Accounting, annual audit and tax returns for a Thai company: what each involves

Can a company with no revenue dispense with accounting?

No sales revenue does not mean that there are no transactions or records. Formation costs, bank activity, shareholder contributions and routine expenses still need to be organised. Financial-reporting and tax obligations depend on the company's status and accounting period; no revenue should not be equated with no filing obligations.

How do bookkeeping, audit and tax filing differ?

Bookkeeping records and groups transactions. Financial statements reflect the relevant accounting period. An audit is an independent examination and reporting process. Filing financial statements with DBD and tax returns with the Revenue Department have separate requirements. Completing one does not mean that the others are complete.

How should the annual timetable be managed?

Establish the accounting year-end, then separately schedule financial-statement preparation, audit, shareholder consideration, financial-statement filing and tax returns. The Revenue Department's published general annual income-tax filing period is 150 days after the accounting period ends. Electronic filing and any extension arrangements still need to be checked for the particular period.

Which work does THAIHOUSING undertake?

THAIHOUSING handles accounting and tax-return submission and coordinates the documents and timetable needed for an independent audit. Provide registration documents, the accounting year, existing statements, bank records and previous filings so that gaps can be checked and a timetable established.

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