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Question to non-US warriors who make a living out of IM

by kislany
8 replies
I haven't seen this one discussed here before, and I'm not even sure how to approach it. Basically what I'm wondering is this. When you are working for yourself, instead of having a regular job, how are you dealing with taxes, and all that stuff that I've heard that needs to be done (small business license, or whatever else). I know in the US there are these forms that need to be filled when you get your payment, so that taxes are deducted automatically, but how do you guys do it in Europe, for example? My goal is that in the next 2 years I'll work hard to be free of a 9-5 job and although I might be jumping the gun right now (haven't even received one payment so far, I'm that new :rolleyes: ), well I'm wondering how doable this really is in terms of getting through the official hoops and all, and what all is involved...

Thanks for any clues on this...

kislany
#living #make #nonus #question #warriors
  • Profile picture of the author Richard Tunnah
    Hi Kislany,
    Not sure where you are in Europe but taxes really shouldn't be top of your list of concerns. Yes of course you need to pay them but there's loads of qualified people (accountants) out there (and probably in your local town or city!) that can sort you out for this.

    Rich
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  • Profile picture of the author Planet Mark
    Taxes are collected on a country level... let us know where you are and I am sure someone will be able to advise.

    Cheers, PN
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  • Profile picture of the author NormanSP
    Your local tax office will have all the information you need or an accountant as Rich says.
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  • Profile picture of the author Prashaant
    As a full timer, I pay only local income tax... of course, the US forms have to be filled and faxed.
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  • Profile picture of the author Quentin
    I live in Australia and the Govt was unwilling to make a rulling. In the end I am classed as an exporter. The best thing is to consult a local accountant. I pay the tax after expenses etc.

    Quentin
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  • Profile picture of the author Kim Standerline
    Hi Kislany

    If you are in the UK, the gov treats your online stuff just like any other business so you need to register as a small business so they can send you a tax return.

    My accountant treats my Paypal account just like any other bank account and acts accordingly. doesn't faze her that I work in dollars, either, she does the conversion into sterling at the end of the year before she submits my tax return.

    If you can afford it, get yourself a good accountant/bookkeeper and don't slide into the temptation of leaving it all until the last minute.

    BTW if anyone thinks an accountant is a wase of money, mine managed to get me an $8000 tax rebate a few months ago from a few years ago. That was a nice cheque I wasn't expecting lol

    Cheers
    Kim
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  • Profile picture of the author WinsonYeung
    Well, tax is not with my concern because it's not included.
    But it will be best if you correct the rule
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    • Profile picture of the author kislany
      Ok, thanks everyone, appreciate your replies. I'm in Cyprus. You're right, I guess when it comes to that later on, I'll contact an accountant or somebody official to tell me how to go about being in my own business and then take it from there.

      kislany
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