When business income may be taxed?
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anita
Apprentice
Joined: 14 Apr 2008
Posts: 6
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 Posted: 09/22/10 - 10:19 Post subject: |
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| My business is relatively new, I’ve started it last summer and it is doing fine, but I am a bit scared over income tax which is just staring at me waiting for the moment… but, what moment? When business income may be taxed? I only know about this because other people are wondering why am I not having this obligation… yet. |
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terrijo
Apprentice
Joined: 23 Feb 2007
Posts: 10
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| Posted: 10/22/10 - 03:01 Post subject: |
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| I think, but don’t get me too seriously, that you should pass some threshold in order to be liable for income tax. That is why you haven’t got return to fill, yet. That is, if you are doing it entirely legally. For, it may be the case that you have forgotten, or refused, to report your business at the first place. I know many people who were attempting similar things and where did that get them? |
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