Common mistakes when filling out Form 111
Let's see what are the most common errors in form 111.
Enter amounts in other boxes
You may be able to record the amounts of work income in the amounts of economic activity, or vice versa. Why? Simply because you didn't notice, because you were in a hurry, for whatever reason.
In this case philippines business email list the result will not vary because the amounts are the same, they are correct but they are in another box.
The problem is that if the error is left there, when you go to present Form 190 at the end of the year it will be out of balance and this is the form from which the Treasury obtains the information for personal income tax returns.
It is best to submit a written document to the Tax Office detailing the error that occurred.
Forgetting to include professional invoices
Don't think that you're going to be the only one who experiences this. You submit Form 111 with your employees' details and at the last minute you remember that invoice that was there with IRPF withholding .
What to do? It depends. If it is not the fourth quarter, write it down so you don't forget to include it in the next one. It would be ideal to include it in the corresponding quarter, but sometimes the solution is more complicated.
