5 ms·
There is a 25% vat tax and then on top of that you have income tax which is around 25% at that income bracket.
by spectaclepiece 9y ago
There is a 25% vat tax and then on top of that you have income tax which is around 25% at that income bracket.
- rahimnathwani 9y ago25% VAT would mean that 50k paid by the gallery is 30k to the artist, not 25k. (50k inc VAT is 40k revenue, less 25% of that revenue as tax.)
- spectaclepiece 9y agoCorrect, sloppy calculation.
- mathattack 9y agoIs the income tax net of expenses?