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harivillu
10-05-2005, 08:55 AM
Hi everyone,

This is the first time I am posting....I used to read forums but never posted one.

We started new business in software and consulting. My husband will be on the billing. Is it true that we can generate payroll anytime within dec & pay taxes after generating payroll or do we have to pay taxes first.

Thanx

BusinessMan
10-27-2005, 07:17 PM
It depends entirely on your local statute, and on what type of business you have. Sole traders, partners, LLC, LTD, etc?

Here, Ltd companies pay retrospectively on the year just passed , but once established have also to make a contribution in anticipation of projected income for the next year. It's a pretty duff system to be honest, at least in my opinion.

If you paying him as an emplyees, again there will be local statute on these matters. It might be worth calling you local tax office and just asking them.