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Ask the Master Newsletter Archives
Welcome to the previous editions of the Ask the Master newsletter.
On your left you will find links to tips and the how to’s of
running a Virtual Assistant practice. We hope you enjoy your stay
and if you have a question you’d like answered send it to submission@vatp.ca.
Ask
The Master
July 2006 - Volume 5/Issue 7 |
Taxes and Licenses
The business of being in business. What do you need to know?
The learning curve for starting a business can be pretty steep. Various
levels of governments have various requirements and in addition different
locations have different requirements so there is no standard answer
for everyone. In some cases you will be paying and in some cases charging
taxes. We can give you some of the basic information however do yourself
a favour and do the research to get the right information for you.
Warmly,
Mary-Lou Ashton
Master Virtual Assistant
Questions In This Edition
(Click on the links to go to that question.) What can I do
to improve communication with a client?
Do I have to charge
federal taxes? To the best of my knowledge currently you
do not have to charge federal taxes in the US. For information visit
this
website.
However in Canada you are required to charge GST (Goods and Services
Tax) on your services. You have to pay GST once your gross earnings
reach $30,000 however you can voluntarily register for and charge
GST prior to that. For more information visit this
website.
What about provincial/state
taxes? In the US this may vary from state to state so you
will need to check whether taxes need to be charged on services.
To find out what the situation is in your area visit this
website.
In Canada you are not required to charge PST on services however
if you are selling products then you are required to charge sales
tax. For more information go to this
website.
What about outside
North America? The Internet is always a great resource.
Most government agencies have web sites available.
How
do I handle my income taxes? Once again this depends on
where you live and also how you have structured your business i.e.
sole-proprietor, LLC, incorporated.
- In Canada if you are self-employed and set up as a sole-proprietor
you claim your business as part of your personal taxes. Find out
more
here.
- In the US
click here.
Anything else I need
to find out about? Your local, provincial/state or federal
agencies may require additional licenses. Check to see whether you
need to register your business (normally you would) and if you need
any specific business licenses to operate specifically from your
home.
Brought to you by
Virtual Strategies
and the Virtual Assistant Training Program
Making dreams reality!
www.vatp.ca
info@vatp.ca
1-604-483-3740 |
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