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question Question about tax return

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kite26

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I live on an EU country.
My main job is not domaining.
I am doing domaining as individual.
I asked my accountant and he said that the problem is that I don't own a company nor this is my job (officially), so I don't have to submit. Furthermore, I have expenses too (renewals, new acquisitions, etc) and some companies simply don't give invoice (GD)
But I still have concerns. Do I have to submit my domaining income to my annual tax return? Members from EU, especially, how you handle this? It's a question that I wanted to make much time ago. Maybe Dan is not good idea for an EU individual?
 
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kite26

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I thought tax rates, laws etc are set by individual governments, not the EU....so unless you get advice from someone in your country it could be wrong

Go and get a second opinion from another accountant, they normally offer an initial free 30/60 min consultation (at least here in the UK they do)
I normally keep my invoices on a folder (except GD). I will try to ask another accountant as you mentioned.
 
I asked my accountant and he said that the problem is that I don't own a company nor this is my job (officially), so I don't have to submit. Furthermore, I have expenses too (renewals, new acquisitions, etc) and some companies simply don't give invoice (GD)
But I still have concerns. Do I have to submit my domaining income to my annual tax return? Members from EU, especially, how you handle this? It's a question that I wanted to make much time ago. Maybe Dan is not good idea for an EU individual?

I don't live in the EU, but I have to say that would be a great workaround to not pay taxes. You could basically do business under your own name, not register as a company, and not declare that income.

Not only does it not have to be declared as income, but you can also deduct related expenses? That would be a massive loophole in tax policy.

For any country that charges income tax, I am skeptical that would be the case unless it was for a very small amount of money.

Brad
 
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kite26

Fearless Bird
Impact
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I don't live in the EU, but I have to say that would be a great workaround to not pay taxes. You could basically do business under your own name, not register as a company, and not declare that income.

Not only does it not have to be declared as income, but you can also deduct related expenses? That would be a massive loophole in tax policy.

For any country that charges income tax, I am skeptical that would be the case unless it was for a very small amount of money.

Brad
@bmugford Thank you very much mate. However, i will keep saving all the invoices, you never know. What you said, it's basically what my accountant said to me. Is Afternic the best bet for EU sellers or other marketplaces like Dan is the same thing?
 
If your accountant can't answer the question then they're not a proper accountant.

Generally if you're making money out of it as more than a hobby or hobby levels of income then they'll want a cut of it for sure!! General rule of thumb...

I doubt that "saving all of the invoices" is proof in a court of law that you were going to declare your profits.

The main differentiator that I always come back to is whether you are "trading" or not. If you are buying things to sell for a profit then you're trying to make a profit... So at some threshold you will sure as hell be required to declare the amount, otherwise everyone would be doing it and they wouldn't be getting their cut!!
 
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I dont know eu laws, but in USA, i report it as annual income. Simple area on tax form that says additional income. Then i use the purchases at the registrar to counter it as tax deduction.

If you have held your domain name for over a year, you should report your domain name sales as you would report a stock sale, as capital gains. Capital gains is taxed at a lower rate than income. Capital gains lets you deduct the cost and other expenses of the domain names that you sell.
 
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I heard things like,.. USA corporation (a deepstate company) went bankrupt, and can't collect income taxes etc,.. same for UK,
but don't trust me on this.

Nah, that is basically just sovereign citizen quackery.

The IRS is fully operational. Mess around with taxes and you will eventually find out.

Brad
 
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