Managing taxes through stealth accounts

[moibrahim]

I recently registered with hmrc for my online business.

However how can I provide evidence for this stealth accounts which are not in my name and address? All this PayPal linked to my personal bank accounts, I spoke with an accountant, and they said if you do it with names which are not associated with the registered company it will cause many problems, because all the sales records which I took from this PayPal accounts are under different name! Would this effect me in future?!

So my question is how are people managing to run stealth accounts and PayPal accounts which not matching real name and address?!! and still pay all your fee's and taxes etc.

I thought maybe I can create the ebay/paypal from my name, however myself was suspended from ebay in the past so this is not an option.

Any advice greatly appreciated

[arktech]

show income as payment into your bank a/c 's. hmrc want to know your profit after costs an want you to pay tax on that profit. simple as

[mctaggart]

hmrc dont need to see the paypal accounts, like said just use the money being paid into your account as the income stream, doesnt matter where it came from just as long as you declare whats going vs out etc.

[Reaper1]

I was wondering very much the same thing as it is that time of year ��

However, are they not likely to ask to see paypal records/statements in the instance of quoting postage as an expense (assuming postage is paid through paypal) or will they just take your postal expenses as a given?

[moibrahim]

Originally Posted by arktech

show income as payment into your bank a/c 's. hmrc want to know your profit after costs an want you to pay tax on that profit. simple as

Thanks for your reply, I've read this thread here, this guy was saying hmrc wanted see his eBay user account and PayPal statement that's the only reason I got this topic but after seeing your post I'm happy

Thanks again.

[arktech]

Originally Posted by Reaper1

I was wondering very much the same thing as it is that time of year ��

However, are they not likely to ask to see paypal records/statements in the instance of quoting postage as an expense (assuming postage is paid through paypal) or will they just take your postal expenses as a given?

show them all your records. I chose to protect my personal safety and data such that I choose to change my name every time i log on and off of ebay and paypal, I am very concerned about hackers. I have not read the ebay and paypal rules fully and even if I read them it would be impossible for me to remember them because they are longer than the works of shakespeare and the bible put together. I would consider the Ebay and paypal staff cannot know or recall the rules of ebay and paypal which can be confirmed if you ever call them. Like every other internet user no no one ever reads terms and conditions. all monies I receive go into my bank accounts and im happy to show where the income was generated should I be asked. To my best knowledge my tax affairs are up to date and paid.

[arktech]

Originally Posted by moibrahim

Thanks for your reply, I've read this thread here, this guy was saying hmrc wanted see his eBay user account and PayPal statement that's the only reason I got this topic but after seeing your post I'm happy

Thanks again.

save your postage records and everything you pay for fuel car tax insurnace telephones stationery. give them what they want if they discount anything you claim for its not a hanging offence. you might be surprised to know that they are there to help you and may even tell you to claims for other stuff and you get a refund. if your have a paye job and tax paid on investments and your then ebay business has more out going then income (making a loss) then you might be eligible for a tax refund from tax paid on paye and your investments tax. if you are a business now the hmrc run courses for people starting new businesses and i recommend them.

[Kiroshi]

To actually quote a person in HMRC after phoning them direct "we dont care what name is on an ebay account, it could be Mickey Mouse. What we care about it WHO IS SPENDING THE MONEY"

[Reaper1]

Originally Posted by arktech

save your postage records and everything you pay for fuel car tax insurnace telephones stationery. give them what they want if they discount anything you claim for its not a hanging offence. you might be surprised to know that they are there to help you and may even tell you to claims for other stuff and you get a refund. if your have a paye job and tax paid on investments and your then ebay business has more out going then income (making a loss) then you might be eligible for a tax refund from tax paid on paye and your investments tax. if you are a business now the hmrc run courses for people starting new businesses and i recommend them.

Makes sense

Thank you

[richie2065]

All this is only good as long as you never become investigated, it is then that they can ask to see your ebay/paypal records which may then raise issues... so your accountant is technically correct.. now the other thread on here where they the OP has been asked to provide these details doesn't mean they will/are being investigated - the time and labour involved to go through a load of records etc isnt worth it to HMRC.. unless you are turning over a heck of a lot you are low risk.. they bomb people in mass asking for invoices records etc.. but these go straight in the shredder.. meant to scare people in declaring exactly what they owe

[richie2065]

Unless you are investigated

Originally Posted by mctaggart

hmrc dont need to see the paypal accounts, like said just use the money being paid into your account as the income stream, doesnt matter where it came from just as long as you declare whats going vs out etc.

[arktech]

if you are investigated show them your records

[easy.bake.oven]

Originally Posted by arktech

if you are investigated show them your records

I go some wu tang clan records.
Do you think they will accept these?

[arktech]

off the record , vinyl is making a comeback

[Pandoras_box]

Originally Posted by easy.bake.oven

I go some wu tang clan records.
Do you think they will accept these?

Thank goodness you're not my accountant!