Should i be paying taxes being a non US citizen ? Paying 30% of my skillgames winnings to the IRS .?
Should i be paying taxes being a non US citizen ? Paying 30% of my skillgames winnings to the IRS .? Hi , got a prob here . I play skillgames , such as Zuma and Dynomite , for cash , at Worldwinner . I'm fairly successfull , i make a profit . Problem is that the IRS are taking 30% of my winnings off of me . I am of Scottish nationality , UK citizen . Also they don't take my net losses into consideration , taking 30% of my winnings without taking into account that i've just lost $30 playing another game. Am i due a full return of all taxes paid ? It advises to consult an accountant to decide whether my net losses should be taking into consideration . A cyber friend of mine at the site has paid 10k in taxes in the last 6 months , he's Swedish . What's the script then ?
United States - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
What ever be the way you earn money, be it through salary or business or gabling, if you make money beyond a certain limit you come under tax bracket. You have to pay tax in the country you earn it, not where you have your citizenship.
Answer 2 :
Since you are a non-resident alien under US tax law, those winnings are subject to a 30% levy at the source. Unfortunately you are not entitled to offset your winnings with any losses. This type of earnings does not require the filing of an income tax return and even if you filed one it would not affect your liability. That income is subject to taxation at the source and would not be included on a tax return even if you filed one for other taxable income. It would be different if you were a US resident or citizen.
Answer 3 :
You can write checks for the money you play with and then deduct those amounts (have copies of the checks made by your bank) from your winnings. People who win money on game shows have to pay taxes...why shouldn't you? Taxes are what helps you enjoy this country and you should be paying your fair share.
Answer 4 :
The U.S. (most of the counties of the world) collects taxes on the income of non citizens or non residents from the U.S. sources. If you can somehow file the U.S. income tax return, then on the return you can deduct your winnings losses. I don't that there is a why that you can file 1040NR (non residernt return). Check at www.irs.gov
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Wednesday, October 5, 2011
my accountant has just stated i turned over £73k my norm t/o is £53k approx do i now have to reg 4 VAT?
my accountant has just stated i turned over £73k my norm t/o is £53k approx do i now have to reg 4 VAT?
i have a new accountant and they have just done my books for the 1st time and stated i turned over £73k which i am suspect of as i normally do around £50k and it wasnt particularly busy for me in 06-07 . Also i had to chase them for my accounts right up til 2 days before the deadline for filing and they havent even mentioned the vat problem yet . My problem is , is that if i go vat registered it will make me price myself out of the game when its hard enough at present to get the work as it is with all the foreign cheap labour undercutting everyone
United Kingdom - 5 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Yes, starting from the month you went over the threshold! VAT threshold is 64k so the first month you earned more than £5333 is hypothetically when you should start paying. Good news is you can claim back for upto 3 years on anything you still have on stock!
Answer 2 :
Double check the figures on which your new accountants have based your turnover if you're in doubt. It's not a big job just to look a list of invoices for the year - they should be able to let you have this without difficulty. I think you have two choices: 1. register for VAT (and remember your customers can reclaim VAT if they are themselves registered for VAT). Given your turnover, you're eligible to register for something called flat rate VAT (makes keeping records very simple indeed and can be to your advantage - see HMRC website for more info: http://www.hmrc.gov.uk/manuals/bimmanual/bim31585.htm or ask your accountants) or 2. keep a handle on your own turnover and make sure you stay just below the VAT registration threshold each year, which is presumably a better option than pricing yourself out of the market. Speak to the Revenue (who are much more pragmatic these days) about your temporary journey over the VAT threshold and you may find you don't need to go through the process of registering and deregistering... Good luck!
Answer 3 :
Have you introduced any money into your business? they may have mistreated this as sales not capital introduced. I would double check their workings they may have counted things twice in error but if your records are good I can't see how.
Answer 4 :
If they've just done your books, I assume for the tax year 2006/07, then your year ended before 05/04/07 so it's ten months since you should have registered. This could be very expensive as you are liable to pay VAT on your turnover since you should have registered. Guessing at £75k turnover means you owe £11000 in VAT, which you probably can't charge to your customers.(Less input tax) Ask them to check your turnover again for Capital Introduced, Motor Vehicle sales, or other items which aren't sales.
