Tax on Doubles ?

[pugboy]

Yep
It’s the same ppl who get squeezed over and over
No vaseline

[88sins]

Yep
It’s the same ppl who get squeezed over and over
No vaseline

but that is what they want, a pm that grows fatter daily, all the while telling them to tighten their belt for the hard times they in. so the middle class & poor supposed to get cut in half by their belt being tightened, & politicians get to the point they hadda throw away the belt cuz it can't even fit they blasted ankle.

[RedVEVO]

Alright hear dis one.....ent allyuh know the 1% doh like Indian? They like the Africans because they could control dem easy. Check out the gold lords who running the place.

This doubles tax come from ah big meeting with the 1% and the little dwarf who suffering form some kinda liver disease.

Feel ah lie? Rem when indians was the only type being kidnapped and they sold all their properties and fly out? Who yuh think buy them? The 1%%%%%% !!!!!!!!!!!!

Boysie tell you that in some rum shop??

Where you get this conspiracy theory from Average ?

Everybody like Doubles , even the 1% Brothers and Sisters .

[TriP]

......

[SLVR1]

Raymond needs to stop giving advice.

[RedVEVO]

Raymond needs to stop giving advice.

Why ?

[SLVR1]

He has made many errors in his advice e.g. Paye is not laid by the NIB it is BIR . While correct about the personal allowance, if the doublesman is a registered business, there are tax implications on sales i.e. Business Levy and Green Fund levy and possibly Corp. Tax. Based on the sales threshold, VAT can come into play and the filing of a VAT return. Individuals can claim expenses for things like electricity but appropriations have to be made that BIR can query and even disallow which I have seen happen. There are other things that lack clarity or are misleading. NIS can be a factor as well especially for those who employ and are not paying as it is mandatory on the employer. I am just being brief on this.

[88sins]

is Raymond Toolsie or Raymond Foolsie? because yuh married yuh get a $144000 personal allowance? he eh kno what personal mean or what?

& PAYE is payable according the laws as implemented by NIS?

[SLVR1]

I think he means the husband can take a salary of 72k per annum and the wife can do the same removing 144k and avoiding that amount in tax.

[ProtonPowder]

I think he means the husband can take a salary of 72k per annum and the wife can do the same removing 144k and avoiding that amount in tax.

This is exactly what he meant.

And also, because the doubles men "getting up at 2am to fry barra" is not a tax exemption; the men wukking 12 hour shifts in digicel routing office on christmas morning at 2am still have to pay taxes.

[Dizzy28]

I think he means the husband can take a salary of 72k per annum and the wife can do the same removing 144k and avoiding that amount in tax.

They would both have to pay NIS and health surcharge in that case though. And file separate returns.

[pugboy]

Stay strong

[RedVEVO]

I think he means the husband can take a salary of 72k per annum and the wife can do the same removing 144k and avoiding that amount in tax.

They would both have to pay NIS and health surcharge in that case though. And file separate returns.

Again, leave the doubles man alone.

As soon as man making a living it's pressure .

And the 12K per month will keep you happy

[88sins]

I think he means the husband can take a salary of 72k per annum and the wife can do the same removing 144k and avoiding that amount in tax.

That is not how PAYE works & that idiot eh kno what he tellin ppl

They would both have to pay NIS and health surcharge in that case though. And file separate returns.

& there is a reason for them having to file separate returns.
The term PAYE-Pay As You Earn- means that as you earn, that's how you pay your income taxes and apply your allowances & deductions.
If a doubles vendor is married, & his wife doesn't work with him in the business, ONLY HE has a personal allowance of $72K, but he can claim her as a dependent on his returns & reduce his tax liability somewhat, but it will not be by $72K. If she does work with him & receive a salary from him, her personal allowance is only applicable to whatever income SHE makes from her employment in the business. HE is not allowed to claim her personal allowance.

Basically, if she has no income, she has no income tax liability, hence no allowance is applicable to her nonexistent income, & if she is working, her personal annual income allowance of $72K is utilized on her returns & applied to her total annual income only.

[Daran]

I think he means the husband can take a salary of 72k per annum and the wife can do the same removing 144k and avoiding that amount in tax.

That is not how PAYE works & that idiot eh kno what he tellin ppl

They would both have to pay NIS and health surcharge in that case though. And file separate returns.

