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pune
Topic Author
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Joined: Tue Feb 12, 2019 9:18 am

How many returns does a businessman has to file in your country ?

Sun Oct 03, 2021 6:09 am

Couple of years ago, in India by law it was mandated that every businessman has to file 2 GST returns, namely GSTR 1 and GSTR2, which means minimum of 24 returns in a year, and this is besides the income tax return that he/she/they have to file each year.

https://www.gsthelplineindia.com/blog/2 ... and-gstr2/

Looking forward to know more. Please state the name of the country and number of returns need to be filed by the businessman. And is a CA or CFA required ???
 
B777LRF
Posts: 2902
Joined: Sun Nov 02, 2008 4:23 am

Re: How many returns does a businessman has to file in your country ?

Sun Oct 03, 2021 7:00 am

Denmark. One, and it's all done via the internet. If your business is fairly straight forward, i.e. no foreign ownership, you effectively just sign it electronically and it's done in seconds. If your turnover is above a certain level, you have to submit an annual accounting signed by a licensed accountant. That's it.
 
M564038
Posts: 784
Joined: Sun Jan 03, 2016 11:16 am

Re: How many returns does a businessman has to file in your country ?

Sun Oct 03, 2021 1:35 pm

Norway.
3.
personal income
Business income
VAT.
All pretty integrated and internet-based. If organized as a shareholder-ownership, external revision is required.

Sounds more complicated than it is. Its all electronical and done in minutes.

However! Simple doesn’t mean you aren’t judicially responsible for the entire content. Thinking this automation is bug free and trusting it too much can land you in jail and life-long debt! You need to check the numbers as at least one friend of mine found out the hard way!

B777LRF wrote:
Denmark. One, and it's all done via the internet. If your business is fairly straight forward, i.e. no foreign ownership, you effectively just sign it electronically and it's done in seconds. If your turnover is above a certain level, you have to submit an annual accounting signed by a licensed accountant. That's it.
 
pune
Topic Author
Posts: 832
Joined: Tue Feb 12, 2019 9:18 am

Re: How many returns does a businessman has to file in your country ?

Sun Oct 03, 2021 2:39 pm

M564038 wrote:
Norway.
3.
personal income
Business income
VAT.
All pretty integrated and internet-based. If organized as a shareholder-ownership, external revision is required.

Sounds more complicated than it is. Its all electronical and done in minutes.

However! Simple doesn’t mean you aren’t judicially responsible for the entire content. Thinking this automation is bug free and trusting it too much can land you in jail and life-long debt! You need to check the numbers as at least one friend of mine found out the hard way!

B777LRF wrote:
Denmark. One, and it's all done via the internet. If your business is fairly straight forward, i.e. no foreign ownership, you effectively just sign it electronically and it's done in seconds. If your turnover is above a certain level, you have to submit an annual accounting signed by a licensed accountant. That's it.


That is understood, that is business and legal 101. I am and was more interested to know what methods are being used by business people around the world. Thank you for sharing.
 
pune
Topic Author
Posts: 832
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Re: How many returns does a businessman has to file in your country ?

Sun Oct 03, 2021 2:39 pm

B777LRF wrote:
Denmark. One, and it's all done via the internet. If your business is fairly straight forward, i.e. no foreign ownership, you effectively just sign it electronically and it's done in seconds. If your turnover is above a certain level, you have to submit an annual accounting signed by a licensed accountant. That's it.


Thank you.
 
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fr8mech
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Re: How many returns does a businessman has to file in your country ?

Sun Oct 03, 2021 2:56 pm

US

I’m not a small business owner but I’m fairly confident in saying that a small business owner will file at least 4 forms.

Federal and State as an individual. Federal and State as a business. That is assuming the state you’re doing business in, or are incorporated in requires a tax form. Though a state tax form may be required for a business regardless of individual status. Oh, and let’s not forget, most businesses are required to file quarterly returns. To which, I will refer you to the last sentence in this post.

Now, what additional schedules and forms get attached to the returns depends on a myriad of conditions or situations an individual or business may be required to report on.

A CPA is not required, though as a situation gets more complex, it would be to your benefit to find a CPA specializing in tax.
Last edited by fr8mech on Sun Oct 03, 2021 3:09 pm, edited 4 times in total.
 
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Aaron747
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Re: How many returns does a businessman has to file in your country ?

