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Thread: Choosing Biz Names.

  1. #21
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    Default Re: Choosing Biz Names.

    Quote Originally Posted by cabbySHE View Post
    this guy is sure in the biz.
    and also have all your declared accounts certified. keep a lot of filing of all receipts, purchase and expenses,insurance, transport, rentals,phone bills, utilities bills, assistants, models fees, etc. IRAS like to pounce on those that evade taxes for a period of 5 - 10 years. So that they thought they could/had get away unnoticed, but never knew that they had been tacked with tracking device.
    What if I am running small home personal business and don't issue receipts?
    The best photographer is one who is inspired by the innate nature of his subjects.

  2. #22

    Default Re: Choosing Biz Names.

    Quote Originally Posted by WuffRuff View Post
    What if I am running small home personal business and don't issue receipts?
    Perhaps one could get away with shooting wedding assignment,as I suppose, the couples cannot file claim on their wedding expenses in the income tax return.
    However,once you issue a receipt ( in any format ), that will prove your income source. And also other companies need to do their book keeping and accounts too. It is also ( to be more professional ) necessary to inlcude your business registeration numbers on your call card, letter head, and invoices etc. This prove to your client that you are IN BUSINESS, not just play play, and their accounts fella and auditor will like it too. Coz if the photography expenses claim is large and constant, the IRAS might want to know whether the company ( the photgrapher and or the studio ) is a bogus company which is non existing.

    Professional photographer.... means the major source of income are from his/her photographic services rendered.

    On the personal business thing...unless you do it on and off and not a regular basis, and you always insist on cash payment,and no receipt or anything, otherwise when the other party issue you a cheque, he/she might have to note down for what purpose the cheque is being issued. So in the end it still come back to square one. Maybe can try the e-transfer payment method.

    But, did you received your Progress Package payment ? How do they know your bank account ?
    Last edited by cabbySHE; 1st May 2009 at 01:39 PM.

  3. #23
    Moderator catchlights's Avatar
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    Default Re: Choosing Biz Names.

    I guess many has not register their biz, and not filing any tax return.

    anyway, for one man show business, it is very simply and easy for register your biz and filing the tax return under under sole-proprietorship.

    all you have to do is go to RCB to pay money and register your biz,

    than you can open your door and do business,

    keep records of your sales, expenses, it is good to learn some simple local commerce, so you know how to do book keeping yourself, and know which is expenses claimable or not, like you have lunch with customers, the expenses is claimable, but not with your girl friend is not, unless you hire her.

    tax return for sole-proprietorship is very simple, only four lines statement,

    Turnover (totol sales/income):
    Gross profit/loss:
    Less: allowable business expenses:
    Adjusted profit/loss:

    But you only need to fill the amount for Turnover (how much your gloss sale), and Adjusted profit/loss (nett profit, gloss sale minus operating cost and whatever expenses),
    and that's all you need to do for the tax return.

    CPF will calculate how much you have declare for your tax turn, can ask you to pay up Medisave, so you able to renew your bussiness license for next year.

    If your bussines is growing, and one man show is no longer possible, it is best you register your company as Pte Ltd.
    Shoot to Live, Live to Shoot
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  4. #24
    Moderator catchlights's Avatar
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    Default Re: Choosing Biz Names.

    Quote Originally Posted by WuffRuff View Post
    What if I am running small home personal business and don't issue receipts?
    yes, and no.

    Issuing receipts to customers

    You have to issue serially printed receipts and keep a duplicate of the receipts if your gross income in any year is more than $18,000 from the sale of goods, or $12,000 from providing services.

    However, you need not issue receipts if you adopt practices that can ensure the completeness and accuracy of the recording of all your sales receipts.

    taken from IRAS Site
    For sole-proprietors/self-employed (freelancers, commission agents, taxi drivers,hawkers...)
    Shoot to Live, Live to Shoot
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  5. #25

    Default Re: Choosing Biz Names.

    Quote Originally Posted by catchlights View Post
    See the word structure there..." completeness and accuracy " these are the pressure point.

    Honestly speaking, I do not mind paying up a few thousand dollars of taxes if I have got that amount of work load and nett profit per year.

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