Date: January 7, 2025 Businesses in the Philippines holding inventory for sale must submit an Inventory List to the BIR annually. This report outlines the details of all inventories held as of the last day of the financial year. Key Points to Remember: What is the Inventory List? The Inventory List is a mandatory compliance…
Registering your business is the hardest. If you want to DIY your business registration, here are 12 things you need to do to legitimize your practice. The BIR registration process can be intimidating, especially for doctors and physicians with busy schedules. In this guide, we provide a detailed and comprehensive overview of how to register…
What’s a Mixed-Income Earner? Mixed-income earners typically have multiple sources of income, such as a regular salary, freelance work, business profits, or investment returns. Managing and understanding these various income streams is crucial for financial planning. Why Does it Matter? Different sources of income may be subject to different tax rates and regulations.…
What’s BIR Form 2316? BIR Form 2316 is like your tax report card. This form summarizes your income, compensation, bonuses, and the corresponding taxes that your employer has already taken care of. In other words, it’s the cheat sheet you need when filing your taxes. Why Does it Matter? When tax season rolls around,…
Do you wish to skip this whole process entirely? Consider exploring Beppo – an all-in-one bookkeeping app built for the unique needs of self-employed individuals in the Philippines. Doctors and physicians, as essential members of the healthcare community, are not free from the responsibility that comes with maintaining tax compliance. With its many stages…
What’s BIR Form 2307? Think of BIR Form 2307 as a receipt from your suppliers or clients that serves as evidence of income received or payment made subject to creditable withholding tax. This form is commonly used in business transactions where one party withholds taxes from payments made to another party. Why Does…
Remember the Books of Accounts you received when registering your business? They require periodic renewal based on the type of books you’re using. If you need a refresher on this topic, you can find comprehensive information on bookkeeping here. Here are the renewal deadlines for different types of books: Manual Book of Accounts…
As a freelancer or online seller, there is essential information to grasp about bookkeeping, especially since the Bureau of Internal Revenue (BIR) mandates the maintenance and submission of Books of Accounts. These records document your business transactions and must be filed with the BIR within specific deadlines. This necessitates meticulous record-keeping for all sales and…
An increasing number of business owners are transitioning to digital or computerized Books of Accounts. If you aim to be part of this group, you must obtain a specific permit. This permit, known as the Books of Accounts Permit to Use (PTU), is only necessary when utilizing computerized or loose-leaf Books of Accounts. Manual, bound…
As responsible taxpayers, we want to ensure that their taxes and filed forms are submitted to the BIR on time. This is where the Payment Confirmation becomes valuable. Whenever you utilize Beppo for your tax filing and payment, a Payment Confirmation will be available inside the Beppo app under the “Tax & Payment Confirmation” section…