Thursday 7 March 2019

The Tax Options You Need to Follow Perfectly

After registering the PI in the tax office, you get not only the right to conduct business, i.e. do business, but also duties, the first of which is to submit reports and pay insurance premiums for themselves. In addition to these key responsibilities of each IPeshnik, there are a number of nuances that you should be aware of so as not to run into fines in the very first month of your official activities. Especially for this article, we selected seven important issues that need to be resolved by the IT freelancer immediately after the state registration.


1. Choose the right taxation system

If, during your registration as an IP, you did not submit notifications about the transition to the simplified taxation system, then you need to determine the taxation system during the ICS period after the registration date. With the Income tax Consultant Watson now you will be having the perfect options now.

The taxation system is the procedure for calculating and paying tax. Each system has its own rate and tax base, but the main thing is that the amounts of tax payable differ significantly.

Why this is important: special (they are also preferential) tax regimes allow you to reduce payments to the budget to a minimum. By default, you will have to work on a shared system (OS). It is undesirable to forget about the timing of the reporting of your system; for an undelivered declaration, the tax authorities very quickly block the PI account.

2. Take advantage of tax holidays

If you register as an individual entrepreneur for the first time after the adoption of a regional law on tax holidays, you can claim a zero tax rate on the simplified taxation system and the special tax regime. Do not pay tax can be a maximum of two years. The specific activities for which tax holidays are established determines the regional law.

3. Know and pay for insurance premiums

Insurance premiums are the payments that every entrepreneur is required to contribute to the pension fund (PFR) and the compulsory health insurance fund (MHIF). From the new year, the Federal Tax Service will be responsible for collecting fees, because in the opinion of the authorities, the funds themselves with the collection of payments in their favor cope poorly.

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