Answer 5 :
If this a one off spike in turnover you can ask customs to be relieved from registering as your turnover will decline in future
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i have a new accountant and they have just done my books for the 1st time and stated i turned over £73k which i am suspect of as i normally do around £50k and it wasnt particularly busy for me in 06-07 . Also i had to chase them for my accounts right up til 2 days before the deadline for filing and they havent even mentioned the vat problem yet . My problem is , is that if i go vat registered it will make me price myself out of the game when its hard enough at present to get the work as it is with all the foreign cheap labour undercutting everyone
United Kingdom - 5 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Yes, starting from the month you went over the threshold! VAT threshold is 64k so the first month you earned more than £5333 is hypothetically when you should start paying. Good news is you can claim back for upto 3 years on anything you still have on stock!
Answer 2 :
Double check the figures on which your new accountants have based your turnover if you're in doubt. It's not a big job just to look a list of invoices for the year - they should be able to let you have this without difficulty. I think you have two choices: 1. register for VAT (and remember your customers can reclaim VAT if they are themselves registered for VAT). Given your turnover, you're eligible to register for something called flat rate VAT (makes keeping records very simple indeed and can be to your advantage - see HMRC website for more info: http://www.hmrc.gov.uk/manuals/bimmanual/bim31585.htm or ask your accountants) or 2. keep a handle on your own turnover and make sure you stay just below the VAT registration threshold each year, which is presumably a better option than pricing yourself out of the market. Speak to the Revenue (who are much more pragmatic these days) about your temporary journey over the VAT threshold and you may find you don't need to go through the process of registering and deregistering... Good luck!
Answer 3 :
Have you introduced any money into your business? they may have mistreated this as sales not capital introduced. I would double check their workings they may have counted things twice in error but if your records are good I can't see how.
Answer 4 :
If they've just done your books, I assume for the tax year 2006/07, then your year ended before 05/04/07 so it's ten months since you should have registered. This could be very expensive as you are liable to pay VAT on your turnover since you should have registered. Guessing at £75k turnover means you owe £11000 in VAT, which you probably can't charge to your customers.(Less input tax) Ask them to check your turnover again for Capital Introduced, Motor Vehicle sales, or other items which aren't sales.
Answer 5 :
If this a one off spike in turnover you can ask customs to be relieved from registering as your turnover will decline in future
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how much a student can earn per month in czech republic?
how much a student can earn per month in czech republic?
i want to know that how much a student can earn part time in prague,Czech republic.and what is the scope of ACCA in Czech republic.can a student work part time while studying acca.what is the salary of an accountant in prague.thanks if anyone give answer of these questions.
Studying Abroad - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
http://www.pwc.com/cz/en/business-academy/acca/index.jhtml http://www.finance.cz/zpravy/finance/36068-zebricek-nejlepe-a-nejhure-placenych-profesi/ Generally, salaries in Prague are quite high (the highest in ÄŒR - average by cca 30 %), so part-time jobs as well (cca 100-300 KÄ/hour). I´m not sure whether you meant to work as a accountant also part-time, but if, I think no one takes on part-time accountant (but I can be wrong).
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i want to know that how much a student can earn part time in prague,Czech republic.and what is the scope of ACCA in Czech republic.can a student work part time while studying acca.what is the salary of an accountant in prague.thanks if anyone give answer of these questions.
Studying Abroad - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
http://www.pwc.com/cz/en/business-academy/acca/index.jhtml http://www.finance.cz/zpravy/finance/36068-zebricek-nejlepe-a-nejhure-placenych-profesi/ Generally, salaries in Prague are quite high (the highest in ÄŒR - average by cca 30 %), so part-time jobs as well (cca 100-300 KÄ/hour). I´m not sure whether you meant to work as a accountant also part-time, but if, I think no one takes on part-time accountant (but I can be wrong).
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An accountant provided an estimate for tax returns for £500 final invoice has come to £1129?
An accountant provided an estimate for tax returns for £500 final invoice has come to £1129?
I got a quote from an ICAEW member accountant who quoted maximum of £500 to do tax return works, the final bill had come to £855.40 the invoice was settled, months down the line I have received an additional invoice relating to the tax work making a total of £1129. I was not at any point made by the firm aware that it would almost double I paid the £855 in order to maintain relations, but this has now come to the point where I don't know what the final invoice will be I have contacted the firm but they are not interested in reasoning the additional costs. Please help any ideas where i stand with the law? I have contacted ICAEW and hope that they can assist but in the past it seems they favour their members who keep their boat afloat.