& there is a reason for them having to file separate returns.
The term PAYE-Pay As You Earn- means that as you earn, that's how you pay your income taxes and apply your allowances & deductions.
If a doubles vendor is married, & his wife doesn't work with him in the business, ONLY HE has a personal allowance of $72K, but he can claim her as a dependent on his returns & reduce his tax liability somewhat, but it will not be by $72K. If she does work with him & receive a salary from him, her personal allowance is only applicable to whatever income SHE makes from her employment in the business. HE is not allowed to claim her personal allowance.

Basically, if she has no income, she has no income tax liability, hence no allowance is applicable to her nonexistent income, & if she is working, her personal annual income allowance of $72K is utilized on her returns & applied to her total annual income only.

Lol no. He and his wife are self employed and can split the income equally to have a total tax allowance of 144k. Also, that 144k is on profits. They can then expense portions of gas, rent/mortgage, mobile phone etc. Essentially, they will end up paying little or no PAYE. If their doubles business makes over 500k I believe them they'd have to charge vat on the doubles.

[Ben_spanna]

Everyone should have to pay taxes, except for retirees.
Small businesses are finding it much harder to continue business these days with all the taxes and the problem of VAT returns.
All those PH drivers should pay taxes or throw them in jail..... you earning an income then you must contribute..........

[SLVR1]

I think he means the husband can take a salary of 72k per annum and the wife can do the same removing 144k and avoiding that amount in tax.

That is not how PAYE works & that idiot eh kno what he tellin ppl

They would both have to pay NIS and health surcharge in that case though. And file separate returns.

& there is a reason for them having to file separate returns.
The term PAYE-Pay As You Earn- means that as you earn, that's how you pay your income taxes and apply your allowances & deductions.
If a doubles vendor is married, & his wife doesn't work with him in the business, ONLY HE has a personal allowance of $72K, but he can claim her as a dependent on his returns & reduce his tax liability somewhat, but it will not be by $72K. If she does work with him & receive a salary from him, her personal allowance is only applicable to whatever income SHE makes from her employment in the business. HE is not allowed to claim her personal allowance.

Basically, if she has no income, she has no income tax liability, hence no allowance is applicable to her nonexistent income, & if she is working, her personal annual income allowance of $72K is utilized on her returns & applied to her total annual income only.

The assumption is the wife is in the business or for tax purposes put into the business to draw a salary which is legal . No one said he is claiming the 144K. As i said before I am not getting into the details because each case is different. Obviously, if the wife is employed elsewhere she can still be entitled to draw a salary.

If you had a business showing profit (sole trader is what a doublesman will operate as vs some will be ltd. liability who operate on a larger scale) of $200k before adjustable deductions and you and your wife draw a combined salary of $144k. You now have a profit of 56k and the cost of goods/overheads etc. can be applied to lower that and then there is depreciation of assets. All this lowers the profit. Lecture is over for today. All this is legal BTW. If you pay NIS that too can be deducted as the employee pay 1/3 and the employer 2/3. PAYE is not the only implication.

[SLVR1]

Everyone should have to pay taxes, except for retirees.
Small businesses are finding it much harder to continue business these days with all the taxes and the problem of VAT returns.
All those PH drivers should pay taxes or throw them in jail..... you earning an income then you must contribute..........

Agreed and upon retirement annuities should not be taxed as you provided for that. It is time that everyone files a return since many simply say they are unemployed. Time to pull bank statements and see what is going on because some who claim to be poor and are at a disadvantage are raking in cash via rent and pay not a cent and people need to stop saying they pay VAT. These same people draw Old age pension and laugh.

[Daran]

Sole traders are essentially small businessess. Just they don't have the protection of a limited liability.

[zoom rader]

Sole traders are essentially small businessess. Just they don't have the protection of a limited liability.

They can if they register as independent traders

[88sins]

Sole traders are essentially small businessess. Just they don't have the protection of a limited liability.

You mean small businesses are essentially sole traders. But you're wrong, many are in fact registered as limited liability companies. Plenty of those small shops you see have to be registered as llc's in order to get credit facilities & better terms from some larger suppliers.

The assumption is the wife is in the business or for tax purposes put into the business to draw a salary which is legal . No one said he is claiming the 144K. As i said before I am not getting into the details because each case is different. Obviously, if the wife is employed elsewhere she can still be entitled to draw a salary.

