Turnover Tax

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  • Christel
    Silver Member

    • Feb 2012
    • 361
    #1

    Turnover Tax

    I have a friend who is employed full time but has started a grass-cutting services for farmers as a side-line - trading in his personal capacity. Would the best tax wise decision be to register for Turnover tax? And if he does, how does it work with him still earning a salary as well?
    always fear when Christel is near....
    Tags: None
    • EAB
      Full Member

      • Jun 2016
      • 88
      #2
      It will not be possible to say with the limited info.

      The best will be to sit down and do calculations based on both scenarios and to make a decision from that.
      Wisdom is to do now what you will be satisfied with later

      https://erasmusw.wixsite.com/e-ab

        Comment

        • Greig Whitton
          Silver Member

          • Mar 2014
          • 338
          #3
          Turnover Tax is based on gross turnover (not taxable income) and, as such, is a terrible idea masquerading as a convenience for SMEs.

          Founder of Growth Surge - Helping entrepreneurs create more wealth and enjoy more freedom.

            Comment

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