Tax VAT Accounting

[mich74]

We trade with our own website, Amazon & Stealth ebay. Been paying tax as a sole trader on combined profits. Amount of combined sales are reaching the point of needing to register for VAT.
How do others cope with VAT on stealth account sales & fees with invoices not in the business name.
Any suggestions appreciated.

[Ebayorbust]

Any suggestions appreciated.

Speak to an accountant.

Do not add VAT numbers to any account. Keep all accounts below the VAT threshold but declare the VAT on your business as a whole.

[mich74]

Thanks ebayorbust.
Understand not adding VAT numbers to any stealth, but should we have a vat inspection the ebay name & address won't be the same as our business name, and I'm thinking this could be a problem.
Will as you say, probably have to come clean with our accountant about stealth, as up to now we have only given him summary sales figures combined.

[stevebills]

It doesn't matter as long as you have paid some tax
As you give the bookkeeper you real name and address and bank account

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[richie2065]

It does matter!!! on the slim chance that you get investigated you will need to give them your ebay/paypal details so they can cross check the bank records against this... like I said though the chances of a full investigation are very slim.. you may get a generic letter to provide receipts/invoices etc but will it be manually looked at by HMRC.. doubtful

Originally Posted by stevebills

It doesn't matter as long as you have paid some tax
As you give the bookkeeper you real name and address and bank account

Sent from my Pixel XL using Tapatalk