No i don't register my online biz with local authority. Coz AFAIK my country law stat that earning in forex is not taxable.
No I have not. But I heard some of the expensive can be wrote off. Like your internet connection. Might a good idea. But at the end of day anyways no tax/rebates is good. They'll Give you one thing in one hand and take back twice as much in tax in other hand. Its just baloney. lol
Actually you can write off anything and everything, as long as you can justify that it was used somehow for the business (in case you get audited). By claiming a lot, you'll fall into a lower bracket.
There are tons of reasons you might want to register your business correctly, not just tax reasons. Especially if you have a tangible product that you ship, or specific services you provide personally.
Actually, whether you are a limited company or not doesn't affect VAT registration. Even if you are a sole trader, you (a) *can* register for VAT if you are under the limit, and (b) *must* register for VAT if you are over the limit (currently £67,000). See http://www.hmrc.gov.uk/vat/vat-registering.htm
Do websites count as businesses, will my forum www.teenstalkmoney.com need to announce anything, like revenue from cpm ads paid subscriptions or adsense?
I'm from Canada and I registered my business and have a separate business bank account (highly recommended) for the business. Figured I'd do it right from the start for whenever it gets bigger! - One of the benefits I was able to access for potential clients was a grant for $500 for a website design for a business, only way to offer that was to be a registered business. Just another reason to register.... As far as tax benefits, I wouldn't register a business with the idea of getting huge tax benefits because you have to claim the extra income along with the expenses.
I'm from Canada and I registered my business and have a separate business bank account (highly recommended) for the business. Figured I'd do it right from the start for whenever it gets bigger! - One of the benefits I was able to access for potential clients was a grant for $500 for a website design for a business, only way to offer that was to be a registered business. Just another reason to register.... As far as tax benefits, I wouldn't register a business with the idea of getting huge tax benefits because you have to claim the extra income along with the expenses.
Put it this way. In theory, anyone who has ever been paid $0.10 for blog posting should, technically, declare that money and pay tax on it. In practice, the tax authorities will only be interested in you if you are earning enough to be worth chasing. But if you are already earning significant sums of money, or plan to be, probably best to get yourself registered with the tax authorities as soon as possible. It's not all bad news, as you can start claiming deductibles.
Generally when you register your business it means that the government knows you exist so you better start paying taxes. Then again, if you don't register you business (in the USA) and someone sues you there isn't much protection for your personal assets. I've always registered my businesses.
Registering your business doesn't give you any asset protection in the US. You would need to create an entirely different legal entity -an LLC or corporation.
Registered mine as an LLC which also allows multiple DBA's. No tax benefit per say but the legal asset protection is rgeater.
What if you register your business as a Sole proprietorship are you allowed to use DBA's? I was thinking of registering as a Sole proprietorship and also Trademark another word and register my domains contact info as "Some Company DBA "trademarked word" " Is that possible
Online biz is free for everyone to participate in regardless of your country andyour age just name them. Even ifyou use your website to scam,nobody can shut it down.Okay No need to register your online biz before taking off.No authorities.