Setting up a tax system for those who have just opened a new company

Opening a new company in Chiang Mai is like setting out on an important journey full of opportunity, but it also comes with complex tax obligations. If the owner does not handle them correctly from the first year, it can lead to unnecessary retroactive fines. For business owners in Chiang Mai looking for an adviser, we offer full-service accounting that lets you focus fully on growing your business.

Why handling tax correctly matters most in 2026

Once you decide to go ahead with a business, understanding tax is not just about numbers; it is the shield that protects your business from legal risk. In 2026, tax law has changed and become stricter, especially with audits through electronic systems. Starting out with a correct accounting system reduces unnecessary tax costs and builds credibility for the company when it needs to apply for a bank loan or credit to expand in the future.

7 tax mistakes new business owners tend to overlook

To get your business off to a stable start, here are the 7 tax matters business owners often forget to deal with in the early stage:

  • 1. Registering for value added tax (VAT) late: Once income reaches 1.8 million baht, you must register for VAT within 30 days. Many people forget to track the cumulative total and are fined retroactively.
  • 2. Not separating personal and company accounts: Mixing bank accounts makes the bookkeeping confusing and may draw the Revenue Department's attention.
  • 3. Forgetting to file withholding tax: Every time you pay for services, rent or hire work, tax must be withheld and remitted by the 7th or 15th of the following month.
  • 4. Not keeping complete evidence of expenses: Many people lose receipts, so the expense cannot be deducted as a company expense, and the company pays more corporate income tax than it should.
  • 5. No tax planning from the start of the year: Without tax planning, the business pays annual tax at a high rate without the tax benefits it should receive.
  • 6. Not filing returns on time: Filing tax even a few days late carries fines and surcharges, an expense that is easy to prevent.
  • 7. Forgetting signboard tax or land tax: Many businesses in Chiang Mai forget that, besides Revenue Department taxes, there are also local taxes to take care of.

Accounting services in Chiang Mai: helping newcomers start a business with peace of mind

Hiring a professional to look after the accounting system from the start greatly reduces these risks. At YMTD, as an accounting firm in Chiang Mai, we understand that business owners need time to focus on sales and marketing. Letting specialists handle the tax paperwork gives you confidence that every step complies with the law, with no worry about errors being found later. And if you are just taking your first step, we also offer company registration that covers setting up the tax structure from the outset.

Frequently asked questions

Does a new company have to register for VAT immediately?

Not immediately, unless you expect income to exceed 1.8 million baht per year, or your business needs to use input tax to reduce costs.

Why hire an accounting firm in Chiang Mai instead of doing it yourself?

Hiring an accounting firm reduces the risk of fines from incorrect filings, and the adviser also helps with tax planning that can save you many times more than the accounting fee.

Which types of expense documents can the company deduct?

Deductible expenses must be directly related to the company's operations, such as office rent, staff wages and utilities, and must be supported by a full-form tax invoice.

Summary

Starting a business in 2026 is nothing to fear if you are well prepared. Being aware of the 7 tax obligations above will help your company grow on a stable footing. If you want an adviser who thoroughly understands the area and tax law, contact YMTD Accounting Partner Chiang Mai. We are ready to be the partner that looks after your accounting at every step, for the long-term success of your business.

For advice on tax and accounting, contact YMTD Accounting Partner Chiang Mai
Tel: 081-542-3019
LINE: @ymtd