Pay daily wages, but workers have no bill to give!
🚨 pay daily wages, but workers don't have a bill to! How to do accounting-taxes. Don't get "plus back" at the end of the year?
It is believed that many entrepreneurs have had a headache about it, hiring day workers, hiring laborers, or temporary housewives, paying cash, but the receiver has no receipts. When the time comes to do the accounting, there is no bill to the accounting office...It becomes an expense that the IRS does not accept and is "positive back," making the company unnecessarily more expensive to tax!
Today, Upskill Accounts for Entrepreneurs has the trick of creating a concise, IRS-accurate "internal document" to turn a bill-free wage into 100% company expenditure.
📝 3 Czechlists manage daily wages as company expenses.
1. Make a Payment Receipt
Since the worker does not have a bill, the company must prepare a document for the worker to sign the payment. The payment warrant must be fully detailed, including:
- Name-address of our company.
- Days, months, years of pay.
- Name, last name, address and ID card number of the payee (very important!)
- Details of what to pay (e.g. daily wages, July 1-5)
- Amount (both numbers and letters)
- Payee Signature and Payment Approval Signature
2. Always attach a "copy of the ID card" of the payee.
This is a settler that will confirm to the IRS: "We really pay this person, we really do not make money," by having the worker straddle and sign the correct copy, and by writing: "Used to receive wages from the company...Only "(Tip: Should take pictures of workers at work or when they receive money as supplementary evidence, even tighter)
3. Pay through "Bank Transfer" is the best!
The cash payment era is over! It is recommended that the company transfer money directly into the worker's bank account (the account name must match the ID card attached) because the Bank Statement or e-Slip is the best proof that the IRS trust that the money has actually been paid out.
💡 Tax withholding precautions
Be sure to see if the nature of the work we employ into the network requires withholding taxes?
If it is the employment of a general worker (employer-employee): it is 40 (1). If it is calculated that his income does not reach the tax threshold, he does not have to deduct it, but the company is obliged to submit a 1 (or an annual 1 a) to notify the revenue.
If it is a contract: It is 40 (7) or 40 (😎 if the employment amount is 1,000 baht or more, the company must withhold 3% of the tax and deliver 3%.
🗣️ Conclusion: The key to not being added back is to prove to the IRS that "who receives the money" and "actually pays through verifiable channels," and that entrepreneurs can save a lot of taxes!
Addicted to the issue of expense bookkeeping, or worried about whether the existing expenditure will be accepted by the IRS?
Consult the professional team of Upskill Accounts for Entrepreneurs. We are ready to take care of your accounts and taxes for your business to grow comfortably!
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Upskill Accounting for Entrepreneurs
📩 provides monthly - annual account preparation services.
📩 Serves as a tax consultant.
📩 provides registration services, legal entities and all types of registration work.
Any operator who needs help with accounting and tax can Inbox and ask through the admin.
🏬 Office Location: Our Accounting Office is located in Samut Prakan-Bangna.
📱 Line ID: PANDLACC
☎️ Phone: 092-270-2078
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