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How to handle the money you make?

Discussion in 'Making Money' started by TableCash, Sep 12, 2016.

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  1. TableCash

    TableCash Registered Member

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    Hello Blackhat!

    I did not find a support/help section in this forum. But since my question is kinda about making money I put the thread here.

    So.. Okay.. I'm new to this whole community but it was really love at first sight and I just took a redbull and now I'm ready to test my wings with the methods, tips and tricks I've read here so far. I'm thinking of starting with two methods, first the Instagram/facebook method to drive traffic to a LP via OGads. And the second method I'm thinking of is Shopify+Ordoro.

    I've read the forum for a week now and haven't seen much talk about VATs and Taxes.. How do you guys deal with it? Do you own a company? You do this "secretly"?

    Let's say I drive traffics to my OGads LP and revenue 1.000$ on my OGads account.. is the best to send them to my PayPal account? And then what? Transfer them to my bank account? Do you need a business or just private Paypal account? Dosen't the Tax Office in your country notice you get alot of cash to your bank and ask you to tax for it?


    OR

    I have a Shopify+Ordoro, which means I dropship. Don't I need to pay VAT for every sold item? And same.. Do I transfer the cash earned here to my Paypal and then to my bank account? Same here.. Tax Office must wonder where the cash comes from? Do I must own a company to operate a webshop online?


    If someone could take some time to explain how you solve all this, and also if you please tell me your best tips and tricks!

    EDIT: I am from Sweden, So if anyone from Sweden knows how to do this please reach out to me. But lets open this thread for all countries also.

    Yours,
    TableCash
     
    Last edited: Sep 12, 2016
  2. Rays90

    Rays90 Newbie

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    From my little experience that I have, someone once told me if you don't own a business (registered), you ain't need pay any tax. You do, but nobody will come after you. Correct me if I'm wrong.
     
  3. TableCash

    TableCash Registered Member

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    Well.. I wish It was like that.. But im not sure. In my country they are pretty steady/hard with the taxes/VAT. I'm from Sweden.

    Would be nice to see how people from this forum actually solve this problems?
     
  4. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    Each country is going to be a little different so you want someone from Sweden to give you some direction.

    I'll edit your thread title if you want to say Sweden so it attracts an IMer or two from there if you want.
     
  5. blogzandstuff

    blogzandstuff Elite Member

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    it depends on each country. In the UK you have to declare it on tax returns. Paypal leaves a footprint that if the taxman wants can quite clearly see what's been going on. Best to declare everything and save the headaches. Take it from me it's not worth the hassle ( I got caught )
     
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  6. davids355

    davids355 Jr. VIP Jr. VIP

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    Yes best to get advice specific to your country and do everything above board.

    In the uk you could just register as self employed and then submit your income details once per year, you get a tax free allowance of something like 10k then are taxed on everything over that (minus expenses). I guess it will be similar in your country.

    As you get bigger you can form a company to become more efficient. By that stage you will probably need an accountant as well.
     
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  7. 0xxi3

    0xxi3 Jr. VIP Jr. VIP

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    Tjenare!
    Go to Dubai man. On a more serious note, hustling Skatteverket isn't hard, but if you get caught you're gonna have a hard time. Bank accounts overseas are your best bet. As long as the money don't touch ground in Sweden, you're all set.

    Also, if you choose to go "the Swedish way", you don't need to register a company in order to sell stuff. Your income can be taxed as "one time income", read more about that on Skatteverket's page.
     
  8. bluehatface

    bluehatface Regular Member

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    I'm from the UK and registered self employed. I file my tax return every year, declaring my income and expenses, and pay tax on the profits.

    We only have to pay VAT after earning £80000 per year, in which you have to register and pay them at years end. If you hit that threshold, you have to start charging EU customers VAT, but under that you don't. Bit of a nightmare collecting addresses and adding extra charges, but much better than an audit!

    IAMAL, but I would imagine it would be a similar situation in your country.
     
