withhold money on upwork account

[g_urgeghe]

Hi, I'm deciding to open a VAT number but I think I will do it in January 2020. In this case it would be possible to withhold all the money I will earn from now until January 7th 2020 on my upwork account and cash it as soon as I open my VAT number? thanks

[petra_r]

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Giacomo U wrote:

Hi, I'm deciding to open a VAT number but I think I will do it in January 2020. In this case it would be possible to withhold all the money I will earn from now until January 7th 2020 on my upwork account and cash it as soon as I open my VAT number? thanks

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The VAT is applied when earned, not when you withdraw.

You can set your scheduled withdrawal for 3-monthly, so yes, you theoretically can keep your money on your Upwork account, but that will not affect whether Upwork charges you VAT or not.

[g_urgeghe]

Thanks Petra for answering me! I knew that upwork would charge VAT even if  kept the money. I needed to do it for tax reasons due to the rules of my country. I tried going to "edit payment schedule" but it only gives me this choice - Quarterly (Dec 30, 2019) - It seems I can't go beyond this date. suggestions? Thanks again

[petra_r · Accepted solution]

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Giacomo U wrote:

Thanks Petra for answering me! I knew that upwork would charge VAT even if  kept the money. I needed to do it for tax reasons due to the rules of my country. I tried going to "edit payment schedule" but it only gives me this choice - Quarterly (Dec 30, 2019) - It seems I can't go beyond this date. suggestions? Thanks again

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Ah, I see.

Yes, there is a (slightly sneaky) way to do this. I'll send you a PM in a little while.

[g_urgeghe]

Thanks!

[petra_r]

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Giacomo U wrote:

Thanks!

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You're welcome!

Do bear in mind that if ANY part of your funds is more than 180 days old, it will all be forcibly withdrawn.