1-If you had a business showing profit (sole trader is what a doublesman will operate as vs some will be ltd. liability who operate on a larger scale) of 2-$200k before adjustable deductions and you and your wife draw a combined salary of $144k. You now have a profit of 56k and the cost of goods/overheads etc. can be applied to lower that and then there is depreciation of assets. All this lowers the profit. Lecture is over for today. All this is legal BTW. If you pay NIS that too can be deducted as the employee pay 1/3 and the employer 2/3. PAYE is not the only implication.

I like how u added that last part. Glad to see you realize that PAYE & NIS & H/S aren't the only liabilities a small business could have. It have more in d mortar than d pestle. however...




Now, on those other points.

1-having a small business registered as a llc isn't really about the scale/size of the business, it's facilities or revenues. it's primarily about the protection of the business's owner and it's creditors. But dat too long for me to type about now.
I notice you edit out the part that if she's earning a salary elsewhere as well she could still receive a salary from the husbands business, & that's true, she can. but as long as u understand, she will have an increased PAYE liability if she does.

2-Using all sorts of avenues to reduce annual profits & retained earnings & bring your tax liability to nil on a regular basis raises a lot of red flags, in that basically every year you running at either a loss or b/e & that is what raises suspicions. After a couple consecutive years of that , either you or your business or both, small as you might be, will be audited. Because a business cannot survive consistent & regular losses long term. eventually, suppliers will stop supplying, & liabilities will start to increase beyond the businesses ability to satisfy those liabilities

[Slartibartfast]

agreed but its a monumental task to tax everybody
there just isnt the enforcement infrastructure in place
its equivalent to fighting crime from a manpower point of view

the best approach is always to tackle the high yield groups to send the message
the doublesman is the usual bad guy smallman
and the casinos rake in millions monthly
not to mention those churches collecting 10% salary

a vene hairdresser two houses from me charges at least $500 a client
work out how much he makes if he doing 6-8 a day

The way this was formatted made me think it was another doubles thread rap battle derail at first glance....


... oh well, back into hiding

[SLVR1]

Sole traders are essentially small businessess. Just they don't have the protection of a limited liability.

You mean small businesses are essentially sole traders. But you're wrong, many are in fact registered as limited liability companies. Plenty of those small shops you see have to be registered as llc's in order to get credit facilities & better terms from some larger suppliers.

The assumption is the wife is in the business or for tax purposes put into the business to draw a salary which is legal . No one said he is claiming the 144K. As i said before I am not getting into the details because each case is different. Obviously, if the wife is employed elsewhere she can still be entitled to draw a salary.

1-If you had a business showing profit (sole trader is what a doublesman will operate as vs some will be ltd. liability who operate on a larger scale) of 2-$200k before adjustable deductions and you and your wife draw a combined salary of $144k. You now have a profit of 56k and the cost of goods/overheads etc. can be applied to lower that and then there is depreciation of assets. All this lowers the profit. Lecture is over for today. All this is legal BTW. If you pay NIS that too can be deducted as the employee pay 1/3 and the employer 2/3. PAYE is not the only implication.

I like how u added that last part. Glad to see you realize that PAYE & NIS & H/S aren't the only liabilities a small business could have. It have more in d mortar than d pestle. however...




Now, on those other points.

1-having a small business registered as a llc isn't really about the scale/size of the business, it's facilities or revenues. it's primarily about the protection of the business's owner and it's creditors. But dat too long for me to type about now.
I notice you edit out the part that if she's earning a salary elsewhere as well she could still receive a salary from the husbands business, & that's true, she can. but as long as u understand, she will have an increased PAYE liability if she does.