Sun Oct 03, 2021 2:58 pm

I like the sound of the Danish one...
 
pune
Topic Author
Posts: 832
Joined: Tue Feb 12, 2019 9:18 am

Re: How many returns does a businessman has to file in your country ?

Sun Oct 03, 2021 6:56 pm

fr8mech wrote:
US

I’m not a small business owner but I’m fairly confident in saying that a small business owner will file at least 4 forms.

Federal and State as an individual. Federal and State as a business. That is assuming the state you’re doing business in, or are incorporated in requires a tax form. Though a state tax form may be required for a business regardless of individual status. Oh, and let’s not forget, most businesses are required to file quarterly returns. To which, I will refer you to the last sentence in this post.

Now, what additional schedules and forms get attached to the returns depends on a myriad of conditions or situations an individual or business may be required to report on.

A CPA is not required, though as a situation gets more complex, it would be to your benefit to find a CPA specializing in tax.


Thank you, Interesting though :)
 
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Dutchy
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Re: How many returns does a businessman has to file in your country ?

Sun Oct 03, 2021 8:13 pm

for small businesses, it depends on the legal type of company. But my own business: one per year, plus 4 times VAT, quaterly.
 
pune
Topic Author
Posts: 832
Joined: Tue Feb 12, 2019 9:18 am

Re: How many returns does a businessman has to file in your country ?

Sun Oct 03, 2021 10:14 pm

Dutchy wrote:
for small businesses, it depends on the legal type of company. But my own business: one per year, plus 4 times VAT, quaterly.


My dear friend, you didn't share which country :(
 
GalaxyFlyer
Posts: 8579
Joined: Fri Jan 01, 2016 4:44 am

Re: How many returns does a businessman has to file in your country ?

Sun Oct 03, 2021 10:59 pm

Aaron747 wrote:
I like the sound of the Danish one...


I did a recurrent training sim with a Danish pilot, he was showing pics of his new house. “Not to be personal, but in round numbers, how expensive?”, I asked. “Oh, all done ‘on the side’, with friends in the trades, I could never afford it otherwise”. So, there you go.
 
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Aaron747
Posts: 16467
Joined: Thu Aug 07, 2003 2:07 am

Re: How many returns does a businessman has to file in your country ?

Sun Oct 03, 2021 11:41 pm

GalaxyFlyer wrote:
Aaron747 wrote:
I like the sound of the Danish one...


I did a recurrent training sim with a Danish pilot, he was showing pics of his new house. “Not to be personal, but in round numbers, how expensive?”, I asked. “Oh, all done ‘on the side’, with friends in the trades, I could never afford it otherwise”. So, there you go.


Was talking about the online submittal being done in seconds, not the tax rate :lol:
 
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TheFlyingDisk
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Re: How many returns does a businessman has to file in your country ?

Mon Oct 04, 2021 4:39 am

pune wrote:
Dutchy wrote:
for small businesses, it depends on the legal type of company. But my own business: one per year, plus 4 times VAT, quaterly.


My dear friend, you didn't share which country :(


His country is pretty evident from his nickname.
 
pune
Topic Author
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Re: How many returns does a businessman has to file in your country ?

Mon Oct 04, 2021 4:54 am

TheFlyingDisk wrote:
pune wrote:
Dutchy wrote:
for small businesses, it depends on the legal type of company. But my own business: one per year, plus 4 times VAT, quaterly.


My dear friend, you didn't share which country :(


His country is pretty evident from his nickname.


Aha, I had to figure out using his flag and then it sank in, Netharlands, thank you.
 
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Dutchy
Posts: 12683
Joined: Sat Nov 03, 2007 1:25 am

Re: How many returns does a businessman has to file in your country ?

Mon Oct 04, 2021 7:26 am

pune wrote:
TheFlyingDisk wrote:
pune wrote:

My dear friend, you didn't share which country :(


His country is pretty evident from his nickname.


Aha, I had to figure out using his flag and then it sank in, Netharlands, thank you.


Correct. And an accountant is doing that for me. I have 3 businesses in total, 1 doesn't need to do that VAT thing, because it is a 'financial holding'. So still 11 times for me per year ;-)
 
WidebodyPTV
Posts: 729
Joined: Fri Sep 20, 2019 9:06 pm

Re: How many returns does a businessman has to file in your country ?

Sat Oct 16, 2021 2:30 am

In the US, most individuals file one or two returns (fed+state). But businesses may need to file dozens of returns, depending on their service, location and filing frequency.

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