United Kingdom - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
just pay it and find a new accountant if this one can't be trusted, if you don't agree with the additional work they have charged you for then write to them and explain you won't be paying it as they can't justify the work.
Answer 2 :
This is one of the reasons why my firm operates a fixed fee policy so both of us know exactly where we stand. It is, regrettably not uncommon with firms that charge on an hourly basis. You may have some luck with the ICAEW - one of my clients took his previous accountants to the Institute and won some redress - if your case is clear the Institute can be helpful. ICAEW member firms are, strangely, the ones my firm tends to have the most problems with for some reason. Shouldn't be the case but it is. (I only employ members of the other accountancy bodies for that reason).
Answer 3 :
The quote of £500 was ex VAT, the figure of £855.40 is £728 plus VAT, not a huge difference. Query the additional charge. If they won't explain why there is a further charge tell them to sue you for the balance and explain that you will ask them to justify the fee, in detail, in court.
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I got a quote from an ICAEW member accountant who quoted maximum of £500 to do tax return works, the final bill had come to £855.40 the invoice was settled, months down the line I have received an additional invoice relating to the tax work making a total of £1129. I was not at any point made by the firm aware that it would almost double I paid the £855 in order to maintain relations, but this has now come to the point where I don't know what the final invoice will be I have contacted the firm but they are not interested in reasoning the additional costs. Please help any ideas where i stand with the law? I have contacted ICAEW and hope that they can assist but in the past it seems they favour their members who keep their boat afloat.
United Kingdom - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
just pay it and find a new accountant if this one can't be trusted, if you don't agree with the additional work they have charged you for then write to them and explain you won't be paying it as they can't justify the work.
Answer 2 :
This is one of the reasons why my firm operates a fixed fee policy so both of us know exactly where we stand. It is, regrettably not uncommon with firms that charge on an hourly basis. You may have some luck with the ICAEW - one of my clients took his previous accountants to the Institute and won some redress - if your case is clear the Institute can be helpful. ICAEW member firms are, strangely, the ones my firm tends to have the most problems with for some reason. Shouldn't be the case but it is. (I only employ members of the other accountancy bodies for that reason).
Answer 3 :
The quote of £500 was ex VAT, the figure of £855.40 is £728 plus VAT, not a huge difference. Query the additional charge. If they won't explain why there is a further charge tell them to sue you for the balance and explain that you will ask them to justify the fee, in detail, in court.
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Can I become a chartered accountant by taking this route?
Can I become a chartered accountant by taking this route?
Can I become a chartered accountant? I’m currently in college and study in London and I was wondering how hard it ’ll be for me to become a chartered accountant. I achieved an A in maths at secondary school and good grades with English just enough for me to get into college. However in college I decided not to study Maths but take Economics, English and Accounting. My grades weren ’t good for my first year (with my social life I messed up big time) but I ’ve stepped it up in the second with retakes. At University, I want to study a foundation degree in accounting first then when I ’ve completed that I’ll be able to get a proper degree at London South bank University. After that with a bit of experience, do you think I can achieve my goal of becoming a chartered accountant by taking the longer route of a foundation degree? Thanks in advance.
Financial Services - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Sounds reasonable to me! Good Luck
Answer 2 :
It does NOT sound reasonable to me, but, rather,too circuitous, as I said in your other identically worded question....
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Can I become a chartered accountant? I’m currently in college and study in London and I was wondering how hard it ’ll be for me to become a chartered accountant. I achieved an A in maths at secondary school and good grades with English just enough for me to get into college. However in college I decided not to study Maths but take Economics, English and Accounting. My grades weren ’t good for my first year (with my social life I messed up big time) but I ’ve stepped it up in the second with retakes. At University, I want to study a foundation degree in accounting first then when I ’ve completed that I’ll be able to get a proper degree at London South bank University. After that with a bit of experience, do you think I can achieve my goal of becoming a chartered accountant by taking the longer route of a foundation degree? Thanks in advance.
Financial Services - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Sounds reasonable to me! Good Luck
Answer 2 :
It does NOT sound reasonable to me, but, rather,too circuitous, as I said in your other identically worded question....
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