Accounting & tax

Accounting in Phuket

Accounting for tourism businesses and companies with foreign shareholders

Most businesses in Phuket that come to us are small to medium-sized hotels, rental villas, restaurants, tour companies, and companies with foreign shareholders or directors. The accounting for these businesses differs from ordinary businesses in two ways. First, income comes from multiple sources at once — overseas booking platforms, agencies, and walk-in customers — each deducting commissions differently. Second, when there are foreign shareholders, the financial statements are read not only by the revenue department, but also by shareholders and banks in other countries. We provide accounting services for Phuket businesses by setting up a chart of accounts that serves both sides from the beginning of the year.

What we handle

Monthly bookkeeping, transaction recording, and trial balance preparation

File withholding tax (ภ.ง.ด.1/3/53) and value-added tax (ภ.พ.30)

Close annual financial statements, file ภ.ง.ด.50/51, and submit to the Department of Business Development

Prepare payroll, payslips, and remit social security contributions

Take over from previous accountant, and perform a retroactive account review before accepting the engagement

Commissions paid to overseas platforms

When hotels or villas receive bookings through platforms registered abroad, the amount transferred into the account is usually the net amount after commissions have been deducted. Many businesses therefore record revenue based on the amount that enters the account, even though the actual revenue is the full amount and the commission is an expense. Recording it this way understates both revenue and expenses and causes the obligations related to cross-border payments to be overlooked. We clearly separate the two sides from the first month and reconcile the platform reports with the amounts received.

Rental villas: whose name and who receives the income

The most common problem with rental villas is not the accounting itself, but the mismatch between the owner, the recipient of income, and the party who signs the lease with the tenant. When these three are not the same person or entity, it immediately becomes unclear whose income it is and who must file returns. This is where accounting and legal work need to align, which is why we have lawyers in the same office review the structure first, then set up the accounts to match that structure.

Accounting & tax services Lawyers in Phuket

Talk to us about your accounts

Tell us what the business does and what state the books are in. We will say what to start with and what needs fixing for prior periods.

Free initial consultation 092-254-2045

FAQ — Accounting in Phuket

2 questions answered

The accounting principles are the same, but what we need to add is organizing the data so that foreign shareholders or banks can read it, and being especially careful with transactions paid out to foreign countries. We arrange this from the chart of accounts setup, so you don't have to convert the numbers later every time a shareholder asks to see them.

Yes. Tourism businesses in Phuket have very different peak and low seasons. What we do additionally is look at cash flow across seasons, so owners can see in advance which months' payment obligations won't align with months when money comes in.