Small business is free of tax

[Shigobad20201]

Small business is never free of tax , but in some areas , the government prefer taking tax from the big companies while leaving the other small business but the government here collect tax from every business either small or big .

 

[greenie]

This is absolutely true and that is how it is supposed to be. If you have a small business you owned maybe a business that has no business name definitely you are free to operate without paying tax.
Government impose tax on business that has been duly registered and licensed.

 

[Immilash1]

Small business, we all started from the scratch and later on grow it into something big, starting a small business, you'll face lots of challenges but if you know what you are doing, you'll make good profits out of it

 

[Shigobad20201]

Most of all the big business that are successful nowadays actually started small , but with dedication and consistency they at now bigger and stronger ,mand government do take tax from small business .

Small business, we all started from the scratch and later on grow it into something big, starting a small business, you'll face lots of challenges but if you know what you are doing, you'll make good profits out of it

 

[tyrim88]

When you make money with your own small business you have to pay income taxes just as if you worked for another company. In some cases, you may also have to pay additional taxes that are specifically associated with small business operations

as a business owner that is registered,you are suppose to pay tax to the authorities,because when you are to make your annual returns you will be asked to do so,else you tax certificate would not be given to you.

 

[Shigobad20201]

This is absolutely true and that is how it is supposed to be. If you have a small business you owned maybe a business that has no business name definitely you are free to operate without paying tax.
Government impose tax on business that has been duly registered and licensed.

I hope you are right concerning small business without name are not paying tax , but here in my environment and my country , the government doesn't care if your business have a name or not . You must pay tax ,

 

[Agbalagbaa]

Starting up a small business is actually a good idea, it will help you to take good care of your small needs, I believe if you know how to run a business you can make success of it.

 

[nana kwasi1]

Small businesses aren't really exempt from taxes in my country because, in order to avoid any sort of embarrassment, you have to register with a business organization or join an organization designed for business people in that community before you can open a store or other place where you sell your goods.

 

[Rolly_blen]

Unless you need an official receipt in selling your merchandise there is no need to pay taxes for a small business. This is applicable to home based business where the place of business is not rented. Small items such as food stuff, clothing and personal accessories do not need to register with the government agency because it is considered an informal business - temporary in nature and dealing with small transactions only. This is a good incentive for entrepreneurs who need to gain experience in selling.

Since the majority of these firms are not legally registered for the government, they are not completely accepted by the government and so cannot be charged with taxes.

 

[Amanda_5]

You're right, @Alexandoy, small businesses with low annual profits are exempt from paying taxes in my nation. It is only applicable to businesses and individuals who generate more than 1000 (UT) annual tax units of revenue each year.

 

[frederick_9]

If a company chooses to impose taxes based on sales and profits, it will unquestionably incur little tax liabilities.
Numerous small businesses pay significant amounts of tax due to the tax they choose.

 

[Shigobad20201]

I guess you are not a Nigerian and if you are , maybe you are from another state , because in my own state , all business either big or small are paying taxes , there's even tax forces that normally go out to collect tax yearly .

 

[Ayojesu]

no business is tax-free as long as the business is registered with the government, except it is not registered yet, but as long as it is, you are not exempted from taxation

 

[Grant]

Unless you need an official receipt in selling your merchandise there is no need to pay taxes for a small business. This is applicable to home based business where the place of business is not rented. Small items such as food stuff, clothing and personal accessories do not need to register with the government agency because it is considered an informal business - temporary in nature and dealing with small transactions only. This is a good incentive for entrepreneurs who need to gain experience in selling.

That's simply not true, considering that even as a self employed person, you're going to be taxed twice, once as a standard worker and again due to being self employed tax. To say there is no taxes for a small business is just factually not true.

If you start a business of any kind and make a profit of any kind, that then needs to be taxed as a business. If you live in the US, you can't get away from taxes at all. In fact, selling anything it is required that you report that to the IRS. And now days, the IRS knows when you're paid, so if you don't pay the taxes for what you're paid, they will collect in full at a later date most likely.

In the US, if you make more than $600 in a single job, it is required that you report that. And even so, it seems that the IRS is requiring that you report ANY profits you make, even if it doesn't reach that $600 threshold.

 

[Shortie]

It really depends on the country you live in and how much your business is making at the time as to whether you will need to pay taxes. I know in the UK you need to be making a certain amount before you start paying any kind of taxes so even though your business is small, if you earn more than what they state before you pay taxes, no matter how small the business, that is when you will need to start paying taxes. I would definitely never tell any small business that they are free of taxes just because they are small as you could be giving wrong information and leading them to have issues further down the line that could affect their business.

 

[Ronny_4son]

Unless you need an official receipt in selling your merchandise there is no need to pay taxes for a small business. This is applicable to home based business where the place of business is not rented. Small items such as food stuff, clothing and personal accessories do not need to register with the government agency because it is considered an informal business - temporary in nature and dealing with small transactions only. This is a good incentive for entrepreneurs who need to gain experience in selling.

Small businesses are not taxed, and any taxes that you see on a receipt should be refunded to you immediately. It is beneficial for them that they are not taxed, because they get to keep their profit margins

 

[Laurentta]

I don't actually think small businesses are a hundred percent free of tax. Even if one is doing a small business in one's home, i feel one actually pays for it in one way or the other.

 

[Shahid987]

This statement is generally not true. Most small businesses are required to pay taxes on their income and other financial transactions. The specific taxes that a small business is required to pay will depend on the type of business and its location. However, there may be some tax breaks or credits that small business can take advantage of to help lower their tax burden. Some small business may be eligible for certain deductions on their taxes, such as deductions for expenses related to the business or depreciation of business assets.

 

[Smiles20]

I believe that this is going to give a lot of people the desire to run businesses if small businesses are going to be paying just little tax. It is also going to encourage financial institutions to lend out business loans.

 

[Eli342]

I must admit that I was unaware of the fact that small firms are exempt from paying taxes until recently, but now that I am, I believe it is pretty acceptable given their modest profit margins.