Are you planning to hire the best accountants in Thailand? Then there are many checkpoints that you have to pass through to make the proper selection. Accountants provide a range of services. They help your business stay compliant with Thai corporate laws and steer clear of tax blunders. Additionally, they can facilitate the numerous legal processes in both your professional and private lives.
Let us run you through the points that you must check to verify the capability and reliability of an accountant or accounting firm in Thailand. This will help you to stay assured that your accounts and financial records are maintained well enough.
What Services should you expect from Accountants in Thailand?
Company Registration in Thailand
Financial Records & Statements
Judge them by the price they offer
Here you got the Best Accountants in Thailand!
Basic Qualities to Check to Hire the Best Accountant in Thailand
Thai accountants will be responsible to create your financial accounts and taxes if you own a business in Thailand. To execute this action, the accountant must have the following basic qualifications:
- Have recognized degrees in accounting
- Have a proper understanding of Thai corporate laws, norms, and tax laws
- Knowledge and expertise to complete the necessary paperwork to incorporate your company
- Have practical experience in compiling financial accounts to prevent submitting taxes wrongly
- Capability to undertake yearly company audits
Professional accountants are listed as certified accountants by the Department of Business Development in accordance with Thai law.
Please note that you have to hire an auditor every year to check the financial records and statements of your company. If the accountant or accounting firm you hire for the regular services is unable to prepare the documents and do the filings properly, auditors will decline to audit your company.
Services That You Must Get From the Best Accountants in Thailand
An accountant will be the best only if they can provide a wide array of services to keep you away from legal and accounting needs. This will help you to focus on the operations and growth of your business in Thailand. This wide array of services must include the majority or all of the ones mentioned below:
Company Registration in Thailand
When you wish to register a company in Thailand, you can also hire an accountant in addition to a corporate lawyer. Most accountants are able to register businesses. Give them the relevant details, and they’ll take care of the paperwork.
Additionally, accountants can provide broad guidance on corporation legislation. Speak to a lawyer about complex topics. You can engage another accountant to handle your financial accounts and taxes after using one accountant to register your business.
However, using the same accountant throughout is simpler.
Tax Filing in Thailand
Tax Preparation is an accountant’s primary duty. Your business must file taxes according to Thai revenue codes at particular intervals based on the sort of tax you are subject to. Because you must accurately compute your taxes and file them on certain dates, filing taxes is challenging.
For instance, you must submit Forms PP 30 and 36 each month. But just PND 50 and PND 51 are required to be filed, with PND 50 due in the middle of the year and PND 51 due at the start. You could have to file additional taxes, depending on your business. If you don’t, you may have to pay penalties or go to jail.
Give your bills and receipts to the accountant you hired to file your taxes, and they’ll take care of the rest. And you can make simple dishes.
Corporate Tax Advice
Thailand’s Corporate Tax Laws and Processes are intricate, especially if your business receives a BOI promotion. You might not be familiar with the tax laws and regulations that apply in Thailand. For instance, when paying for services in Thailand, VAT-registered businesses must present their Withholding Tax Certificate, or WHT, to the business.
Additionally, each month the WHT must be paid for and turned in to the Revenue Department. Even worse, withholding taxes vary depending on the services you purchase. Depending on the services, withholding taxes are typically in the range of 2% to 5%.
Invoicing, payroll, and other accounting procedures that your business handles are not included in this. Neither are personal income tax and personal property tax forms.
You risk receiving a fine, having your property seized, or even going to jail if you break these rules and regulations. Furthermore, it won’t help if you claim that you weren’t aware of these laws and rules. You can seek guidance from accounting firms on how to file taxes, how to legally reduce your taxes, and how to get a tax refund from the Revenue Department.
They can assist you in avoiding paying excessive taxes. Because it might take years for the Revenue Department to refund any overpayments. The Revenue Department may contact you occasionally to ask you questions and to have a conversation.
The Revenue Department may occasionally want to speak with you and inquire about your situation. And they might visit your office to look around. Accountants can assist you in these circumstances and respond to inquiries on your behalf so you don’t provide incorrect information that might get you in trouble.
Handle Accounting Transactions
Your company’s income and costs, such as office rent and wages, must be supported by receipts and invoices. Cash cannot be given or received without a paper trace. Additionally, you must demonstrate to the Revenue Department where you obtained the funds and how you used them.