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  9. TableCash

    TableCash Registered Member

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    Wow Thanks for such great responses on a quick period of time!
     
  10. MatthewGraham

    MatthewGraham Jr. VIP Jr. VIP

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    If you make above a certain income threshold and accept above a certain number of transactions per year (in the US, if I recall correctly it is >$20,000 USD and like 100 sales), PayPal is required to report your earnings to the government. Might be different by country.
     
  11. TableCash

    TableCash Registered Member

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    So you'r from sweden?
    Can you recommend any overseas banks?
     
  12. blogzandstuff

    blogzandstuff Elite Member

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    life for all would be so much easier if everyone paid 25% tax over and above 10,000. simpler forms so productivity would go up and more could be invested in business which pays more tax
     
  13. TableCash

    TableCash Registered Member

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    Another question... Is PayPal the best way to recieve cash from companies like Shopify or OGads? And then after cash are at my PayPal account I re-transfer them to my bank?
     
  14. 0xxi3

    0xxi3 Jr. VIP Jr. VIP

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    Sorry, man. You would have to in most cases go overseas in order to open a bank account. Previously, I heard people speculating about opening a company in UK via a middle man and registering a bank account online. Not sure if that's still a thing.

    Considering that you're earning $1000-ish, you shouldn't have any problem transfering them directly to your Swedish bank account without any questions. Even if that's your monthly earning.
     
  15. blogzandstuff

    blogzandstuff Elite Member

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    you could get a virtual credit card, get paid to that and then withdraw from ATM
     
  16. AleeGS

    AleeGS Regular Member

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    I'm from a 3rd world country, Argentina. Anyone is from here? I need help to declare my IM earnings, i'm earning over 10k per month and i don't even know how to pay the tax.
     
  17. TableCash

    TableCash Registered Member

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    Sounds good to pay the taxes.

    I think I'll skip the whole point with overseas account. I would rather pay the taxes and VAT instead of getting busted tbh.
     
  18. blogzandstuff

    blogzandstuff Elite Member

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    get an accountant then
     
  19. redarrow

    redarrow Elite Member

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    From the uk, if you can earn just under 10.000 a year but anythink above you start to pay your tax ,and if you make over 50.000 a year then you even get more taxed.

    In the uk you have to register self employed and pay your tax out of every pound you earn, over 10.000 and even more over 50.000 every week you must pay towards ni , national insurance it like a stamp to say your entitle to use the nhs and ect ect.

    If you dont pay and and your income is noticed eventually your get a tax man letter, then the local job center want to inteview you about your earnings.

    Once your fully self employed and dependent on a income from the internet you then class your self as a real internet marketer .

    Lots of peopje go to jail/ fibed or lose there current goverment entitlement thru not doing the correct thing/ registering self employed.

    You only need to register as self employed if you earn more then 10.000 with in a year, but your need jobcenter advice on that, as you might need to also pay for your ni while on a low income while self employed.

    Being self employed can also bring loads of benefits , like if you use your car for the pupose of business that petroll tax can be paid back every tax year.

    This can apply to anything you buy for your business/self employment.

    There the bad side aswell.

    If you work from home ,you have tell the council and the councel will re valadate your councel tax and rent, the part of the house you use for business will know be under there business rules ,and there start charging you business rate for that part of the home.

    You need to keep all recepts and all bills and get a accountant do all your books yearly cost around £250 a year .

    April to April is a full tax year.

    You can do it your self weekly not it not that hard but it must be done, this will save you from tax fraud .

    You can do it online aswell .

    Self employment assessment form


    Also when your self employed ,you go and get a bank account that for your self employement money, you never use your personal account .

    You can pay your self from your self employment account , you never put business money in your personal account from a client always use your business account.


    Good luck
     
    Last edited: Sep 12, 2016
  20. TableCash

    TableCash Registered Member

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    Thanks for the message.. I'll check it up!

    The way I started this thread was because I can't see anyone else talking or even asking about the taxes and VAT for money you make online. IT's like everyone know hows to do? Or is everyone just dont give a damn about it?