Page 2 of 3 FirstFirst 123 LastLast
Results 21 to 40 of 42

Thread: Freelancers: Do you register your business with ACRA?

  1. #21
    Moderator catchlights's Avatar
    Join Date
    Sep 2004
    Location
    Punggol, Singapore
    Posts
    21,902

    Default Re: Freelancers: Do you register your business with ACRA?

    Quote Originally Posted by Ravenfoo View Post
    Hmmm.. i think it will take me quite some to digest all the information from the websites before i can finally come out with a decision whether to register or not mann...
    need to spend so much time to read meh? you are thinking of setting up a public company har?
    Shoot to Live, Live to Shoot
    www.benjaminloo.com | iStock portfolio

  2. #22
    Senior Member creampuff's Avatar
    Join Date
    Jul 2006
    Location
    Dover
    Posts
    5,116

    Default Re: Freelancers: Do you register your business with ACRA?

    Please note that once you register as a sole proprietor, you will need to have Medisave contribution... if not CPF/IRAS will not allow you to renew your biz registration.

  3. #23
    Senior Member blueskye168's Avatar
    Join Date
    Aug 2006
    Location
    AVPS
    Posts
    2,874

    Default Re: Freelancers: Do you register your business with ACRA?

    Quote Originally Posted by catchlights View Post
    why not just registered your business with ACRA?

    even you are a freelancers, you should registered your business under sole proprietorship.

    it does not cost you alot, and you are telling your customers you are doing business "legally".


    yes, you need to pay income tax, if you need to pay alot of tax, you should happy too, cos you've made a lot of money.
    Yup, I agreed with bro catchlights

    The following is what I've experienced from and after regd with ACRA... )

    1) I felt/gained more confidence when dealing/meeting with clients for discussions/clinching of projects/assignments

    2) I'll less likely to face with "Which company are you from/representing?" and "Ooh you're freelancer...hmm...!" as well as "Hmm...so you work on what basis...word of mouth...and how well can show me your work that you've done so far...which area of photography are you...?(These are just some of the more commonly asked/faced questions being thrown with...as if going for "Interview"...before I regd my Biz/s since 2004/05)

    Btw, things are much different after I'd regd both my biz/s, meaning I hardly get those (2)questions mentioned above during meet-up and what matter most to me is well...I'm not saying that it'll be very easy but at least "In a much better position to recieve and being accepted to projects/assignments, of cos, still have to based on the suitability of taking up that particular project/assignment.
    Last edited by blueskye168; 29th September 2009 at 09:30 AM.
    Anything that can take pictures...happy already lor...(..but...Hasselblad_H5D-50 as my Workhorse)

  4. #24

    Default Re: Freelancers: Do you register your business with ACRA?

    Quote Originally Posted by Ravenfoo View Post
    "If you're employed by someone else, do make a check to see if you're allow to do so."

    Do you mean checking with my company?
    By the time I see and reply this, I guess you've got the answer.

  5. #25
    Member
    Join Date
    May 2006
    Location
    kluang, Johore, Msia & Spore
    Posts
    181

    Default Re: Freelancers: Do you register your business with ACRA?

    Quote Originally Posted by catchlights View Post
    need to spend so much time to read meh? you are thinking of setting up a public company har?
    Haha.. I was going thru the ACRA, IRAS & CPF website, hence lots of things to read up...

  6. #26

    Default Re: Freelancers: Do you register your business with ACRA?

    Very informative thread for freelancers
    Anyone registered their biz under the Home Office Scheme? I've read through the information on ACRA, HDB & IRAS and have some questions.

    - When registering on OBLS for the Home Office Scheme (HDB), under "Business Details", what details should be entered for these fields for a freelance Photographer using home only for computer work?

    *Types Of Activities (Daily Operations)
    *Types Of Equipment/Inventory
    *Type of Business (What does your type of business best fall in?)

