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How to be legal?
 

I don't know if this is the right section of the forum to discuss this issue, but I think it's a doubt that many people may have. If not, please some admin move to another.
Getting higher volumes of sales, made me think, can I have issues with my government? Will I have to pay taxes or to be in trouble with some authority?

Let's say I just purchase items from stores on the street, and obviously I pay the VAT when I purchase as I buy as a final costumer.
Then I list them on ebay and I profit with them. As I have many competitors, and we all are competiting for cents to be cheaper, how to be legal without loosing competitivity?

I'm selling for years and nothing happens, however what If I start to receive 20k per month on my bank account? What if I somehow sell 50k per month?
It's impossible that no one says nothing...

I know I may be silly and this is a question that can have thousands of different answers. But sadly, I am good making money, I am really no good on legality crap. I just don't understand.
What can we use on our behalf? How to spread this risk and what schemes are available? :surrender:

Re: How to be legal?
 

I mean if you're doing 20k per month you should be putting some of that away for taxes.

Re: How to be legal?
 

Talk to an accountant in your area

Re: How to be legal?
 

I assume the solution should be to create whathever other business different that the one I'm doing to not have problems receiving that amounts of money. Because if I truly legalize what I am doing at the moment I will sell 0 pcs as I will hugely loose competitivity. Anyone can give some Lights on that matter?
Thank you all in advance and good Luck with your businesses.

Re: How to be legal?
 

No schemes - speak to a financial professional or lawyer

Re: How to be legal?
 

You sell $20k-50K a month and don't pay taxes or have an accountant? You need to pay someone, now. You clearly make enough money to do so. What you're flirting with, is jail time.

If you can't be competitive while paying taxes, then you might not be as good at making money as you think.

Re: How to be legal?
 

You might be no good reading.
I don't make either 20k or 50k per month.
What if I eat potatoes it's different than me eating potatoes.

Re: How to be legal?
 

By the way James I don't mean to be rude, I know it's easy to misunderstood when writing and reading on forums.
Thank you all for the advises, I will Speak to some professional and maybe later I can help someone with the same doubts on this matter.
I thank you once again Sirs.

Re: How to be legal?
 

I didn't say you make that much. I said you sell that much. I read it just fine ;).

Keep in mind tho, as far as the tax man is concerned, you MAKE that much, and it's 100% profit. That's the thing. If you aren't legal, everything you make is profit. If you're legal, then you can show that only a small part of your sales are profit. Trust me. Talk to an accountant quick. You can get into pretty big trouble easy.

Re: How to be legal?
 

Ah ok, then I guess I was the one who did not talked correctly. :shhh:
I also do not sell that much.
Not making 20k - 50k and also not selling that.
I actually sell around half of the first amount. Wich can put me in trouble as well I guess.
I see your point.. you opened my eyes a little bit now :)
James, thank you once again :clap: