Hi
Can I pay my own salary in TMI or sole trader from my own account/saving?
If the period of payment be between 1 to 2 years, then does it make problem?
I want to work as TMI in IT, and during my product development I want to pay my own salary by my own saving.
Does anyone have similar experiences ?
Thanks
Payment as TMI or sole trader
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Re: Payment as TMI or sole trader
It’s not legally possible for sole traders to pay themselves a salary. Why would you want to pay taxes like that on your savings any way?Vahid8080 wrote: ↑Thu Oct 15, 2020 6:18 pmHi
Can I pay my own salary in TMI or sole trader from my own account/saving?
If the period of payment be between 1 to 2 years, then does it make problem?
I want to work as TMI in IT, and during my product development I want to pay my own salary by my own saving.
Does anyone have similar experiences ?
Thanks
Re: Payment as TMI or sole trader
Hi
Since my product development can take time.
During period I dont have my product or I am testing it, i should pay my salary from my own saving.
So with TMI I can not pay my own salary?
Should I have OY company to be able to pay my own salary?
Since my product development can take time.
During period I dont have my product or I am testing it, i should pay my salary from my own saving.
So with TMI I can not pay my own salary?
Should I have OY company to be able to pay my own salary?
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Re: Payment as TMI or sole trader
Still doesn’t explain why you want to pay taxes on it instead of, for example, using it all on expenses.
The answer doesn’t change by asking again.
With Oy it’s possible.
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Re: Payment as TMI or sole trader
Yes, with Oy you can pay yourself a salary and Migri accepts that as income as long as the business is legit.
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Re: Payment as TMI or sole trader
It would only be relevant for Migri if someone else is the main owner. Otherwise entrepreneur rules apply.heretostay wrote: ↑Fri Oct 16, 2020 5:42 amYes, with Oy you can pay yourself a salary and Migri accepts that as income as long as the business is legit.
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Re: Payment as TMI or sole trader
I guess it changed since 4 years ago when I last had to apply. At that time, you were considered the employee even if you own all the shares like I do.
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Re: Payment as TMI or sole trader
Yeah those rules have changed.heretostay wrote: ↑Fri Oct 16, 2020 11:22 amI guess it changed since 4 years ago when I last had to apply. At that time, you were considered the employee even if you own all the shares like I do.
Re: Payment as TMI or sole trader
Thanks everyone for your kind response.
My understanding is that
1-By OY company o can pay myself and it considers as income by Migri.
2-Even if I be the 100% shareholder, I am still considered as employee in my own company.
My company product is going to be a mobile app.
Is it enough I show my product to migri to prove my company has a real output?
Or I need something more?
My concern is making real sensible revenue takes 1 to 2 years.
So maybe in that period I pay myself from company capital investment or possible funds.
Thanks for your kind response.
My understanding is that
1-By OY company o can pay myself and it considers as income by Migri.
2-Even if I be the 100% shareholder, I am still considered as employee in my own company.
My company product is going to be a mobile app.
Is it enough I show my product to migri to prove my company has a real output?
Or I need something more?
My concern is making real sensible revenue takes 1 to 2 years.
So maybe in that period I pay myself from company capital investment or possible funds.
Thanks for your kind response.
-
- Posts: 4354
- Joined: Thu Aug 29, 2013 1:24 am
Re: Payment as TMI or sole trader
Your understanding is incorrect.
The permit type you should look into is:Vahid8080 wrote: ↑Sun Oct 18, 2020 5:23 pmMy company product is going to be a mobile app.
Is it enough I show my product to migri to prove my company has a real output?
Or I need something more?
My concern is making real sensible revenue takes 1 to 2 years.
So maybe in that period I pay myself from company capital investment or possible funds.
https://migri.fi/en/start-up-entrepreneur
Re: Payment as TMI or sole trader
Ooops my bad.
Which part is incorrect?
Which part is incorrect?