Filing Taxes For Filipino Online Sellers
The pandemic cost a lot of people their jobs but Filipinos being resilient, many individuals found different ways to survive, most by engaging in e-commerce and delivery service providers. The government recognized the positive impact that these activities have had on economic recovery and in response, reminded everyone to ensure that their businesses are registered and that they are tax compliant.
In this article, we clear up any confusions you might have on tax and guide you to ensure that your business is running smoothly and earning you money.Step 1.) Identify The Required Forms
The first step would be to identify the required forms for your business. However, this varies depending on factors like the number of employees you have and the annual revenue your business generates.
Anantaks helps you with this by creating subscription plans that automatically generate your required tax filings.
For online sellers who engage in e-commerce while also earning some form of compensation income, we’ve specially curated the Anantaks Small Business Package to help sellers who are employed elsewhere while also building their own online business.
Should your revenue exceed Php 3,000,000 per annum, the VAT-registered Individual package will provide you with the forms required for VAT Registered individuals running an eCommerce business.
The above-mentioned packages, however, are specifically for those without employees. Our subscription plans specially created for those who house employees are as follows:
The Small Business Outsourced Package is for businesses whose annual income does not exceed Php 3,000,000 while the VAT-registered Outsourced Package is specifically for those businesses exceeding Php 3,000,000.
Of course, you’ll first have to create your free Anantaks account but that’s just a simple process of providing a business profile and entering your complete business details and a scanned copy of your Certificate of Registration.
It’s safe and secure as we ensure that the information you provide is protected by state-of-the-art encryption methods and data privacy acts.Step 2.) Prepare and Submit Your Tax Files
The next step then is to fill up and submit your required forms. Anantaks strives to provide convenience to our subscribers by handling so much of the tax work for you.
That’s why, instead of having to memorize all the different forms, we’ll be providing you with user-friendly and digestible forms that will immediately produce accurate and complete tax details, including tax dues and returns, with the help of our proprietary background computations and software.
If you subscribed to the “without employee” packages, for example, then you can simply fill up the tax information form with the necessary data. Head over to your cash flow statements, complete them with the correct details, and then click “submit” on your filing portal.
We also understand that businesses with employees require much more care and attention than auto-generated forms. Should you choose any of our Outsourced packages, we’ll be connecting you with third-party accountants dedicated solely to providing you with an efficient and accurate tax filing process.Step 3.) Review Your Files
Finally, you can review the files and books that were generated. Navigate to the “Books” menu on your dashboard and you’ll find your cash receipt journal, cash disbursement filings, and all the other ledgers and journals you need.Filing Online Sellers’ taxes with Anantaks
Get to focus on what you do best with Anantaks.
We look to provide clarity in processes as repetitive and confusing as taxes.
Built from the ground up by a team of accountants and CPAs with over 50 years of experience, we’ve come up with a product that provides you with an efficient and modernized tax filing process.
Welcome to Anantaks.