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Author Topic: HELP: REGARDING BIR  (Read 29606 times)

Ungas

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Re: HELP: REGARDING BIR
« Reply #15 on: February 28, 2009, 07:09:00 pm »
Hello,

If this is your only business, you will not need to file the 1701Q.   You will need to file the 1701 next year.

The journal notebook basically records all the transactions that are also recorded in your receipts.
The columnar notebook basically records all the disbursements (expenses) that you incurred in your business.
The ledger notebook basically creates the monthly summaries of the journal and the columnar notebooks.

Cheers!

Gerel

Last year I filed 1701Q, do I still need to file 1701 for the fourth quarter?
Can I still change from filing 1701Q every three quarter and 1701 for the 4th qtr to just filing 1701 every year?
Meaning I'll just file 1701 on april for the fourth qtr last year and I will not file 1701Q for the 1st quarter of this year. Is this possible since I don't have other work than this business?

sting ray

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Re: HELP: REGARDING BIR
« Reply #16 on: February 28, 2009, 08:11:01 pm »
I would like to share my thoughts on the foregoing discussion:
1. On hiring an accountant: When you go into business, you invest your hard earned money and lifetime savings with the hope that you will make it grow very soon. Part of your investment is to hire an accountant or a tax consultant, even on a part time basis. Even if I teach you and answer all your questions raised earlier especially on the books of accounts, you will never be able to catch up and you will end up having erroneous reports. Give it a year or two, BIR will send you a letter of authority (LA) to investigate your business. The LA is sometimes triggered by the wrong returns you filed or the omitted reports that you should have filed. This investigation is costly and can cost more than the amount that you should have paid to your accountant.

2.  On BMBE: If your business's assets amount to P3M or less excluding real properties, you are qualified to register under BMBE, RA 9178. You apply with the LGU for a reduction in the annual business permit and exemption from the income tax and minimum wage law. Please ensure that you get the certificate of authority signed by the city mayor. However, the BIR has not issued its Implementing Rules and Regulations pertaining to RA 9178. This means that as far as BIR is concerned, the BIR exemption is still in question.

3.  On income tax: As a taxpayer, even as a single proprietor, you are still required to file the quarterly income tax return (1701Q). These are due on April 15, Aug 15, November 15, and the annual is also due on April 15. Please take note that on April 15, you file two returns. One for the annual return for 2008 and the other one is the 1st quarter for 2009. If you are BMBE registered, these will be waived.

4. On books of accounts: You may be able to do the cash receipts and cash disbursements books but I am not sure if you can do the general ledger and general journal books. You will need help on this aspect because if you commit errors here, the BIR will not accept whatever explanation that you will make. You have to pay the price.

5. On monthly returns: There are a lot of monthly reports that you have to make like the 1601E and 1601CF, the monthly alpha list, the 2551, the preparation of the BIR Form 2307 for the 1601E that you withheld, the preparation of the BIR Form 2316 for the 1601CF that you withheld from your employees.

In the meantime, while you do all these work, you may have missed to market your cafe to friends, students, neighbors, and other customers within your area. What I am saying is while somebody helps you in your backroom operations, you can focus more on how to increase your sales and customer base.

Lastly, may I know if you have printed the official receipts or sales invoice? This will have material effect on the 2551 that you will file on March 20 or that you should have filed on Feb 20 for the January transactions.

Start right. Avoid penalties and surcharges in the future.

stingray

Ungas

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Re: HELP: REGARDING BIR
« Reply #17 on: March 03, 2009, 01:53:29 pm »
Darn, I replied to this topic it is about 3 to 4 paragraph long. And when I pushed post, my 1hr login time in the forum is over... I need to re-login and re-type everything.
I'll just post the summary of what I'm supposed post awhile ago.

1. I only need to experience it once and I can do it for the next years. The only one I haven't tried doing is the 1701. And if I think I make a mistake I consult BIR on how to correct it. Regarding accountant, I'm currently looking for one right now. Part time accounting will do for my quarterly ITR, and renewaing of books and permits.

2. Where can I register for BMBE? Maybe this can help reduce my expenses.

3. I know that I will be filling 1701 and 1701Q on April. Question regarding on what to write in 1701. Do I need to input all computations for the whole year of 2008(January to December)? or just what is left for the fourth quarter(November to December)?

4. I think I can do books except the "journal"(Is this the summary of everything for the month? If it is, I think I've been doing these with my own book). Although I still need an accountant, because I don't want to do these forever... I'm an engineer not accountant.

5. On my BIR(ceertificate?), the only forms written are 2551M, 1601E, 1701Q/1701 and 0605. That's why these are the only forms I'm filling. And from the BIR seminar they said that those are the forms that we need to know... for now.

I think I did not missed marketing my shop since my brother has been marketing it for me(I don't have that much friends  :'(). And when I'm renewing my permits, I think I made some new customers because every permit I go through they ask about what I'm selling/repairing. Things that they cannot ask from other people who are renewing permits like me(the owner). Even at the bank since they see me very often, they started asking about my shop. The only sad part is, I don't have calling cards to give them that's why contacts are always written in a scratch which can be easily discarded.

I already have my SI and OR printed last year. The BIR personnel has been very helpful to me last year that's why I was forced(not literally forced) to order the SI and OR from her... I don't know how much I need for the year, that's why I followed what she suggested. I think my receipts will last for the next year or two. I've been filling my 2551M the same time I file my 1601E which is due on every 10th. Nasubukan ko nang mag file sa mismong deadline, masyadong madaming tao kaya natutunan kong magbayad ng masmaaga.

Na-experience ko na rin po ito, at talagang napaka sakit sa bulsa.