    - For filing of income tax, the "cost of travelling on public transport in the course of business" is under Allowable Business Expenses, but "the cost of travelling to and from your home" is under DisAllowable Business Expenses, so what does that means for anyone under the Home Office Scheme and travels to and from home on public transport in the course of business? Quite confusing...
    Last edited by NubShot; 29th September 2009 at 06:40 PM.

  7. #27
    Moderator catchlights's Avatar
    Join Date
    Sep 2004
    Location
    Punggol, Singapore
    Posts
    21,902

    Default Re: Freelancers: Do you register your business with ACRA?

    Quote Originally Posted by NubShot View Post
    Very informative thread for freelancers
    Anyone registered their biz under the Home Office Scheme? I've read through the information on ACRA, HDB & IRAS and have some questions.

    - When registering on OBLS for the Home Office Scheme (HDB), under "Business Details", what details should be entered for these fields for a freelance Photographer using home only for computer work?

    *Types Of Activities (Daily Operations)
    *Types Of Equipment/Inventory
    *Type of Business (What does your type of business best fall in?)
    for this one, just explain to the officer in Area Officefor what you do for your daily operations, than they will tell you what you should fill in, since you don't install machinery at your house, "manufacture" anything at your house, store a lots of "goods" at your place, serving customers at your place, usually don't have problem at all

    Quote Originally Posted by NubShot View Post
    - For filing of income tax, the "cost of travelling on public transport in the course of business" is under Allowable Business Expenses, but "the cost of traveling to and from your home" is under DisAllowable Business Expenses, so what does that means for anyone under the Home Office Scheme and travels to and from home on public transport in the course of business? Quite confusing...
    for tax filing, your daily commuting between home and working place is not claimable allowance. but you can claim transport allowance for travailing from Your Workplace to meet customers, or any work related activities.
    Last edited by catchlights; 29th September 2009 at 08:36 PM.
    Shoot to Live, Live to Shoot
    www.benjaminloo.com | iStock portfolio

  8. #28

    Default Re: Freelancers: Do you register your business with ACRA?

    After some further reading, I found that as a home based freelance photographer, there's no need to register for the Home Office Scheme afterall.

    "Businesses who meet the "Small Business Guidelines" can operate from home without applying for the Home Office Scheme. E.g. Freelance writer or photographer."

  9. #29
    Member
    Join Date
    Jun 2005
    Location
    Serangoon Ave. 4
    Posts
    274

    Default Re: Freelancers: Do you register your business with ACRA?

    Quote Originally Posted by blueskye168 View Post
    Yup, I agreed with bro catchlights

    The following is what I've experienced from and after regd with ACRA... )

    1) I felt/gained more confidence when dealing/meeting with clients for discussions/clinching of projects/assignments

    2) I'll less likely to face with "Which company are you from/representing?" and "Ooh you're freelancer...hmm...!" as well as "Hmm...so you work on what basis...word of mouth...and how well can show me your work that you've done so far...which area of photography are you...?(These are just some of the more commonly asked/faced questions being thrown with...as if going for "Interview"...before I regd my Biz/s since 2004/05)

    Btw, things are much different after I'd regd both my biz/s, meaning I hardly get those (2)questions mentioned above during meet-up and what matter most to me is well...I'm not saying that it'll be very easy but at least "In a much better position to recieve and being accepted to projects/assignments, of cos, still have to based on the suitability of taking up that particular project/assignment.
    I agree with all this. I worked in publishing for many years as a text editor, and also take a few photos. When I retired at the end of last year I set up a sole proprietor company offering editorial services and I feel much more at ease pitching for work or invoicing for work as a clear corporate entity. Sure you have to go through a bit of hassle registering it with ACRA, and setting up a bank account, but it's really no big deal. Very important ... by keeping your work accounts separate from your domestic spending, you can see how well you are actually doing. I think it's something you should do if you see yourself as a professional. It's a good discipline and transmits the right message to the world.

    Tim

  10. #30
    Senior Member blueskye168's Avatar
    Join Date
    Aug 2006
    Location
    AVPS
    Posts
    2,874

    Default Re: Freelancers: Do you register your business with ACRA?

