BIR and Accounting Question POST HERE!!!

<< < (9/18) > >>

gdelmundo011680:
Quote

hello po. very helpful po post nio sir.. anyway, registered po comp shop ko sa bir nung march lang this yr. ang tax ko po:

monthly percentage tax
quarterly income tax
annual income tax

ang dinedeclare ko po na taxable income sa monthly ko 5,000 lang so 3% is 150 lng po tax ko.. ang problem ko po panu iprepare yung quarterly.. dapat po ba mag ka tugma yung income ko ng monthly percentage sa quarterly ko?? ako lang po nag peprepare kasi wala ako pambayad sa accountant.. yung mga resibo ko po ng expenses san ko po magagamit yun?? tsaka kung na taxan na income ko sa monthly bakit kaya itatax ulit ng quarterly at annually?? tsaka yung receipt ko po, kailangan ko po ba ipasa sa BIR yun nagamit ko na??

thank u so much sir.. dami ko pa po question.. medyo nalilimutan ko lang po..
 mag sisimula po pala kmi ng catering sir. pag nag BIR po ba kami, vatable sales po ba yun?

ty ulit

Hi!!! I just found your post and I believe that you really need some lift.. ;D Anyway here it is.

1)  ang dinedeclare ko po na taxable income sa monthly ko 5,000 lang so 3% is 150 lng po tax ko??

For the record, percentage taxes (3%) is based on gross receipts and not taxable income. You mentioned that you declare a taxable income of P 5,000. Make it clear whether the amount you use is the gross amount or the net income. Otherwise, you might find yourself paying deficiency taxes.

2) Quarterly payments (Percentage and Income tax)

When you file your monthly percentages taxes, you pay a certain amount based on the monthly figures you declare. When it comes to quarterly payments, you just accumulate the amounts of  the three-month period then compute the corresponding taxes. When you get the tax payable deduct all the payments you made for the 2 months. The amount you get is your tax due for the quarter (this amount also corresponds to the 3rd month). To illustrate:

Month                Receipts         Tax Paid
JAnuary              1,000                30
February             1,000                30
March                 1,000                30

January - March ......................3,000
Multiply by                                 3%
Total Tax payable for the quarter..................90
Less: Taxes paid from previous months........60
Tax Due....................................................30

Use the same logic during filing of your quarterly and annual Income Tax Return (ITR)
 
3) yung mga resibo ko po ng expenses san ko po magagamit yun??

If your receipts are legitimate business expenses, then you can have it deducted as expense in your gross income to arrive at net income. Please take note that I use the word net income and not taxable income. Net Income is the figure you get when you deduct your expenses against your gross income. Taxable income on the other hand refers to the net income less your personal and additional exemption.
 
4) tsaka yung receipt ko po, kailangan ko po ba ipasa sa BIR yun nagamit ko na??

Nope. You don't need to submit to the BIR the used Official Receipts. Just keep it as your reference. There may come a time that BIR may conduct audit of your business, so it is necessary that you have all the supporting documents to show. If in the future you decided to close your business, then thats the time that BIR will require you to surrender all the remaining UNUSED Official Receipts.   

 
5) mag sisimula po pala kmi ng catering sir. pag nag BIR po ba kami, vatable sales po ba yun?

It depends on whether you register your business as a VATABLE entity or not. If not, then again you will be subjected to Percentage Taxes. However, during registration, if you think that your business will generate more than P 1.500,000 of gross annual sales/revenue, then you might as well register it as a VATABLE entity.

Hope this help  :) 

julesravago:
mali po pala ko sir... hindi po pala taxable income.. yung form 2551M po ang tinutukoy ko.. ano po yung taxable amount?? 3% po ng lahat po ng benta ko?? as in hindi po deducted yung expenses sir?
ganto po yung pinasa ko:

taxable amount               rate                   tax due
5,000                              3%                   150.00

so ang binayaran ko lang po is 150.. kasi ang intindi ko po sa taxable amount excluding expenses po..
yun naman pong sa quarterly income tax return 1701Q ang dami po kasing terms eh.. hindi ko po alam san ako mag sisimula dun. eh magkano po ba bayad sa accountant sa gantong service?? kahit isang gawa lang po magegets ko na.. ty sir.. medyo naintindihan ko na po eh

malvin1578:
add ko din sa tanong na ok lang bang ang Business Owner ang gumagawa ng ganitong tax computaion?

me also as a business owner, registered sa BIR as marginal income earner nga lang, small business lang naman. hindi ba ito ma-penalty just incase na magkaroon ng error sa filling ng tax? yung business owner ang gumagawa ng tax computation. ang alam ko kapag hindi license na accountant ang nakuha mo, may penalty o pwede makulong.

gdelmundo011680:
Quote

mali po pala ko sir... hindi po pala taxable income.. yung form 2551M po ang tinutukoy ko.. ano po yung taxable amount?? 3% po ng lahat po ng benta ko?? as in hindi po deducted yung expenses sir?
ganto po yung pinasa ko:

Yes the gross amount (exclusive of deductions) is used as the tax base in determining the tax payable/due for percentage taxes.