Maraming salamat po sa lahat... sana po'y masagot pa ninyo ang mga follow up questions ko. Thank you po talaga.
Ungas

sting ray

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Re: HELP: REGARDING BIR
« Reply #18 on: March 05, 2009, 02:31:33 pm »
Darn, I replied to this topic it is about 3 to 4 paragraph long. And when I pushed post, my 1hr login time in the forum is over... I need to re-login and re-type everything.
I'll just post the summary of what I'm supposed post awhile ago.

1. I only need to experience it once and I can do it for the next years. The only one I haven't tried doing is the 1701. And if I think I make a mistake I consult BIR on how to correct it. Regarding accountant, I'm currently looking for one right now. Part time accounting will do for my quarterly ITR, and renewaing of books and permits.

2. Where can I register for BMBE? Maybe this can help reduce my expenses.

3. I know that I will be filling 1701 and 1701Q on April. Question regarding on what to write in 1701. Do I need to input all comp*tations for the whole year of 2008(January to December)? or just what is left for the fourth quarter(November to December)?

4. I think I can do books except the "journal"(Is this the summary of everything for the month? If it is, I think I've been doing these with my own book). Although I still need an accountant, because I don't want to do these forever... I'm an engineer not accountant.

5. On my BIR(ceertificate?), the only forms written are 2551M, 1601E, 1701Q/1701 and 0605. That's why these are the only forms I'm filling. And from the BIR seminar they said that those are the forms that we need to know... for now.

I think I did not missed marketing my shop since my brother has been marketing it for me(I don't have that much friends  :'(). And when I'm renewing my permits, I think I made some new customers because every permit I go through they ask about what I'm selling/repairing. Things that they cannot ask from other people who are renewing permits like me(the owner). Even at the bank since they see me very often, they started asking about my shop. The only sad part is, I don't have calling cards to give them that's why contacts are always written in a scratch which can be easily discarded.

I already have my SI and OR printed last year. The BIR personnel has been very helpful to me last year that's why I was forced(not literally forced) to order the SI and OR from her... I don't know how much I need for the year, that's why I followed what she suggested. I think my receipts will last for the next year or two. I've been filling my 2551M the same time I file my 1601E which is due on every 10th. Nasubukan ko nang mag file sa mismong deadline, masyadong madaming tao kaya natutunan kong magbayad ng masmaaga.

Na-experience ko na rin po ito, at talagang napaka sakit sa bulsa.

Maraming salamat po sa lahat... sana po'y masagot pa ninyo ang mga follow up questions ko. Thank you po talaga.
Ungas

My comments:
1.  You can do the 1701 if you have the financial statements. Who will make your FS? Do you use a software? or have you updated and completed your manual books of accounts? If yes, it will be easier to do the 1701. If not, you need help. My email is msmentrepreneur66@yahoo.com. I suggest you go consultancy since you are hands on in your business and you have the potential to learn things fast.

2. Apply for BMBE at the city hall. Some cities delegate the processing to the chamber of commerce but just the same, the city mayor will sign the certificate of authority. One time fee good for 3 years is about P1k. Other places may charge more or even less.

3. In addition to my comments in number 1, 1701 is annual and you have to consider all, even the adjusting entries as at Dec 31.

4. You write the journal entries of every transaction everyday and every month in the journal book. This is the turf of the CPAs. It is like you asked me to make a blue print of your proposed house. Joke.

5. You are correct. But if you have employees, you need to fill up additional forms. Your bir certificate of registration is form 2313. You need to post that in your place of business to avoid penalties during tax mapping.

stingray

Ungas

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Re: HELP: REGARDING BIR
« Reply #19 on: March 06, 2009, 11:45:43 am »
Ok. Maraming salamat po.
1. Ako po ang nag-ayos ng book namin nung last year, tinuruan lang ako ng kaopisina ng mama ko sa format ng paglagay sa book(yung madalas na hinihinging "template" sa forum na ito?). Pero nung nagparenew ako ng book last year sabi sa akin ng BIR punuin ko daw muna ung book bago pa renew. Lagyan ko nalang daw ng year 2009 sa next page. Akala ko kasi yearly ang pag submit ng book.
And yung pinoproblema ko sa 1701...hehehe. Kailangan ko lang palang intindihin mabuti ung mga pifill-up-an. Katulad na katulad din pala talaga siya ng 1701Q, nagkaroon lang ng mga schedule sa likod para sa itemized computation. Nalula lang kasi ako nung unang beses kong nakita yung form...hehehe E-mail ko po kayo kung kailangan ko pa po ng help, thanks po.

4. Yung journal pala ay yung ginagawa ng tao ko sa shop sa unofficial book namin, yung lahat ng transactions para sa buong araw.

Salamat po ulit, malaking tulong po ung mga explanations niyo.
Ungas

sting ray

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Re: HELP: REGARDING BIR
« Reply #20 on: March 08, 2009, 11:00:06 am »
You're welcome.

stingray

YUmiKa21

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HELP: REGARDING BIR
« Reply #21 on: February 11, 2018, 12:31:02 pm »
nabasa ko po itong trend na to hbng nghhanap ng makkatulong skin sa business ko. so basically po ngopen po ko ng store para lng po sia tindahan,, mini-mart lng po. Niregister ko po sia sa BIR at binigyan ako ng book of accounts,, binigyan ako ng ledger, columnar, at journal. ang problema po ndi po ako maalam ng ganito at d ko nmn po afford ang mghire ng bookkeeper. gusto ko lng po sana malaman para saan po ang mga book at accounts at mga sample po sana kug ano mga isinusulat sa bawat book. i"m asking for help po sana kahit kung ano lng po ung mga ilalagay sa bawat book. Thank you po

 

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