    Quote Originally Posted by timo View Post
    I agree with all this. I worked in publishing for many years as a text editor, and also take a few photos. When I retired at the end of last year I set up a sole proprietor company offering editorial services and I feel much more at ease pitching for work or invoicing for work as a clear corporate entity. Sure you have to go through a bit of hassle registering it with ACRA, and setting up a bank account, but it's really no big deal. Very important ... by keeping your work accounts separate from your domestic spending, you can see how well you are actually doing. I think it's something you should do if you see yourself as a professional. It's a good discipline and transmits the right message to the world.

    Tim
    Hi timo,

    Yup, precisely and certainly agreed with your above mentioned too, especially those 'highlighted' ones
    Lets and have Great Prosperities ahead for us
    Last edited by blueskye168; 30th September 2009 at 10:43 AM.
    Anything that can take pictures...happy already lor...(..but...Hasselblad_H5D-50 as my Workhorse)

  11. #31

    Default Re: Freelancers: Do you register your business with ACRA?

    can anyone advise on how to prepare a fixed asset schedule?
    which camera equipments should be listed and how to determined the accumulated depreciation values? for example a camera body bought in 2003 at the price of $2500...

  12. #32

    Default Re: Freelancers: Do you register your business with ACRA?

    Quote Originally Posted by NubShot View Post
    can anyone advise on how to prepare a fixed asset schedule?
    which camera equipments should be listed and how to determined the accumulated depreciation values? for example a camera body bought in 2003 at the price of $2500...
    I guess all your major camera equipment (lens, body, flash) should be considered fixed assets, since they all last longer than a year. As for depreciation, I would think about 2 or 3 years would be a good gauge for your camera body? Lens and flash maybe longer? For your camera body that is bought in 2003, I guess if you were to include it as your fixed asset, the book value should be about $2500, with an accumulated depreciation of 2499? You prob won't need to depreciate the camera body any further in the future years, since its net value is already $1. But if you do sell it, you might need to recognize a disposal gain from sale of your fixed asset, which adds to your profit, but its not taxable. Do take note however, depreciation for accounting and depreciation for tax purposes are very different. The life of the asset might/need not be the same for both purposes.

  13. #33
    Moderator catchlights's Avatar
    Join Date
    Sep 2004
    Location
    Punggol, Singapore
    Posts
    21,902

    Default Re: Freelancers: Do you register your business with ACRA?

    Quote Originally Posted by NubShot View Post
    can anyone advise on how to prepare a fixed asset schedule?
    which camera equipments should be listed and how to determined the accumulated depreciation values? for example a camera body bought in 2003 at the price of $2500...
    I'm not sure you are filing tax for public company? pte ltd? partnership? or sole proprietorship? anyway, filing tax for sole proprietorship, is only FOUR LINE STATEMENT, if your turnover is less than $100,000 you only need to report a 2-line statement, consisting of the items Turnover and Adjusted profit/loss.

    If you turnover is more than this, it is better to hire someone to do bookkeeping for you, and you can go and make some more money.
    Last edited by catchlights; 2nd October 2009 at 10:30 AM. Reason: typo error
    Shoot to Live, Live to Shoot
    www.benjaminloo.com | iStock portfolio

  14. #34
    Senior Member blueskye168's Avatar
    Join Date
    Aug 2006
    Location
    AVPS
    Posts
    2,874

    Default Re: Freelancers: Do you register your business with ACRA?

    Quote Originally Posted by catchlights View Post
    I'm not sure you are filing tax for public company? pte ltd? partnership? or sole proprietorship? anyway, filing tax for sole proprietorship, is only FOUR LINE STATEMENT, if your turnover is less than $100,000 you only need to report a 2-line statement, consisting of the items Turnover and Adjusted profit/loss.

