You may not have all what it takes to master accounting, but your accounting and tax knowledge is indispensable for your entrepreneurial success. For tax purposes, simple things may mean a lot and may become a material issue. Thus, this seminar-workshop is intended to educate participants in basic BIR compliance and avoid headaches dealing with the tax authorities.

Learning points:

• Understand the basic minimum requirements of VAT registered taxpayers;
• Learn how to book keep your VAT registered service or trading business;
• Learn what BIR returns should be filed based on the transactions;
• Learn how to fill-out BIR Returns and avoid being assessed based on erroneous entries;
• Learn what to write and how to make entries on the books of accounts;
• Learn how to prepare simple financial statements;
• Learn and understand the financial figures of your business; and,
• Understand the work of your regularly paid bookkeeper and reasonably estimate their retainer fees;

Outline:

1. Fully understand when VAT, when non-VAT;
2. Proper substantiation of income and expenses;
3. Proper substantiation of input VAT;
4. Minimum tax types for VAT entity;
5. BIR allowed books of accounts; and,
6. Comprehensive illustration;

• a. Recording on books of accounts;

i. Cash receipts books

ii. Cash disbursements books

iii. General journal

iv. General ledger

v. Subsidiary purchases journal;

vi. Subsidiary sales journal

• b. Preparing and filing VAT registered BIR returns;

i. Annual Registration (BIR Form No. 0605)

ii. Application for registration (BIR Form No. 1903 – Corp.)

iii. Documentary stamp tax return (BIR Form No. 2000)

iv. Expanded Withholding taxes (BIR Form 1601-E)

v. Final Withholding taxes (BIR Form 1601-F)

vi. Withholding tax on compensation (BIR Form 1601-C)

vii. Certification of taxes withheld on compensation (BIR Form No. 2316)

viii. Creditable withholding tax certificate (BIR Form No. 2307)

ix. Quarterly income tax returns (BIR Form 1702Q)

x. Annual income tax returns (BIR Form No. 1702)

xi. Monthly value-added tax returns (BIR Form No. 2550M)

xii. Quarterly value-added tax returns (BIR Form No. 2550Q)

• c. Preparing financial statements

• d. Closing books of accounts