Tax changes brewing for online alcohol marketplaces

Tax changes brewing for online alcohol marketplaces
A potent mash of alcohol regulations, tax obligations and marketplace facilitator laws is brewing as the industry adjusts to living with the COVID-19 pandemic.

* This article was originally published here Check out https://www.johannakimball.com

Comments

Post a Comment

Popular posts from this blog

12 things HMRC will never say....

Image
12 things HMRC will never say: “After reviewing your contract, I consider you’re self employed.”  “Considering the length of time it has taken me to reply to your letter it is only fair that I give you 18 months to reply to mine. "I like you. On this occasion I’m going to let you off and chalk it up to experience". “Given the complexities of the legislation that is a mistake anyone could have made so I won’t be looking to charge a penalty.” “Following the recent Tribunal decision confirming that we have been incorrectly applying tax legislation to your circumstances, we can now concede that we are wrong and have accordingly charged ourselves a penalty for our carelessness in failing to take advice from an appropriately qualified tax professional.” “That might be what the legislation says but it seems incredibly unfair so we’ll take a pragmatic view” "You're right, we don't have unlimited powers to ask for anything we feel like" "It looks like we were wr...
Read more

Is It Crazy to Buy Gold Coins For Investments?

Image
Have you ever considered gold as an investment? Or maybe just as a hobby? In the days of instant online stock trading and financial accounts, sometimes money seems almost make-believe. Many of us no longer see our money as a tangible object. That’s why there’s something very satisfying and solid about investing in and wanting to buy gold coins. There’s nothing like going to a coin shop, coming out with a small-but-heavy paper bag, and then taking it home and feeling the weight of each coin. But is it crazy to invest in gold coins in 2022? Let’s look at some advantages and disadvantages of buying gold coins as an investment. Advantages to buying gold coins Gold and other hard metals have always been a time-honored part of traditional investment plans. Here’s why: Gold tends to go up when other investments decline, providing a stabilizing effect for your portfolio. Gold is a safeguard against inflation. You don’t have to pay capital gains tax until you sell. Nobody m...
Read more

eBay Seller FAQs and Unique Scenarios Explained

Image
You’ve heard about the new IRS reporting thresholds for Form 1099-K that went into effect this year, but you may have some follow-up questions about how it applies to you. Let’s look at some common concerns we see from online sellers and how to handle some unique situations, like pricing and selling inherited items. You only owe income tax on the net profits you make from a sale. To determine your profits, you need to keep track of each item’s sale price and any other expenses related to the sale. How to calculate your taxable income from an online sale If you are a casual seller and you sell a personal item for more than you originally paid, the profit you make is considered a capital gain. Capital gains are taxable income and must be reported on your tax return using Schedule D. To determine your taxable gains when selling personal assets, you will need this formula: Sale Price (what you sold the item for) – Cost Basis (what you paid for the product + any fees associated wi...
Read more