    If you turnover is more than this, it is better to hire someone to do booking for you, and you can go and make some more money.
    Yes, precisely and if it's more than $100K(to me)it's best to engage a cpa/or some qualified personnel to handle it
    Anything that can take pictures...happy already lor...(..but...Hasselblad_H5D-50 as my Workhorse)

  15. #35

    Default Re: Freelancers: Do you register your business with ACRA?

    for those who need help can PM me, for fellow clubsnappers I can charge friendly fees for accounting work

  16. #36

    Default Re: Freelancers: Do you register your business with ACRA?

    thanks nkhoo, catchlights & blueskye168. As a newbie in business operations I'll need advises on income tax issues.

    I'm planning to register as sole proprietorship, and don't think I'll be earning $100K anytime soon so I know only the 2 line statement is needed. I'm just unsure of how to determine the Adjusted profit/loss which from the IRAS Starter Guide refers to "gross profit/loss less the allowable expenses and any capital allowances claimed."

    I'll only operate from home and I don't own any vehicles, so if I'm not going to claim any capital allowances, I don't need to prepare a Fixed Asset Schedule? But that comes the next question which is how to prepare the Balance Sheet? Which "shows the assets, liabilities and owner's equity of your business".

  17. #37

    Default Re: Freelancers: Do you register your business with ACRA?

    Quote Originally Posted by NubShot View Post
    thanks nkhoo, catchlights & blueskye168. As a newbie in business operations I'll need advises on income tax issues.

    I'm planning to register as sole proprietorship, and don't think I'll be earning $100K anytime soon so I know only the 2 line statement is needed. I'm just unsure of how to determine the Adjusted profit/loss which from the IRAS Starter Guide refers to "gross profit/loss less the allowable expenses and any capital allowances claimed."

    I'll only operate from home and I don't own any vehicles, so if I'm not going to claim any capital allowances, I don't need to prepare a Fixed Asset Schedule? But that comes the next question which is how to prepare the Balance Sheet? Which "shows the assets, liabilities and owner's equity of your business".
    You need a CPA &/or MYOB or something similar...

  18. #38
    Member
    Join Date
    Nov 2005
    Location
    North
    Posts
    1,105

    Default Re: Freelancers: Do you register your business with ACRA?

    Quote Originally Posted by NubShot View Post
    thanks nkhoo, catchlights & blueskye168. As a newbie in business operations I'll need advises on income tax issues.

    I'm planning to register as sole proprietorship, and don't think I'll be earning $100K anytime soon so I know only the 2 line statement is needed. I'm just unsure of how to determine the Adjusted profit/loss which from the IRAS Starter Guide refers to "gross profit/loss less the allowable expenses and any capital allowances claimed."

    I'll only operate from home and I don't own any vehicles, so if I'm not going to claim any capital allowances, I don't need to prepare a Fixed Asset Schedule? But that comes the next question which is how to prepare the Balance Sheet? Which "shows the assets, liabilities and owner's equity of your business".
    A balance sheet is probably for your own eyes in this case. It is good only if you are able to extract data from the balance sheet. If not, do not be overly concerned with it yet (at least for the time being).

    Capital allowances can be claimed for purchases of cameras, computers and other assets (such as furniture) that are used for your business and which costs do not relate to the number of jobs you take on easily. These allow you to reduce the taxes payable.

    Allowable deductibles can be claimed for purchases of stuff that are part of the job, e.g. public transport, film (which probably u r not using), printing of photos, etc.

    If in doubt, just call the tax officer or email them (for proof in case of dispute) for queries but always keep your receipts for at least 5 years in the rare case IRAS decide to check on you.
    G

  19. #39
    Member
    Join Date
    Nov 2005
    Location
    North
    Posts
    1,105

    Default Re: Freelancers: Do you register your business with ACRA?

    Quote Originally Posted by nkhoo View Post
    You need a CPA &/or MYOB or something similar...
    an Excel spreadsheet with the right formulas can do wonders too.
    G

  20. #40
    Member
    Join Date
    Oct 2007
    Location
    Sengkang, Singapore
    Posts
    7

    Default Re: Freelancers: Do you register your business with ACRA?

    wow this thread really informative
    Photographer is in the house.
    Sensational.Satisfying.Simple

Page 2 of 3 FirstFirst 123 LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •