Has anyone written a good book on taxes and legal stuff indie makers and online entrepreneurs should know about?
What rules and laws are important if you're selling products globally?
When does it make sense to think about incorporating abroad? What are the benefits?
What rules and laws are important if you're selling products globally?
When does it make sense to think about incorporating abroad? What are the benefits?
There are so many common misunderstandings and it's extremely cumbersome to find reliable information.
Even without any kind of tax optimization, it's incredibly hard to do things properly.
Even without any kind of tax optimization, it's incredibly hard to do things properly.
Standard advice is "talk to an accountant".
But you know what? 95% of all accounts regular people can afford have no clue. They don't understand small tech businesses and at the rates you can afford to pay, they don't do proper research.
But you know what? 95% of all accounts regular people can afford have no clue. They don't understand small tech businesses and at the rates you can afford to pay, they don't do proper research.
Other standard advice is "talk to the IRS of your country".
Same problem here. When I ask the exact same question to five different employees, I usually get at least three conflicting answers.
Same problem here. When I ask the exact same question to five different employees, I usually get at least three conflicting answers.
Before you talk to an expert you should understand the basics yourself.
Otherwise you'll get some cookie-cutter advice that doesn't apply to your situation, and you'll never be sure if the advice is sound.
It's your signature on the documents and you'll be held responsible.
Otherwise you'll get some cookie-cutter advice that doesn't apply to your situation, and you'll never be sure if the advice is sound.
It's your signature on the documents and you'll be held responsible.
At this point I honestly think that the information you find on Wikipedia is more reliable than what your average accountant or tax office employee will tell you.
Let's talk about a few examples.
(Not financial advice. I don't know what I'm talking about. Please correct me where I'm wrong.)
(Not financial advice. I don't know what I'm talking about. Please correct me where I'm wrong.)
Many don't know that if you're selling to EU customers you have to think about VAT irregardless of where you live and where you registered your company.
https://twitter.com/dr/status/1364834765040349184
The laws are extremely confusing and rarely anyone (including most accountants) understands them.
https://twitter.com/volodarik/status/1364940060546781188
And even if you think you understand the general VAT rules, there is often a fine-print you should know about.
https://twitter.com/abracarioca/status/1365025556283199499
Another common misunderstanding is that registering your company in a foreign country somehow helps with taxes.
In most cases this is simply wrong. The best-case scenario is often that there is no double taxation.
In most cases this is simply wrong. The best-case scenario is often that there is no double taxation.
https://twitter.com/levelsio/status/938338499354169345
It might be true that many entrepreneurs get away by ignoring these rules. But that doesn't make it legal.
And it's always possible that there will be unpleasant surprises further down the road.
And it's always possible that there will be unpleasant surprises further down the road.
https://twitter.com/levelsio/status/938354881546436608
• • •
Missing some Tweet in this thread? You can try to
force a refresh
