Uvodo Payments tax management
Uvodo, by default, excludes Value Added Tax (VAT) from transactions.
In the majority of instances, the income you generate through Uvodo Payments is liable to income tax and should be declared just like income from any other origins. At present, Uvodo lacks the integrated capabilities to incorporate sales tax or value-added tax into transactions. For this, it falls upon you to compute and submit any relevant sales tax or VAT on your sales until we introduce these tools.
It is advisable to acquaint yourself with the tax regulations applicable in your country with regard to income. Depending on your jurisdiction, you may be required to declare the income you've earned through our features and report it in accordance with those regulations.
The Uvodo Payments functions as a direct payment platform, wherein customers make payments directly to sellers' accounts. Given this setup, Uvodo does not undertake the collection and submission of sales tax or value-added tax (VAT) on behalf of the sellers. It is your responsibility to assess whether you should register, impose, and remit sales tax or VAT in accordance with your unique situation and location.
You might have to declare the income you've received through our platform and report it as necessary.
Taxes on donations
It is widely known that donations are generally considered taxable income. If you receive donations, it's your duty as the recipient to report this income and meet any applicable income tax requirements in your jurisdiction.