Products > Test Equipment
Keysight officially lost the plot - don't buy if you're a hobbyist
<< < (60/118) > >>
nctnico:

--- Quote from: kaz911 on January 20, 2022, 12:03:28 am ---
--- Quote from: Keysight DanielBogdanoff on January 19, 2022, 12:09:02 am ---

Hi everyone, I'm back from holiday break and a rough string of getting sick, sorry for the absence.

2 - business vs. hobbyist - I can't say much more than what I've already said on the matter, but it's a legal thing and I'm doing as much as I possibly can to internally advocate for potential alternatives and solutions. As it stands now this is the situation, though. That being said, it's not a terrible idea or terribly expensive to have a small business setup somehow (at least in the US) for a number of reasons. I'm definitely not providing legal advice/business recommendations nor do I advocate doing it, but that's one possible way around it. Maybe folks could even work together on something like that...

-Daniel

--- End quote ---

Hi Daniel,

sorry but the "just start a business" have wide implications for people in many regions around the world.

1. You could loose potential personal benefits (tax, government support, child care etc)
2. You set yourself up for paying accounting fees every year to maintain a business and provide the government with "information"
3. You can loose potential jobs - or at least it will increase the likelihood of questions like " How dedicated are you - you have your own side business" - and you could be in violation of your original employment contract - many which specify "you can't work for anyone else"
4. It can impact your pensions
5. It can impact your tax status and insurance payments incl. UK National Insurance payments

--- End quote ---
:palm: No to all of the above. In most countries (including the UK) having a company registered doesn't mean you are also actually running a business and are being treated as self-employed (and loose typical employee benefits). It would be nice if people actually read up on the subject matter before spreading a whole bunch of FUD. Having a business registered and actually creating your primary income from it, are two entirely seperated things from the tax collectors' perspective. In the end the government is not going to waste time & effort on doing all the accounting for companies that have a revenue which is close to zero.

I've had (and still have) a company registered in the NL for over a 25 years already while being employed, working on the side, being laid off (due to employer bankruptcy) and being self employed so I've been in all the situations outlined above and having a company registered never got in the way of anything. Never paid a dime for accounting fees as well.
Ed.Kloonk:

--- Quote from: nctnico on January 20, 2022, 12:25:45 am --- In the end the government is not going to waste time & effort on doing all the accounting for companies that have a revenue which is close to zero.

--- End quote ---

Here in Oz your govt shift the responsibility onto you in the form of Business Activity statements. You collect the tax and you do the administration for them, thank you very much.

And even if you're not selling any widgets, you still are required to sit down and do the paperwork 4 times a year in addition to your regular annual income tax preparation.
Someone:

--- Quote from: Ed.Kloonk on January 20, 2022, 02:11:05 am ---
--- Quote from: nctnico on January 20, 2022, 12:25:45 am --- In the end the government is not going to waste time & effort on doing all the accounting for companies that have a revenue which is close to zero.

--- End quote ---

Here in Oz your govt shift the responsibility onto you in the form of Business Activity statements. You collect the tax and you do the administration for them, thank you very much.

And even if you're not selling any widgets, you still are required to sit down and do the paperwork 4 times a year in addition to your regular annual income tax preparation.

--- End quote ---
More country specific derailing! Also, in Australia for the example discussed here it would be annual simplified reporting:
https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Due-dates-for-lodging-and-paying-your-BAS/
Ed.Kloonk:

--- Quote from: Someone on January 20, 2022, 02:23:29 am ---
--- Quote from: Ed.Kloonk on January 20, 2022, 02:11:05 am ---
--- Quote from: nctnico on January 20, 2022, 12:25:45 am --- In the end the government is not going to waste time & effort on doing all the accounting for companies that have a revenue which is close to zero.

--- End quote ---

Here in Oz your govt shift the responsibility onto you in the form of Business Activity statements. You collect the tax and you do the administration for them, thank you very much.

And even if you're not selling any widgets, you still are required to sit down and do the paperwork 4 times a year in addition to your regular annual income tax preparation.

--- End quote ---
More country specific derailing! Also, in Australia for the example discussed here it would be annual simplified reporting:
https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Due-dates-for-lodging-and-paying-your-BAS/

--- End quote ---

Apologies.
kaz911:

--- Quote from: nctnico on January 20, 2022, 12:25:45 am ---
 :palm: No to all of the above. In most countries (including the UK) having a company registered doesn't mean you are also actually running a business and are being treated as self-employed (and loose typical employee benefits). It would be nice if people actually read up on the subject matter before spreading a whole bunch of FUD. Having a business registered and actually creating your primary income from it, are two entirely seperated things from the tax collectors' perspective. In the end the government is not going to waste time & effort on doing all the accounting for companies that have a revenue which is close to zero.

I've had (and still have) a company registered in the NL for over a 25 years already while being employed, working on the side, being laid off (due to employer bankruptcy) and being self employed so I've been in all the situations outlined above and having a company registered never got in the way of anything. Never paid a dime for accounting fees as well.

--- End quote ---

nctnico - that (in the UK) really depends on how you set up your business. And you have to make and file accounts. And NI payments are very different if you are a registered company director - or an employee. And most regulation is based on "self reporting" - so if you do not report they do not react. But in case of problems they will turn your life upside down. You can mark your company as "non-trading / inactive / dormant " and avoid a lot reporting apart from periodic confirmation statements - but then the company is not allowed to do anything (on paper) - but you still have to file the statements.

And regarding employment while having a company - well - you might have been lucky. If a company goes through a redundancy round - they will use any excuse in the book to get rid of you - especially in place where it is hard to get rid of people. So having a company thereby potentially "voiding" your employment contract can be an issue.

You are welcome to discuss the nuances with my wife who is a corp tax director as well. It is NOT without personal risk setting up a business.

I have owned and managed large companies across Europe. I have had permanent staff in SE, DK, UK, DE, FR, NL, IT, ES & PT.  And from the list - NL & DK are the most "liberal" regarding self employment vs employee. UK not far behind - but UK again is more based on self reporting than snooping (still). And HMRC is very segregated between Personal and Company.

And as "Nominal Animal" wrote - in FI you class as entrepreneur if you setup your own business, potentially limiting your access to benefits.

So the risks are very dependent on the country you live in. And having a registered business CAN be a breeze - but it can also be a pain - especially in the more bureaucratic countries.

It can also impact your personal credit rating if you have a company with very little throughput. Companies like Experian match your company registration with you - move your credit rating based on your company performance (and all the other data they have about you)

So like everything in life - there can be complications.

So I'm all for people setting up companies - but do NOT do it without prior advice from an accountant who knows your situation including your personal situation. Check your employment contract - and check with your employer if they are ok with it if it breaches your employment contract. Get it in writing if they approve. Check the papers you need to file annually and ask the accountant if you can do them yourself - or if someone has to file on your behalf (like an accountant)

Navigation
Message Index
Next page
Previous page
There was an error while thanking
Thanking...

Go to full version
Powered by SMFPacks Advanced Attachments Uploader Mod