Quote

yun naman pong sa quarterly income tax return 1701Q ang dami po kasing terms eh.. hindi ko po alam san ako mag sisimula dun. eh magkano po ba bayad sa accountant sa gantong service?? kahit isang gawa lang po magegets ko na

If I would be the accountant, and preparation lang nmn ang gagawin ko, then it would cost you not more than 3k. I'm not endorsing myself. Just giving you an idea of the current rates for the services of an accountant. :) Different rate applies if you need to file an Audited financial statements alongside with the Income Tax Returns filed every April 15th.

Quote

add ko din sa tanong na ok lang bang ang Business Owner ang gumagawa ng ganitong tax computaion?

me also as a business owner, registered sa BIR as marginal income earner nga lang, small business lang naman. hindi ba ito ma-penalty just incase na magkaroon ng error sa filling ng tax? yung business owner ang gumagawa ng tax computation. ang alam ko kapag hindi license na accountant ang nakuha mo, may penalty o pwede makulong.

 ;D Medyo morbid naman ang understanding mo when it comes to sanctions imposed by the BIR.

As provided for by the National Internal Revenue Code (NIRC), all corporations, companies, partnerships, or persons required by law to pay internal revenue taxes shall keep and use the prescribed books of accounts.

a) For those whose quarterly sales, earnings, receipts or output do not exceed P 50,000..........simplified set of bookkeeping records.

b) For those whose quarterly sales, earnings, receipts or output exceed P 50,000.........a journal and ledger or their equivalents.

c) For those whose quarterly sales, earnings, receipts or output exceed P 150,000.......shall have their books audited by an Independent Certified Public Accountant (CPA) and their Income Tax Returns (ITR) accompanied with a duly accomplished Account INformation Form (AIF) which  shall contain information lifted from audited Balance Sheets, Income Statements and other relevant statements.   

If you fall under category A & B, and you found that there are errors in the BIR returns you filed, then all you have to do is to file an amended returns showing the correct figures.

Sanctions/penalties/or administrative cases are only normally imposed by BIR only when they discover that the returns you filed is fraudulent/materially misstated. For the record, I haven't heard of anyone who was imprisoned for errors in taxes paid. Just make you amend it before an assessment was issued by BIR.

 

   

custodiomay:
hello,im glad na nakita ko ang post na eto since negosyante akong alang alam  ;D kundi ang kung paano kikita at syempre kung papaano ko eto mapapatakbo ng maayos at legal,,,

itatanong ko kasi ngaun lang ako nag file sa BIR khit 2 years na existing ang business ko pero sinabi ko naman ang totoo sa BIR wala namang problema at binayaran ang dapat bayaran ang di ko lang talaga maintindihan ay may binili akong apat na libro na may nakalagay na ledger,journal at columnar book...since solo akong nagnenegosyo at sariling sikap lang talaga ay clueless and helpless ako, pati sa taxation na dapat bayaran ay wala akong alam
 ang nakalagay na tax type ko ay income tax,registration fee,withholding tax-expanded/oth,percentage tax-monthly,withholding tax-compensation....wala akong alam kung ano ba ang mga yan eh ala naman silang seminar na binigay para maging aware ako sa bagay bagay na yan...ang isang solusyon ko na lang ay ang kumuha ng accountant....which is dagdag expenses nga pero sana kahit ako kumuha ay magkaroon ako ng idea.

ako ay may internet shop na may 17 workstation at nag ooperate ng 10 hours a day at kumikita ng minimum 2thou a day...may resibo akong binili sa BIR pero wala namang nahingi ng resibo sa mga customer ko dahil mostly 20pesos lang ang binabayaran nila.sana po maliwanagan ako at kung may alm po kayo na seminar na pwede ko'ng atend-an para maging aware ako sa accounting at taxes ko.Salamat and more power! :D

Navigation

[0] Message Index

[#] Next page

[*] Previous page