Hi Tim Just started my own business - and still need to learn the ropes. Im doing everything according to the book / or am trying to. I will be importing products - so should I register the import license to my personal name or to the business. Tax implications?
If you are running the activities through the business it would be best to assign the import license to the actual business as it will be the business doing the importing and not you in your personal name. You would need to show the import license number on a lot of documentation and so it makes sense to do it this way.
From an income/corporate tax and VAT perspective the business would be taxed at 28% unless it qualifies as a small business. In your personal name you could be taxed up to 40% so it would be wiser to go through the business if there is large income.
ADsays: 12 December 2012 at 12:48
Great!! Thanks Tim!
TaxTimsays: 12 December 2012 at 13:14
Only a pleasure! Anytime!
Get Tax Deadline Reminders, News and Tips
We'll tell you when you need to file, along with tax tips and updates.