Re: VAT for stealth accounts Quote:
Originally Posted by Hank As I asked above, are they business accounts?
If so you must have provided Amazon with some form of business registration for each account.
If they're private seller accounts then you will have to convert them once you make a certain level of sales, not a particularly high level of sales either. What then?
VAT and stealth simply do not mix. It will get messy. | Yes, these Amazon accounts are all sole trader accounts with Stealth details.
Quite easy to jump from individual seller to sole trader from memory. Just the UTR really.
I agree with messy. One of my bank accounts is a 'basic' one. Aimed at people who had trouble opening a normal one. The attraction being (for me) it was easy to open.
Money built up over time and the bank rang up asking questions. What I was selling? Why so much in a basic account? Have I thought about a business account?
Part of their due diligence/know your customer responsibility.
Anything unusual and they are obliged to file a suspicious activity report.
That in turn could lead to HMRC wanting to see your books, so the vat will need to be accounted for if you go over 85k and they have reason to check you out.
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