The Small Business Tax Help Blog

Archive for March, 2010

Magna announces fourth quarter and 2009 results

AURORA, ON, Feb. 25, 2010 — Magna International Inc. (TSX: MG.A; NYSE: MGA) today reported financial results for the fourth quarter and year ended December 31, 2009.

Bournemouth 2008: Vince Cable

Question: company director not drawing salary – tax requirements?

I am in full time employment paying tax and NICS through PAYE. I am also setting up a ltd co but will not draw a salary (as an office holder believe i am exempt from min wage issues and have no tax benefits from taking a salary as my paye takes me to a higher tax bracket already and my paye also qualifies me for state benefits). I understand that I will have to pay corp tax on the profits of the company and an additional 22.5% on any dividend i take.

My question is, do I still need to register with HMRC as self employed? I will have no other employees so will not register for P35 PAYE return and dont think I have to pay class 1 or 2 NICS as not drawing a salary. Other than the usual ltd co returns (lets assume i will not draw a dividend this year) do I need do anything else?

thanks in advance, sorry it is a long question

Answer: My inclination would be that you don't have to be registered. Why would you register because you won't have anything to put on your SA return?

But my advice would be to phone the 'newly self employed' helpline and ask them for advice, see below.

Where to sell a new product?

Also: Self-employment tax, and setting up a company from scratch Dear Kare n: I launched a new product but I can't get stores interested. Besides my own website, what sales options do I have?

Question: To start a business in NYS and have the ability to sell to anyone nationally and globally, what do I need?

I want to start an online business in the State of New York, county of Wayne. I know I need a fictitious business name (or “doing business as” name) and a business license to legally operate in the State of New York.

I will not be selling tangible items. Instead, I will be selling services such as web design/programming/SEO/hosting. Do I need a seller’s license?

I will only be one man (no employees in the United States) but I will send some work overseas. Do I need to obtain an EIN (I don’t believe so). And lastly, since I will be registering for a DBA, I don’t believe I need a Federal Tax ID (both can be used with SSN, I believe).

Do I have this alright? So I only need to obtain and register for: a fictitious business name (or DBA) and a business license?

Thanks in advance for your help!
Alex

Answer: You do not need a seller's license if you are not selling any taxable items. However, some suppliers won't sell to you without one, so if you run into this, get one then.

You are not required to have an EIN, but they are free and easy to get from the IRS. You can then use it to establish credit for your business and use it on your bank accounts, etc. The EIN and Federal Tax ID are the same.

Your only other consideration would be if you choose to incorporate as an LLC. If you have significant personal assets that you would like to have protected from any potential business liabilities, then an LLC is a good option.

Pack die Badehose ein/Cornelia (Conny) Froboess - Berlin/Strandbad Wannsee

Question: Need help – How can a tax resident in India claim for double taxation relief?

My company is based in Singapore. We have recently made a royalty payment (for the use of copyright) to an author who is a tax resident in India.

As this royalty income is deemed to be sourced in Singapore, we need to withhold tax on behalf of our local tax authority.
Singapore has a tax treaty with India that will allow this Indian author to claim for tax credit/ tax deduction in India.

However, we are unsure about the procedures.

What documents will this Indian author need to submit to the Indian tax authorities to claim for the tax credit?

Will he require a receipt/statement from the Singapore tax authority to prove that he has already been taxed once in Singapore?

I hope someone who has experience in the procedures can give me some advice. Thanks!

Answer: When someone from the US claims treaty relief, this is done by attaching a statement to the return describing the treaty article, the type of tax relief, and the amount of the relief, as well as an explanation why the taxpayer is eligible for the relief. Showing proof of the Singapore withholding should be sufficient evidence to show that he is being taxed in Singapore.

HOME PAGE

Tata Motors sales up 58% Tata Motors saw a 58-per cent growth in sales in February due to the revival in the commercial vehicles market and its expanding passenger car portfolio. The company registered vehicle sales at 69,427 units, up from 43,811 units last February. ...

Practical Accounting and Taxation in India: Introduction

PHH Corporation Announces Fourth Quarter 2009 Results

MT. LAUREL, N.J.—-PHH Corporation today announced results for the three months and year ended December 31, 2009.

Betty la Fea ep. 110 3 Croatian captions