This transactional justification is required. Without a valid reason, you cannot transfer money to another person. For that particular form of revenue or expense, you must account for your income and expenses correctly. Additionally, every source of income and expense operates in a different way.
You must demonstrate to the Revenue Department how you accounted for them, so knowing this is crucial. You could have to give these accounting transactions to the Revenue Department yourself if your accountant isn’t in charge of them. However, an accountant should provide you with guidance, provide you with examples, and ensure that your transactions are accurate.
Manage and Maintain Financial Records & Statements
In Thailand, running a business involves making and spending money simultaneously. It’s not always possible to see your income or the amount of money you have set aside for upcoming tasks.
You can see where your hard-earned money is coming from and going each month when you engage with an accountant who creates your financial statements. Accountants also provide information about your income and operating expenses.
However, these services might not be paid for by accountants at standard accounting rates. Therefore, to find out what is included in your accounting fees, be sure to contact your accountant.
Payroll Services
Accountants assist you with the payroll services for your business. Payroll services, among other things, entail:
- paying your staff each month
- paying for Social Security,
- calculating and reporting personal income taxes, and,
- providing pay slips and tax certificates
Some accountants will even pay your staff after you’ve given the go-ahead for their compensation.
Social Security Services
Your employees must be registered with Thailand’s Social Security System. Health insurance, pensions, and unemployment benefits are provided by Social Security to employees.
By 2020, every one of your employees who make at least 15,000 Baht will be required to contribute 750 Baht per month to Social Security. Additionally, your business contributes 750 baht to each worker to Social Security.
A new employee must be registered with Social Security each time they are hired. Additionally, you must notify Social Security if they quit your business. Therefore, accountants often handle all Social Security-related matters.
Company Audits
You must engage a certified auditor each year to review your financial accounts so you may submit them to the appropriate government agencies.
If you prepare the statements, finding an auditor will be challenging. Note that, if you aren’t an accountant certified by the Revenue Department, they won’t review or audit the financial statements you prepare.
In Thailand, accountants and auditors frequently collaborate. Your accountant prepares and sends an auditor your company’s annual financial statements for check and inspection. There is nothing that needs attention from your end.
The services of some accountants include auditing and accounting. However, auditing costs are typically additional for accountants. Over 100 licensed auditors are available to assist with company audits, according to the Securities and Exchange Commission of Thailand.
Business Licenses
Irrespective of the type of business you plan to do in Thailand, you must have the relevant license to do that. That is the token of approval that the Royal Thai Government has legalized your business in Thailand. Therefore, your accountant must have knowledge about the issuance, upgrade, renewal, and surrender of such licenses. The license becomes more crucial if your business is of any of the following types:
- restaurants
- bars
- hotels
- construction companies
- food manufacturers
- recruitment agencies
- travel agencies
- importers and/or exporters
- banks and/or lenders
Knowledge of Visas and Work Permits
Although it may seem weird, accountants can also help you obtain Thai work licenses and visas. They might not be as knowledgeable as immigration lawyers in Thailand, but they could help you and your staff obtain business visas and work permits.
Personal Tax Consulting
Your accountant might also serve as a personal tax advisor for you. They might be ready to handle your personal taxes for an additional fee if they handle your company’s taxes and are aware of your income.
How to check the price of the best Accountants in Thailand?
The following are the three primary factors determining the rates for accountants in Thailand:
- Average monthly accounting transactions
- The complexity of your business
- Accounting services that you require
The average monthly cost for basic accounting services for startups with few transactions ranges from 4,000 to 5,000 baht.
According to the complexity of your company, accountants charge more. If you established a BOI-promoted company in Thailand, this would be the situation. This is because companies in Thailand receiving BOI promotions, go through more formalities than other business categories.
Finding an Accounting Firm in Bangkok
If you have read through this article and reached this section, you have already found the leading accounting firm in Thailand. We at Konrad Legal Company Limited hold a team of the most efficient and seasoned accountants in Thailand to deliver you the best of services. Our wide array of services includes, but is not limited to the following:
- Company Registration Documentation
- Tax Registration
- Tax Audit and Filing
- Immigration
- Payroll Management
Apart from the mentioned ones, we often provide special assistance to our clients in finding a Thai partner, tax schedules, advice to save taxes, and anything and most possible from our end. Feel free to reach out to us by emailing your requirements in detail at [email protected].
