Know your taxes: 2551Q

Know your taxes: 2551Q

For Accountants
What is 2551Q? BIR Form 2551Q is also known as the Quarterly Percentage Tax Return form. Who should file 2551Q? Non-VAT registered individuals or non-individuals “who sell goods, properties or services, whose annual gross sales and/or receipts do not exceed three million pesos (Php3,000,000.00) and are exempt from value-added tax (VAT) under Section 109 (BB) of the National Internal Revenue Code, as amended by Republic Act (RA) No. 10963” and others. When is the deadline of 2551Q? Form 2551Q is due within 25 days after the close of the taxable quarter. How do you prepare 2551Q? Fill out all the necessary fields on the form, making sure all values and data are correct. For fields with options, place an X mark right next to the applicable choice.To make form preparation…
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Know your taxes: 2550Q

Know your taxes: 2550Q

For Accountants
What is 2550Q? BIR Form 2550Q is also known as the Quarterly Value-Added Tax Return form. It’s like the Form 2550M only this is filed quarterly. Who should file 2550Q? If you’re a VAT-registered business or a business required to register as a VAT payer, you should file 2550Q if your business’ actual gross sales or receipts exceed three million (3,000,000) pesos.Also, if your business is in the importing of goods, you need to file 2550Q. When is the deadline of 2550Q? Form 2550Q is due within 25 days after the close of the taxable quarter. How do you prepare 2550Q? Fill out all the necessary fields on the form, making sure all values and data are correct. For fields with options, place an X mark right next to the…
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