📍 Operating a business in Phuket?
Whether you’re running a café in Old Town, managing a resort near Patong, or launching a new real estate venture—staying compliant with Thai tax and accounting laws is crucial.
Here are 5 common accounting and tax risks we’ve seen in Phuket-based businesses, and how you can protect your company from unnecessary penalties or investigations.
🔻 1. Mixing Personal and Business Finances
Risk: Failing to separate business and personal expenses can lead to inaccurate books and potential tax issues.
Solution: Open a dedicated business bank account and work with a professional accountant monthly.
🔻 2. Missing or Incomplete Supporting Documents
Risk: You may lose the ability to claim tax deductions if proper invoices or receipts are not maintained.
Solution: Always request official tax invoices and store them properly—physically or digitally.
🔻 3. Late or Incorrect Tax Filings
Risk: Penalties and interest from the Revenue Department, and potential red flags for audit.
Solution: Hire a professional accounting firm to manage filings on time and check for accuracy.
🔻 4. Misunderstanding “Disallowable Expenses”
Risk: Claiming personal or non-business-related expenses can lead to tax rejections or audits.
Examples:
Entertainment with no attendee list
Travel expenses unrelated to business
Gifts over allowable limits
Solution: Consult a tax advisor before making any large deductions.
🔻 5. Not Knowing If Your Company Requires a CPA Audit
Risk: Many SMEs in Phuket don’t realize that they are legally required to submit audited financial statements.
Solution: Check the minimum criteria for audit under Thai law—or let our team evaluate your compliance.
✅ Let ACC CONSULTING Protect Your Business
We specialize in helping Phuket businesses:
📘 Organize monthly bookkeeping
📊 File taxes correctly and on time
🛡️ Avoid audits and penalties
💼 Stay compliant with Thai laws
✅ Prepare financials ready for investors or banks
📞 Book a Free Consultation
🌐 Website: www.accconsultingservice.com
📧 Email: [email protected]
📱 Call: 02-114-7715
#AccountingPhuket #TaxComplianceThailand #PhuketBusiness #SMEPhuket #ACCConsulting
