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Hey everyone, Sorry for not writing in Danish, but it would just be a mess :) I have a company (PMV registered with VAT) and lets say I am expecting to earn 100,000.00 dkk during next year. Then 20,000.00 dkk will be paid in VAT/MOMs. Then from 80,000.00 dkk left, I subtract personal allowance and deductions (family and business expenses). Lets say that 25,000.00 dkk is left. This is what I will pay tax on? And lets imagine, I bought around 10,000.00 dkk (8,000.00 +25%VAT) in products during the year. The 2,000.00 I paid in VAT when buying, do I get it deducted from the 20,000.00 I paid in VAT from my sales? or I just dont pay this 2,000.00? And then the 8,000.00 of expenses for my business, do I get to deduct it as business expenses? Tak for hjelpen! Mvh. |
sales vat minus purchase vat is paid in as VAT
Profit is calculatet as income minus deductable expenses (not all are - if in doubt you need to find help) - both without VAT
tax is personal tax on your profit (purchase of goods is not an expense untill they are sold) - 8% on all profit and you have your personal tax allowances - so in total around 41% on all above those as well /56% in total above aprox ½ mio profit
Why dont you find an online bookeeper
br John Hannover
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