sir if my relation earn 200000 us doller and save in bank .he have to pay vat or not?
917064
That depends on how he earnt it. If it was a salary payment or a payment under an employment or self-employment contract to an individual, then generally not. \n\nIf it came from the sale of goods or services which were subject to VAT, then yes, he does. HM Revenue & Customs will be able to advise.
706652
If in the U.S.--- Pay Taxes!\n\n-EA
281662
If you own a company, you're liable to VAT if you earn over £60,000 a year. If you're soletrader it may be less than that.\n\nGoto http://www.hmrc.gov.uk for more info
757597
The invoice should have your own business details on it in order for you to be eligible to claim the VAT back. It may be worth seeing if the cash and carry will amend the invoice/account if the VAT is worth a lot. \n\nIf you cannot get the invoice amended the taxman may disallow you from recovering the input tax.
771104
Well, duh!\n\nFancy the government forgetting VAT - something that is paid on EVERYTHING!\n\nIf I told my husband that I was going to spend £100 on Christmas presents but the bill actually came to £300 he would kill me.   Obviously it would not be my fault that I forgot Great Aunt Ethel when doing my pricings, and had forgotten to include wrapping paper, Christmas Cards, the petrol to go shopping, the parking fees, lunch while out - and the VAT on everything!\n\nMind you, the money does not matter - it's not my problem as it comes out of my husband's bank account - just like it is not the government's problem where the money comes from as they will not go bankrupt - the country can pay, out of taxation!
611562
Businesses don`t rip consumers off with VAT - it is a TAX, that gets paid over to the Government, businesses don`t normally retain the funds!\n\nAre you asking the question from the point of view of a consumer, or a businessman?
732544
I am in a common law relationship, and I do know we pay more for taxes.  We would pay less if we were legally married.  You are considered common law if you live together for 2 years with your partner.  You may want to check with your accountant, but I sort of think single is the way to go.  If you really want to save on your taxes you need to pop the question and get married.
1083840
I don't agree....\n\nFirst off, let's suppose the purchase is of $100. And the sales tax is ten bucks extra. Because if the sales tax were included in $100, it would be $9.09.\n\n(Accrual basis - Sales Tax or VAT)\n\n(SALE)\nAR-Clients  $1,100 dr\nSales $1,000 cr\nSales tax - payable  $100 cr\n\n(COLLECTION)\nBanks - $1,100 dr\nAR-Clients  $1,100 cr\n\n\n(PURCHASE)\nInventory  $1,000 dr\nSales tax creditable $100 dr\nAP-Vendors $1,100 cr\n\n(PAYMENT)\nAP-Vendor $1,100 dr\nBank - $1,100 cr\n\n\n(Cash flow Sales Tax or VAT)\n\nBut did you really generate Sales Tax (or VAT) when you made the credit sale? \nThe answer is no. Normally you would create a special account, probably with the following description: (Sales Tax Witholding - Pending ). You would credit the account at the moment you made the credit sale. \nThen, you would debit the account when you actually receive the payment, against Sales Tax Witholdings - Payable.\nThis is also true, for purchases...\n\nFor example:\n\n(SALE)\nAR-Clients $1,100 dr\nSales  $1,000 cr\nSales tax witholdings - pending $100 cr\n\n(COLLECTION)\nBanks $1,100 dr\nAR-Client $1,100 cr\n\nSales tax witholdings - pending $100 dr\nSales tax witholdings - payable $100 cr\n\n\nFor example:\n\n(PURCHASE)\nInventory  $1,000 dr\nSales tax payable - pending  $100 dr\nAP-Vendors $1,100 cr\n\n(PAYMENT)\nAP-Vendor $1,100 dr\nBank - $1,100 cr\n\nSales tax creditable $100 dr\nSales tax payable - pending  $100 cr\n\n\nI hope this information is still usefull to you...\nIf this is not what you were looking for send me a message!
309989
You pay taxes on the interest you are paid by the bank, not on the money itself. If you have $1000 and get $20 in interest, you pay taxes on the $20. The tax on the $20 may be around $5, but you are still $15 ahead of where you would be if you put it in a safe box
561152
It is income that was earned in another country, but is taxed in the US.  It is taxed at a much lower rate 5.25%.
242070
No, but any future earning can be levied, even his income tax refund. If the matter drags on you can also levy any property they own.
939503
None. Too must money to be made in taxes and "settlement" payments.
838391
You mean how much must he pay for tax. Let's not\nbe ambiguous.   .07(51)= 3.57
51339
No, it shouldn't be. It is a loan that you have to pay back (with interest). Income is taxable.
854015
hmmm.. i have no freaking clue you lost me at VAT lol sorry
309407
You are correct. Taxes are only paid on "income," and since the money loaned to you had already been earned by him, he would be responsible for the taxes on it regardless. The interest he earns off the loan is considered income, and he would have to pay income tax on that.
946527
If you are asking about the money that the friend or family member lended you, I don't think there would be a tax consequence unless they asked for one when they loaned you the money.  Otherwise, I would look up New York State's government website and see what they have to say about loans and the taxation on that.  Good luck!