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Old 05-23-2019
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Default Using bank account for stealth

I want to start selling using stealth on Ebay and would like to know if this is a safe thing to do.

I will have around £2000 going through my bank every month and im worried the bank or the IRS will pick up on it and ask where the funds are coming from. How do i approach this problem? If i dont make 12.5k a year will they not care?

I dont assume i can buy gift cards through my stealth Paypal? I just dont want the government giving me issues from running an ebay account that makes money.

I'm already employed however i want a little side hustle and want to stay out of trouble
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  #2  
Old 05-23-2019
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Default Re: Using bank account for stealth

Firstly you will need to build up slowly, don't just try and jump upto £2000 monthly.

My advice is if you plan to make and extra £12,500 a year then you should pay your tax on it.
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Old 05-23-2019
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Default Re: Using bank account for stealth

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Originally Posted by jas View Post
Firstly you will need to build up slowly, don't just try and jump upto £2000 monthly.

My advice is if you plan to make and extra £12,500 a year then you should pay your tax on it.
How do i pay the tax? sorry for being moronic but ive never been self employed
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Old 05-23-2019
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Default Re: Using bank account for stealth

tell your tax guy how much you made on ebay for the year.
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Old 05-23-2019
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Default Re: Using bank account for stealth

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Originally Posted by AskedJeeves View Post
How do i pay the tax? sorry for being moronic but ive never been self employed
If you are just doing it as self employed with a small turnover you can just speak to an accountant to sort out your tax return.

You should do it before you start, youíll also be able to keep expenses receipts to reduce your tax bill
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Old 05-24-2019
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Default Re: Using bank account for stealth

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Originally Posted by jas View Post
If you are just doing it as self employed with a small turnover you can just speak to an accountant to sort out your tax return.

You should do it before you start, youíll also be able to keep expenses receipts to reduce your tax bill

I have an issue as i purchase my stock through btc. I cant specify where i send my money to buy my goods as the supplier has no invoice or anything.

Is it necessary if i only make around £500 a month?

I dont think i can run my ebay as a legitimate business, and the tax man will want to know where my money is coming from. Or will he?
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Old 05-24-2019
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Default Re: Using bank account for stealth

The accountant will understand this.

Do try to avoid troubles with HM Revenue and Customs of the UK.

They are not nice. Not at all.

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Old 05-24-2019
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Default Re: Using bank account for stealth

Quote:
Originally Posted by AskedJeeves View Post
I have an issue as i purchase my stock through btc. I cant specify where i send my money to buy my goods as the supplier has no invoice or anything.

Is it necessary if i only make around £500 a month?

I dont think i can run my ebay as a legitimate business, and the tax man will want to know where my money is coming from. Or will he?
This forum isnít here to help you avoid tax. If youíre making £500 a month then you should pay tax on it, why would you be different.

If youíre using bitcoin then find an accountant that understands it
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Old 05-24-2019
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Default Re: Using bank account for stealth

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Originally Posted by jas View Post
This forum isnít here to help you avoid tax. If youíre making £500 a month then you should pay tax on it, why would you be different.

If youíre using bitcoin then find an accountant that understands it
Correct - financial advice is beyond scope of this forum.
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Old 05-24-2019
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Default Re: Using bank account for stealth

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Correct - financial advice is beyond scope of this forum.


Except if tis you sniffiní about!


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