I need to discuss finances, or more specifically TAX ! yes I know It sucks donkey balls... Undecided I pay tax at the moment because I’m working part time, but I also got myself tax registered because I intend on running an online business which: I wouldn’t have gotten that unconditional grant from the Business gateway without it, these people where recommended to me in college, and to get myself hooked up with the inland revenue... Most high profile affiliate networks such as CJ and others require you to have a UTR unique tax reference number in order to pay you ( this is what I thought at the time) I live in the UK, I’m still working part time and I don’t earn much. But From what I know I should only be getting taxed on my working salary which gets paid into my savings account not the business account... Because I’m not earning a regular amount online every month I don’t think they should be taking anything from my account as I have not declared how much I’m earning at the end of the year. It’s one thing to be earning money online and whatever but if you don’t know finance then you climbing up the downwards escalator, working for nothing...we get taxed on everything! How are you supposed to be successful and make sure your getting the best deals, bank accounts etc... it just all goes way over my head Huh And now with all this CRUNCH nonsense going on I can’t even trust the bank or financial advisers words... they all want to pick food out of your moth. The Rich Jerk doesn’t pay taxes and I’d like to know how not to pay taxies, since I’ll be travailing most of the time and living on visa.
what do you want to know mate? you shouldnt be paying tax till your end of the tax year in april on your self employed (online business) infact u should have filled out your online tax form by now... as for the visa stuff? huh? are you not in the uk? or are u not a uk resident? if you are uk resident n have bad debt, if you leave the country for more than 5 years youer debts are wipped out... youll be getting tax on your part time work, cos you have to pay it, everyone does, self emplyed is defferent, it depends on where your making your money, like if its gambling thenuu have to pay a hight rate of tax, but if your selling prodects youll be able to claim it back... bascially what do you want to kno? or did you jjust wanna rant... cos im feelin that mate! tax boooooo hoooo humbugggger.... grim but the two facts of life that are certain sure things... youll die and youll pay tax.
AFAIK all those rich guy is paying for their tax. But rich jerk also does pay for the taxes but not in full. What they did is hire a experienced accountant to help them "reduce" the taxed amount to a small amount,
Hey, Thanks for you response! Oh and It's also worth noting I need the UTR Number so I can purchase stock for my eBay store from places such as esources.co.uk and worldwidebrands.com If a supplier don't ask for you tax reference then don't buy from them, cause it's a fraud! and their shipping your customers cheap knock off's from china, fake ass wholesalers! ebay Well that's what I was doing a couple of years ago anyway... It was actually quite difficult because obviously I was in the wrong niche...which is all soo clear to me now, getting a hold of electronic goods in bulk is not easy Anyway, I called the inland revenue this morning and as it turns out, even though I stated that the business was on ice and nothing was going in or out of my account at the end of the tax year, they didn't bother to tell me I needed to fill out a small earnings tax exemption form so i could claim or declare myself not doing business. pain in the ass! you have to keep bugging these people and telling them things until they actually do it, it's not safe to assume they know your situation or that they listen to what you told them huh?.
Just remember if you do earn some small profits from that business in 2009 that there will be lots of things you can deduct from it as business expenses. Here in the U.S. I'm able to deduct a wide range of things from my income each year including: Partial rent (home office) Magazines, books, software, hosting charges, domain charges, ebooks and other things related to maintaining my online business (including newsletter autoresponder, internet provider) Office supplies that I use - so if you buy stuff for your computer that's deductible Sometimes it's worth trying to bring in even a small bit of income for a business so that it doesn't fall completely "dead" - especially if you want to reinvent yourself in a few years. So keeping some small income coming in, and balancing that with a few deductions so you pay little to minimal tax, is a good way to go. Dan
I don't mean to be flip, but seriously, in the US you want to be paying income taxes. That's an indication you're making money... A secret most people don't know is that the only group in US that truly doesn't pay income taxes and often doesn't pay payroll taxes are people with modest incomes. Almost nobody who makes a ton of money avoids paying taxes.
I don't mind paying tax, so long as I'm actually a citizen of the country that I'm in and I can afford it...but what I'm paying for at the moment is just needless since nothing has really been established and there is no frequent cash flow in or out of the business... that's why i was tripping over my own feet trying to work out what they where playing at, but its should be resolved once i get that form filled in.