Business name and copyright royalties
You can direct your personal Teosto royalties to your business. This requires that your business name be registered in the tax prepayment register.
Through the business name, you can invoice composing, performances and other work.
Principles in this earnings model
- Teosto does not withhold tax
- You can submit tax deductions for your business expenses
Please note that if you invoice through a business name, you must submit to the Tax Administration an estimate of your profit for the financial year. The estimate is used to calculate the amount of tax that you pay in advance. This is called tax prepayment.
It is often difficult to estimate your profit in advance, but it is always possible – and often recommendable – to revise your estimate by contacting the Tax Administration.
Teosto pays you gross distributions and declares your copyright royalties to the Tax Administration as personal income. After this, the Tax Administration determines whether you have paid enough tax prepayments.
READ MORE:
• Tax Administration – different types of business and taxation