money Financial Planning

[JohannBeckham]

 

 

Oh, okay. That explains the tax explanations.

 

Most of the folks here actively discussing personal finance are based abroad. I'm in the Philippines. Tax payments became part of my concern because I'm no longer employed. Instead, I do freelancing work online with clients based out of the country.

 

I've been catching up on reading tax basics for freelancers because I need a good proof of income when I apply for a visa or when I finally purchase my own piece of property.

 

I tried watching videos, even that of Taxumo. Pasok sa isang tainga, labas sa kabila ang mga sinasabi. Back to reading muna ako.

I agree Kay throne, mukang kelangan mo nga ng accountant to advice you in tax matters

 

 

Oh, okay. That explains the tax explanations.

 

Most of the folks here actively discussing personal finance are based abroad. I'm in the Philippines. Tax payments became part of my concern because I'm no longer employed. Instead, I do freelancing work online with clients based out of the country.

 

I've been catching up on reading tax basics for freelancers because I need a good proof of income when I apply for a visa or when I finally purchase my own piece of property.

 

I tried watching videos, even that of Taxumo. Pasok sa isang tainga, labas sa kabila ang mga sinasabi. Back to reading muna ako.

I agree Kay throne, mukang kelangan mo nga ng accountant to advice you in tax matters

[raffyraffy]

Anyone here well versed with diversifiying mutual funds? Or should I start day trading say for ex i have ample time naman..real noob here but willing to learn and invest.

[JohannBeckham]

Anyone here well versed with diversifiying mutual funds? Or should I start day trading say for ex i have ample time naman..real noob here but willing to learn and invest.

It depends sa risk tolerance mo and investment vehicle you're comfortable putting time and money in.

 

Personally I invest in exchange traded index funds, specifically in U.S., Australia and International excluding U.S. funds.

 

Naan k b ngayon, Pinas o abroad? Anong goals mo? For investing? What's you current financial picture look like? Do you have debt? In this thread we usually ask you these questions before we give opinions kasi personal finance is indeed personal. What's best for me is not necessary best for you

[neville]

I agree Kay throne, mukang kelangan mo nga ng accountant to advice you in tax matters

 

I agree Kay throne, mukang kelangan mo nga ng accountant to advice you in tax matters

 

 

Hinay muna ako sa paglabas ng pera para ipambayad sa professional fee. May bad experiences sa bookkeeper/accountant ang Ate at pinsan ko kaya kung kaya kong gawin mag-isa, ako na lang.

 

Kung clear-cut ang BIR sa tax guidelines sa mga online freelancers, hindi masyadong nakakalito.

 

Alam mo naman ako, kapag math na ang usapan, lumilipad na ang diwa ko. Hehehehe

[neville]

It depends sa risk tolerance mo and investment vehicle you're comfortable putting time and money in.

 

Personally I invest in exchange traded index funds, specifically in U.S., Australia and International excluding U.S. funds.

 

Naan k b ngayon, Pinas o abroad? Anong goals mo? For investing? What's you current financial picture look like? Do you have debt? In this thread we usually ask you these questions before we give opinions kasi personal finance is indeed personal. What's best for me is not necessary best for you

 

 

Dagdag sa sagot ni sir JB, newbie ka sa investing, sir raffy? Kung gusto mong magtapon ng pera at gayahin ang mga medyo ewan dumiskarte sa stock market, plunge into day trading.

 

Pero kung gusto mong lumago ang pera mo, yung mga tanong ni sir JB muna ang sagutin mo. Doon namin makukuha ang isasagot sa iyo.

 

[theoneandonlymistressmia]

 

 

Oh, okay. That explains the tax explanations.

 

Most of the folks here actively discussing personal finance are based abroad. I'm in the Philippines. Tax payments became part of my concern because I'm no longer employed. Instead, I do freelancing work online with clients based out of the country.

 

I've been catching up on reading tax basics for freelancers because I need a good proof of income when I apply for a visa or when I finally purchase my own piece of property.

 

I tried watching videos, even that of Taxumo. Pasok sa isang tainga, labas sa kabila ang mga sinasabi. Back to reading muna ako.

Hi,

 

Bookkeepers are different from accountants. You can always do your bookkeeping but for professional jobs, it is recommended that you hire a an accountant.

 

Later, I will discuss a lot of things.

[JohannBeckham]

Hi,

 

Bookkeepers are different from accountants. You can always do your bookkeeping but for professional jobs, it is recommended that you hire a an accountant.

 

Later, I will discuss a lot of things.

Your right theoneand, bookkeeper is different from accountant for I married an accountant and I can tell you accountants do more than bookkeeping. They're more of a trusted advisors in all things related to finance and the business.

 

Tells about your story naman, how did you get interested in financial topics and where are you in your financial journey?

[theoneandonlymistressmia]

To begin with our topic for today, let us define Business Registration first.

1. What is business registration

- It is the process of getting your trade name, business licenses, permits and tax registration to formally legalize your business. Honestly, it would take from 2 weeks to as far as 9 weeks to process and complete all these.

I know it may sound too much but in of the most cases we encounter, the registration takes time because of the "repeat" errands and/or the "lacking of documents".

Morever, in registering a business, the City Hall will send someone for an onsite inspection to your address and this would take time. Scheduling them to check on the sanitation, fire exit and many more is something that eats time. Sometime, if they find a flaw in that area, they will have you correct it and they re-schedule their visit.

There was one time that one of my branches had a door. It's actually one big room, with 4 cubicles inside. They even instructed me to remove the door knob and they would come back after 2-3 weeks for it.

