Thread: At least my Tax problem is solved .

Well that's one problem solved . No more sleepless nights worrying how to set up IBC's and trusts to minimise tax payable on my Pips earnings .
I was about to commit a large amount of money to an eager accountant , so at least that was avoided .
I do hope Pips is up and running soon , so I can have that problem again .

I prefer to think of it as tax deferral. :D

At one point there were people talking about paying taxes on there ROL, can you imagine.

Yes they were . Frightening isn't it . But no worries , I'm sure each countries respective tax authorities would have gladly paid back any monies paid to them for anticipated earnings . NOT LIKELY .

When I joined , people were saying you had to pay tax on your ROL before June 30 or you"d be in trouble . Someone was even selling a program that calculated the tax you had to pay . But like my original post infers , no more worries about paying tax .

Like I stressed to my colleagues who tried to tell me different .
DO NOT PAY UNLESS YOU GET THE MONEY FIRST .

Hey Luts,

Be a great problem to have!! :lol: :lol: :lol:

Yes , and I am sure we will all have it soon .

PS Hope you lads haven't doctored the pitch again .
Good luck , it will be a great game .

Interesting,

Seems many got the cart before the horse and actually set up IBC's, trusts, incorporations and even prepaid taxes based on the advice of some that income is defined as in control, yet who had any real control over thier accounts when all is said and done? Having control over virtual money is not the same as control in real dollars, so imagine what a tax mess this has caused for many.

Good luck to all, Mike

Originally Posted by lutwyche

Well that's one problem solved . No more sleepless nights worrying how to set up IBC's and trusts to minimise tax payable on my Pips earnings .
I was about to commit a large amount of money to an eager accountant , so at least that was avoided .
I do hope Pips is up and running soon , so I can have that problem again .

:lol:

That's a great way of thinking

Yeah and I too look forward to happily paying my taxes and I sure hope it's loooooaaaaaadds :P


precious

Many more will be feeling "dumbfounded" and disgruntled too at the hasty moves.... I hope this is a lesson for most, DON't do anything just yet until the money is streaming regularly (at least a whole 12 months) before you consider it a responsibility to answer to any Tax commitments.

In most countries, tax forms & submissions are usually given a year's time to catch up with any "inconsistencies". So rushing things are abit unnecessary and look at the mess and muddle many of you are now in... keep your cool and take it EASY...B4 EZ takes YOU. :lol: :lol: