need to spend so much time to read meh? you are thinking of setting up a public company har?
Freelancers: Do you register your business with ACRA?
- Thread starter Ravenfoo
- Start date
- Status
Yup, I agreed with bro catchlights
The following is what I've experienced from and after regd with ACRA... :thumbsup
1) I felt/gained more confidence when dealing/meeting with clients for discussions/clinching of projects/assignments:thumbsup:
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:
Haha.. I was going thru the ACRA, IRAS & CPF website, hence lots of things to read up...:sweat:
Very informative thread for freelancers :thumbsup:
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...
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:
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
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:
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."
"Businesses who meet the "Small Business Guidelines" can operate from home without applying for the Home Office Scheme. E.g. Freelance writer or photographer."
Yup, I agreed with bro catchlights
The following is what I've experienced from and after regd with ACRA... :thumbsup
1) I felt/gained more confidence when dealing/meeting with clients for discussions/clinching of projects/assignments:thumbsup:
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
Hi timo
,Yup, precisely and certainly agreed with your above mentioned too, especially those 'highlighted' ones:thumbsup:
Lets :cheers:and have Great Prosperities ahead for us
Last edited:
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.
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:
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
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".
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.
- Status
Similar threads
