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Warda Kawabata
Amityville Horror
Join date: 4 Nov 2005
Posts: 1,300
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10-01-2007 06:30
From: AWM Mars To be honest, in the UK VAT is 17.5% which is cheaper than some EU countries, thats why so many EU countries and those outside the EU come here and built car plants etc... The revenues are justifiable when you consider we not only have our own Government to pay for, but also the EU government. A EU MP can earn upto £380,000 pa and claim another £85,000 for a secretary, plus 1st class air fares to the EU from their place of residents, twice a week! Oh, and at the 6 monthly meetings in Genevia, if they take their spouses to the meetings, they get a 'complimentary' £15,000 'spending money' and a chaufer driven car to ferry about the shops while their spouses 'work'. Most EU MP's, buy a 'small' residency close to the meeting places and walk to work. They can also then claim 'expenses' back for such things as 'cleaning, maintenance and assistants (house keepers, butlers and guards)' over an above still gaining their air fares. With so much Value for money, VAT is quite a low don't you think?  Damn, I'm in teh wrong job. Hey guys, suppose I stand for election... would you all vote for me? I promise to put an end to all this waste of tax money. I'll make sure it all gets spent properly. 
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Walker Moore
Fоrum Unregular
Join date: 14 May 2006
Posts: 1,458
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10-01-2007 06:33
From: AWM Mars To be honest, in the UK VAT is 17.5% which is cheaper than some EU countries, thats why so many EU countries and those outside the EU come here and built car plants etc... The revenues are justifiable when you consider we not only have our own Government to pay for, but also the EU government. A EU MP can earn upto £380,000 pa and claim another £85,000 for a secretary, plus 1st class air fares to the EU from their place of residents, twice a week! Oh, and at the 6 monthly meetings in Genevia, if they take their spouses to the meetings, they get a 'complimentary' £15,000 'spending money' and a chaufer driven car to ferry about the shops while their spouses 'work'. Most EU MP's, buy a 'small' residency close to the meeting places and walk to work. They can also then claim 'expenses' back for such things as 'cleaning, maintenance and assistants (house keepers, butlers and guards)' over an above still gaining their air fares. With so much Value for money, VAT is quite a low don't you think? LOL. You're *very* good.
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Perre Anatine
reflect..repent..reboot
Join date: 6 Jun 2007
Posts: 714
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10-01-2007 10:06
Hmmm..here's a thought possibly worth pursuing. My island, Laurentia, the last time I looked was several hundred sims west of Sansara (or is it 'the Old Continent'), definately not in the UK or even a member state of the EC. Does this mean that it and it's residents do not fall under the strangle hold of the VAT rules. And further to that thought, I suppose as Governor of Laurentia I could apply for membership of the EC then unanimously vote myself into the position of EC parlaimentary member for Laurentia and though meagre my salary might be I would be able to afford the new rate of Island Fee. Just a thought... And of course as EC Parlaimentary Member for Laurentia I would press vigorously for a change to VAT rules leaving all SL residents exempt. |
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Fredy Kyong
Registered User
Join date: 27 Jan 2007
Posts: 28
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10-02-2007 01:46
From: Raymond Figtree Stupid yet sincere question: Do Germans pay VAT? 19%, YES! |
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AWM Mars
Scarey Dude :¬)
Join date: 10 Apr 2004
Posts: 3,398
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10-02-2007 02:54
Anyone here think VAT is going to be the only Taxtaion applied to platforms such as SL? What about capital gains tax, inheritance tax (should your partner leave the game and you with all the assets).. what will follow Stamp Duty on new housing?
To be honest, for the elements you will be charged VAT on, assuming you are VAT registered, the amount of VAT you can claim back for electricity, hardware, depreciation on 'tools of the trade/assets', expenses for a portion of the building you conduct your business from, council taxation (pressumbably you do have rubbish to collect from your business), accountants fees etc etc.. when balanced against the relatively small sums paid for the Virtual Reality business premises, VAT will become your least worry.
All the other taxations will come into play soon. Now the door is open. Like it or not, ya gonna have to play by the 'Big Boys' rules, you will either be a legit business or a busker. If it's a hobby, they you are just going to have to pay taxation for that 'privilage'. Registering your VAT number with LL doesn't mean you will be exempt from paying VAT, it just means LL will have to provide you with a VAT applicable receipt.
We saw all this coming a long time ago. My advice... Buy land from a 3rd party and pay your teir ingame using L$. VAT is not applicable until you cash out. You still have to keep dam good accounting records for when you do, but it's a much neater solution than becoming entangled in the To VAT or not to VAT situation.
We issue and keep proper contract 'paperwork' trails of all our dealings, along with downloading transaction reports on a weekly basis, all being then saved across several servers throughout the world for safe keeping. As the transaction reports are perfectly acceptable to load into a spreadsheet template that creates a balance sheet, even a basic 'money manager' software will deal with the tax codes and liability reporting.
As time goes by, no doubt the taxation laws will catchup with the growing VR platforms that are now considered mature enough to sustain proper taxation. My only concern, is for those that have no real business experience in dealing with taxation laws, will SL loose a tremdous amount of talent and passion from those that started and supported the internet of the future? Perhaps there is a light in the darkenss for them. Organisations such as the SLBB and the SLCC can assist them, or maybe someone will form a Registered company from which they can trade as 'freelancers', taking the burden of admin from them? Who knows, maybe another market opens up more layers within the ever developing world called Second Life.
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Sensual Casanova
Spoiled Brat
Join date: 28 Feb 2004
Posts: 4,807
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10-02-2007 03:02
From: AWM Mars To be honest, in the UK VAT is 17.5% which is cheaper than some EU countries, thats why so many EU countries and those outside the EU come here and built car plants etc... The revenues are justifiable when you consider we not only have our own Government to pay for, but also the EU government. A EU MP can earn upto £380,000 pa and claim another £85,000 for a secretary, plus 1st class air fares to the EU from their place of residents, twice a week! Oh, and at the 6 monthly meetings in Genevia, if they take their spouses to the meetings, they get a 'complimentary' £15,000 'spending money' and a chaufer driven car to ferry about the shops while their spouses 'work'. Most EU MP's, buy a 'small' residency close to the meeting places and walk to work. They can also then claim 'expenses' back for such things as 'cleaning, maintenance and assistants (house keepers, butlers and guards)' over an above still gaining their air fares. With so much Value for money, VAT is quite a low don't you think? I love how you are always looking at the bright side of things =) |
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AWM Mars
Scarey Dude :¬)
Join date: 10 Apr 2004
Posts: 3,398
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10-02-2007 06:50
Its always heartwarming to know how some layers of society are spending your much needed taxes. Some are just sooooo deserved ya can't wait to pay another bill to replenish their much needed coffers..... makes ya all fuzzy inside knowing how you are paying to such a deserving cause. I hear the cries of 'Support you local EU Mp', just makes want to rush out and buy some timber befitting of a scaffold.
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