I know it's too much. You might say "baka masita" na kami sa tagal wala pa kaming permits. If this happens, all you just need to do is atleast show them your proof that you are working on your permits. It isn't your fault that the government is slow in process it. You just need to be patient. DTI and Barangay permit is the easiest to get. If you can show them some documents, they will apologize for disturbing your business.

I will give you a scenario:

1. For all who doesn't know, I used to own multiple spa branches. One thing I do is that, all my spa branches are not registered in one name.

Example: Kings Sanctuary Spa, Touch of Paradise, The Secret Have, Wildwood, Leisure Haven, Tantra Philippines

I usually go over again and again when registering my business because I do not want all branches to go down in any case something happens. You know what I mean.

Despite the complete documents, sometimes the workers from the registration department will find a way even if it is unnecessary already to not finish your registration. They will ask you for another set of copies and etc. This is how "lagay" and "palakad" takes place.

I'm not against the government nor I have any means of raising a spark against them (my dad is a public servant) but I am pretty sure you know that these scenarios happens from time to time.

Since my brother is an accountant and we run an accounting firm, on instances like this, we usually assign our liaison officer to work on it or else the registration will not be finished.

There was even a time when I was asked to pay for P300,000.00 for them to process my business permit. The reason behind this is that, my parents used to have a business registered 30 years ago but they forgot to file a business closure to our business. Even if they were not filing for any income anymore, it is still needed "pala" that they file a business closure. So every time I try to register my business, their penalties for 30 years would show but this only happens for one city.

They want me to pay for it so I had to sell my first branch and transfer to Quezon City. Back then, we have no accounting firm since my brother was still studying back then. Then after 3 years, I decided to put a branch near our house and same issue happened. Since my brother has become very knowledgeable in things like this, he had to speak with the mayor to have the issue corrected. And horey! we were now able to register our business.

"Hindi po utang ng anak ang utang ng magulang."

So, Why do we need to register our business?

- It is required by law

- For OR purposes

- For legitimacy

- Serves as your proof of income for mostly travel and loan purposes.

(To be continued)

[MRROUGHSEX]

Cool share Donya MistressMia (or MM for short)

 

Hindi pa ako nakapunta dyan sa mga spas ninyo. Something I need to rectify ASAP. Ang malapit kasi sa akin are Makati spas like Spa Nara. Kaya dun napunta lahat pocket money ko for vacation.

Edited October 30, 2020 by MRROUGHSEX

[pinktounge]

I enjoy the discussion here pero napapanosebleed na ako lalo na sa taxation dito sa pinas. I think ok na rin investment ang kumuha ng accountant but make sure maganda record nung accountant and trusted talaga.

[theoneandonlymistressmia]

Cool share Donya MistressMia (or MM for short)

 

Hindi pa ako nakapunta dyan sa mga spas ninyo. Something I need to rectify ASAP. Ang malapit kasi sa akin are Makati spas like Spa Nara. Kaya dun napunta lahat pocket money ko for vacation.

Hi,

 

The wildwood branch was in N. garcia. Too bad you didnt get to experience.

 

I enjoy the discussion here pero napapanosebleed na ako lalo na sa taxation dito sa pinas. I think ok na rin investment ang kumuha ng accountant but make sure maganda record nung accountant and trusted talaga.

Hi,

 

Did you know that the CPA exam is harder than bar exam for law students?

 

It's not an easy exam, by any means, no matter where you take it! The only reason why the CPA has a reputation for being harder than the BAR is because there are four sections of the exam to take (5 including Ethics).

 

Every section has a time limit of four hours, or a total of 16 hours to complete the entire CPA Exam. To sum up, the CPA Exam is hard, because there is an extensive amount of information covered on the exam and, with most review courses, quite a lot of study time required.

 

The CPA exams is the most difficult with only 14% passing. Law has a passing rate of 22% while Medical doctors have a high passing rate of 85%.

 

This only applies in the Philippines. CPA exam is easier in other countries.

[MRROUGHSEX]

Hi,

 

The wildwood branch was in N. garcia. Too bad you didnt get to experience.

 

 

I'll definitely check this out next year Don MM. Every November ang uwi ko except this year due to Covid. Nakakapanibago nga kasi this is my first Halloween in US in a long time. Lagi kasi ako sa Pinas nag-cecelebrate starting with Octobeerfest. LOL. Bakit di ko nakita yang Wildwood last year? Me thread ba yan dito? Dun ko kasi nahanap yung Nara. May isa pa ako pinupuntahan, sa Las Pinas naman, Dun kasi isa kong college barkada nakatira. Me Nuru rin ba sa inyo? LOL.

[theoneandonlymistressmia]

I'll definitely check this out next year Don MM. Every November ang uwi ko except this year due to Covid. Nakakapanibago nga kasi this is my first Halloween in US in a long time. Lagi kasi ako sa Pinas nag-cecelebrate starting with Octobeerfest. LOL. Bakit di ko nakita yang Wildwood last year? Me thread ba yan dito? Dun ko kasi nahanap yung Nara. May isa pa ako pinupuntahan, sa Las Pinas naman, Dun kasi isa kong college barkada nakatira. Me Nuru rin ba sa inyo? LOL.

Hala financial thread to. Hahahahaha.. All my spas before were non mtc listed. Close na yun. Im skipping the spa questions hahaahha

[MRROUGHSEX]

Hala financial thread to. Hahahahaha.. All my spas before were non mtc listed. Close na yun. Im skipping the spa questions hahaahha

 

 

Business side naman usapan natin eh . Re financial planning aspects hehe, what are some of your criteria for knowing when to expand your business?

[neosaki24]

 

 

Business side naman usapan natin eh . Re financial planning aspects hehe, what are some of your criteria for knowing when to expand your business?

 

Observe your sales, market size and track record of your business.