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Taxumo Cool Changes, Promos and Upgrades!

Hear ye, hear ye! Taxumo has a new and improved dashboard that offers so much more than just tax filing. It now has some form of analytics (cool charts and all!) that shows you your income and expenses and what your top expenses are as a business.

The Dashboard

For long time users, you may be surprised to see that the first thing you see is the dashboard and not the “CASHFLOW” tab. If you want to ADD an Income or an Expense Entry, feel free to click on the Cashflow tab on the left side or one of the Cards in the Dashboard.

Settings Tab

We changed how we called the tab for setting up your account from “COMPANY” to “SETTINGS”. When you first created your Taxumo account, this is what you were filling out. Feel free to visit this page again as we have simplified the fields the best way we can. We have some guides that you can click on; those are the little question marks seen at the side of each field.

Tax Dues Tab

Tax dues are now in the tax due tab and are grouped per tax type. We also have a reminder on actionable steps that you need to take. For late filings, we have also highlighted them just in case you have missed them.

If you want to view your past filings, click on the Past Filings tab. If you accidentally marked a tax card as paid, you can go to the Hidden Filings tab and unhide it.

Payment Channels

We have fixed our payment checkout page. We have heard your requests for us to add more payment channels! We are proud to say that in the coming months, you will see more and more payment options — options that will make it easier for you to file and pay your taxes anytime, anywhere!

#TeamTaxumo is honored to partner with GrabPay! When you file and pay via GrabPay Credits starting July 1, 2019 (until August 31, 2019), you will get a Php 100 off on Taxumo’s processing fees.

Xennies! Get or Earn Taxumo Credits!

We have introduced Xennies! Xennies are Taxumo’s Credits that can be used to pay for your Taxumo Processing fees. There are two ways to get hold of Xennies.

One is to share your own referral code to your friends and family. To set your referral code, click on your name at the top portion of Taxumo’s screen. Click “My Account” and it will direct you to your Xennies Transaction History page. You can earn 100 Xennies for every friend or family that successfully files a form via Taxumo.

Another way to get Xennies is to purchase Xenny Packs. These are available for sale inside the Taxumo Platform. 1 Xenny = 1 Peso. We have a promo running now with GrabPay. Get 10% to 100+% credits when you purchase using GrabPay.

So there you have it folks! These are the changes in the system. If you have any other suggestions, feel free to email customercare@taxumo.com 🙂

Here is a video that you can watch!

I Really Need Help Understanding this 8% Income Tax Rate Option of the BIR

I completely understand. We’ve been receiving thousands of inquiries via our chat button in Taxumo’s site this April asking a lot of things about the 8% Income Tax Rate option. So, I thought writing about it would be a good idea (and note that this is based on my understanding). Full disclosure! I am not a tax expert. I am just relaying what I have heard from our BIR contacts. And if you read opinions on this post, this is MY own personal opinions and not the opinion of Taxumo. Got it? 🙂

What is this 8% Income Tax Option and who can avail of this?

Because of the TRAIN Law (aka R.A. 10963), a lot of changes have been happening and a lot of people don’t know what to do. For sole proprietors, like yours truly, I just take in and digest parts of the TRAIN LAW that is applicable to me. One of the things that is an option now is the opportunity to avail of a simpler 8% Income Tax Rate Option.

The BIR released Revenue Regulation or RR 8-2018 which details how the income tax changes as per TRAIN will be applied. Although it explains a lot of things, there are still things that are not explained thoroughly. According to the regulation, the 8% Income Tax Rate on Gross Sales/Receipts can only be availed by any self-employed individual whose gross sales/receipts for the year does not exceed P3,000,000 (aka the VAT Threshold).

Check out this video from Taxumo:

So should I choose the 8% Income Tax Rate Option?

Choosing the 8% tax rate option is simple because it’s a flat rate! No hassle, no computations 🙂

But for me, I actually did not choose this. But I have my own reasons, and these are:

    1. The Regulations said one thing but when I called my RDO, it seems they were not following what was on the RR. Case in point: RR No 08-2018 says: “If the taxpayer is unable to timely update the required registration, s/he shall continue to file the percentage tax return reflecting a zero amount of tax with a notation that s/he is availing of the 8% income tax rate option for the taxable year.” BUT, when I called my RDO, they said that for them (whatever that means), they don’t accept these forms filled out according to what the RR said.

  1. So two (2), I personally called BIR and asked what the process is to opt for 8% and the gave me the process (as seen below) BUT I personally don’t have time to do that (hahaha! again, it’s just me and my laziness!)
  2. And three (3), as an events coordinator, we have a lot of expenses. So, based on this calculator, I think the 3% plus income tax is still a better option for me.

So how do you tell the BIR that you’re opting for the 8% Income Tax Rate Option?

Step one: Go to your BIR RDO and bring your Certificate of Registration (COR) and a Letter of Intent. They will ask you if you haven’t gone beyond the threshold of Php 3 Million (They will also check your records and see if there are open cases, etc.)

Step two: Wait for them to release the new COR. It will not include “percentage tax” anymore. It will only show you that you need to pay for Income Tax and your yearly renewal. When do you get the new COR? Well, it really depends on how fast your Revenue District Office can release it.

It’s not that bad really and it’s very simple. I’m just lazy (haha!). After you receive your new COR, you can use Taxumo for filing taxes all throughout the year at just Php 250 per form. We just don’t have the rate yet for the 8% filing and the annual income tax filing, but we’re really affordable so you don’t have to worry about that part.

Please don’t forget to still file the first quarter Percentage Tax form for this year and just indicate zero filing. This is what the BIR Officers in different RDOs told me.

For opting in for the 8%, you need to update your COR before April 30, 2018. 

What else did I miss?

Oh, for the Quarter 1 Income Tax Return filing due in May, don’t forget to indicate that you’re “opting in” to avail of the 8%. If you miss indicating this in the form, you will have to file your Income Tax Returns using the Graduated Income Tax Table AND also file quarterly percentage tax returns. I’m not sure if you need to change your COR back again to indicate that you’ll pay percentage tax though, but it’s most likely that you will.

So that’s it! These are the things that I know about the 8% Income Tax Rate Option.

If you still want to talk about this, chat with us at https://taxumo.com