Plimus/regnow/shareit and income tax

[ibsta]

Just wanted to ask a quesiton regarding income tax. Currently I live in Canada. However, I was planning to move to the Mid-East where the income tax rates are near zero.
So, I was wondering if Plimus or any other registration would withhold the tax and then pay me the remaining. Any body have any firsthand experience with this?
TIA

E.g. If I make $50000 worth of sales, less the discount rate which plimus keeps. Will I get the whole 50k or will a tax rate (40% or so) be applied.

[Ryan Clark]

Grubby Games is Canadian, and we use Plimus. They just send us the full amount, and we have to deal with income taxes on our own end.

[svero]

If they're in the states they should remit the full amount to you, however sometimes they'll require a w8ben form which is kind of a declaration that you're not a US company/citizen.

[siread]

I live in the UK and use Plimus. They send me the full 90%. No w8ben forms were needed.

[Sharpfish]

I live in the UK and use Plimus. They send me the full 90%. No w8ben forms were needed.

How much do you loose on bank charges for the conversion from $ to £? I think I worked it out that using shareit (in gbp) you still get around the same amount (or less) because they take more so plimus obviously seemed more than viable for UK sellers. Just wondered how it went in practice - if you felt tempted to move to shareit etc?

This depends on your cut off point before plimus send you a cheque I suppose.

[BinaryMoon]

How much do you loose on bank charges for the conversion from $ to £?

Nothing. I've got Plimus set up to pay me via paypal so I just transfer the money when it arrives.

[Sharpfish]

ah.. good stuff - I have feeling I will going down that route if it's workable then :)

[Robert Cummings]

It only takes one or two complaints or refunds requested for paypal to freeze your funds and investigate apparently.

[Sharpfish]

? I assume he meant he used it just to receive his payments from plimus (ie "earnings") not individual payments from his customers? In which case the only parties invovled would be you and plimus. Plimus only send what they owe and you are not going to "complain" about funds in surely?

That's how I read it anyway. If you are talking about using paypal on your site to sell to customers that is a different matter.

[BinaryMoon]

Yeah - they're like most other payment providers. They pay you once a month, and you can specify a minimum payment amount which, if not reached, just carries the money over to the next month. They take care of refunds etc before Paypal are involved. Also they offer other ways for you to get your money - but paypal was the easiest for me.

[Sharpfish]

So is that 100% free (No charge from plimus or paypal for transfer via pp) - though I assume you use a business paypal account and not a free personal one (if you want to take out more than the £250)?

I only have a personal pay pal account at the moment.

[BinaryMoon]

Paypal only charge for withdrawing £50 or less - anything more is free. You may need to pay fees to accept money but I haven't so far.

I've recently upgraded my account (to accept a credit card payment) which means I am charged 3.4 percent + 20p to receive payments so I'm guessing my next payment will cost. I'm going to set up a new account so I don't get charged.

You can read up on paypals fees in the uk here - https://www.paypal.com/uk/cgi-bin/webscr?cmd=_display-fees

... and looking at that there is a 2.5% currency conversion fee. Doh! Looks like I was wrong - now I need to work out why I haven't noticed that before.

Do you know what standard bank fees for currency conversion are in the UK? How about the Shareit ones you mentioned?

[Sharpfish]

... and looking at that there is a 2.5% currency conversion fee. Doh! Looks like I was wrong - now I need to work out why I haven't noticed that before.

Do you know what standard bank fees for currency conversion are in the UK? How about the Shareit ones you mentioned?


Share it charge a bit more on commision than plimus but of course issue checks in GBP if you require, thus bypassing the conversion charge. I enquired in my bank a while back and was told £10 to convert a cheque (or should that be check ;) ) no matter the amount. If you can hold off being sent the money until you are over £250 then it's chicken feed.

I then went on to do some rudimentary maths and discovered even with that extra £10 that you would still end up with more actual cash by going with plimus as long as your monthly sales were above a certain threshold. I think it was around £100 or something but I really can't remember at the moment.

basically
plimus profit - £10 conversion charge = £100
Share it profit - no conversion charge = £90 or something like that.

There is also a charge for plimus cheque issue as well (which I think is also 2.5%) so then you end up minus that and the conversion charge so I still think you are better off with the paypal method as you only pay 2.5% not £10+2.5%.

I would still say it's worth having a look at share-it just to see if there plans are more in line with your sales etc.

[siread]

Nothing. I've got Plimus set up to pay me via paypal so I just transfer the money when it arrives.

Same here. A business account doesn't incur any transfer charges.

Plimus transfer your money on the 15th of the following month which goes instantly into Paypal. It then takes about 5 days from withdrawal from Paypal to reaching your bank.