2-Using all sorts of avenues to reduce annual profits & retained earnings & bring your tax liability to nil on a regular basis raises a lot of red flags, in that basically every year you running at either a loss or b/e & that is what raises suspicions. After a couple consecutive years of that , either you or your business or both, small as you might be, will be audited. Because a business cannot survive consistent & regular losses long term. eventually, suppliers will stop supplying, & liabilities will start to increase beyond the businesses ability to satisfy those liabilities

That why I said lower not declare a loss or break-even. As i said in an early post about other taxes there are taxes that businesses pay that the average man does not know/care about. As a business, any type, there will be costs of operations: depreciation on motor vehicles, fuel, repairs, chemicals to clean the cookers etc. all which must be accounted for and expenses posted as per the accounting laws and principles permitted by the MOF/BIR. Lowering taxes is not an issue, EVADING is the issue. The question is; how small is the doublesman? I know one who set up a LLC and does what I discussed and pays his taxes. His family are the workers who in turn draw salaries. They have delivery vehicles in the company name, tents, cookers etc. all of which incur depreciation and affect the P&L. There are legal fees that one has to pay as well, another expense. The bottom line is while tax is payable, the doublesman needs to get advice to ensure he does not overpay taxes as well. The government is quick to take, but not fast to give back in many instances when it comes to business.

All this talk have me feeling for doubles now.

[Duane 3NE 2NR]

[SLVR1]

Roodal talking like any of those people will declare. Doctors, lawyers, accountants etc. not declaring either and living large. Oh right, they pay VAT at the grocery or when they build a house to rent (built with cash) and not pay on that income.

[zoom rader]

How much more injun tax to come beside house tax and doubles.

Meanwhile PNM ppl living for free and still looking for free HDC house and handouts

[SLVR1]

How much more injun tax to come beside house tax and doubles.

Meanwhile PNM ppl living for free and still looking for free HDC house and handouts

Stop the Indian talk. Many Negros own properties and will have to pay. In my area all the Negros own their properties. The UNC lived for free also and did their share of crap and that is why the NIS system is in the position it is in. HDC is a government tool for whoever is in power. Stop stereotyping. I am an Indian and the only time it will be an Indian tax is if I am paying and none of my neighbors are paying. Then you have a case. Not that you will.

[Dizzy28]

How much more injun tax to come beside house tax and doubles.

Meanwhile PNM ppl living for free and still looking for free HDC house and handouts

Stop the Indian talk. Many Negros own properties and will have to pay. In my area all the Negros own their properties. The UNC lived for free also and did their share of crap and that is why the NIS system is in the position it is in. HDC is a government tool for whoever is in power. Stop stereotyping. I am an Indian and the only time it will be an Indian tax is if I am paying and none of my neighbors are paying. Then you have a case. Not that you will.

Don't be fooled by political rhetoric. The NIS system was in trouble long before 2010. All actuarial reports and census data from prior to the PP's term in power pointed to a declining work force and an aging population and there was a need to reform the entire system if things were to remain as they were.

[RedVEVO]

How much more injun tax to come beside house tax and doubles.

Meanwhile PNM ppl living for free and still looking for free HDC house and handouts

Stop the Indian talk. Many Negros own properties and will have to pay. In my area all the Negros own their properties. The UNC lived for free also and did their share of crap and that is why the NIS system is in the position it is in. HDC is a government tool for whoever is in power. Stop stereotyping. I am an Indian and the only time it will be an Indian tax is if I am paying and none of my neighbors are paying. Then you have a case. Not that you will.

Zoom is correct .

Other tax may include Alloo Tax, Prado Tax, Caura Lime Tax, Curry Duck Tax etc.

Also SVR1 you seriously need to upgrade your reading/ education skills per highlight above

[SLVR1]

How much more injun tax to come beside house tax and doubles.

Meanwhile PNM ppl living for free and still looking for free HDC house and handouts

Stop the Indian talk. Many Negros own properties and will have to pay. In my area all the Negros own their properties. The UNC lived for free also and did their share of crap and that is why the NIS system is in the position it is in. HDC is a government tool for whoever is in power. Stop stereotyping. I am an Indian and the only time it will be an Indian tax is if I am paying and none of my neighbors are paying. Then you have a case. Not that you will.

Don't be fooled by political rhetoric. The NIS system was in trouble long before 2010. All actuarial reports and census data from prior to the PP's term in power pointed to a declining work force and an aging population and there was a need to reform the entire system if things were to remain as they were.

When $3,000.00 was made across the board it added additional pressure to an already failing system. There is no denying that. Rather than fix, the UNC did that to gain votes in the name of equity. Both parties use these tools to gain votes when the money going in is not enough to support what is going out. Also, how can I pay in more to a system and get the same as the person who paid in far less? I am not blaming the UNC only that is why I said they did their share of crap just like this current administration and those before it. None exercised fiscal prowess and good management.