Withdrawal to verified account?

Felics · #1 10-01-2023

I have a question in regards to withdrawal of funds from eBay.

My account makes circa £2k a month profit after eBay fees. The eBay details are different to that of my account and eBay have never raised any questions into this (yet).

I withdraw as often as I can but keep some funds in there so as to refund when there's a dispute with buyers.

I don't have any other payment method on there as I don't buy on this account.

My question is, how are eBay reporting this income per their EU regulations? My bank account is to which I withdraw my funds is my real one. I don't want to start paying tax on this and don't know if there's a way that they can link it back to me. Or have I missed something?

BigLad · #2 10-01-2023

When you say "my account" are you talking about your bank account?

agent006140 · #3 10-01-2023

her Ebay account,her MP account and her bank account???????????????????????

Quote:

Originally Posted by degsey69

If you are doing big sales on eBay and the details are your own you may have to report your earnings to HMRC.

I think she said Ebay account is not hers,but the bank account is.
and she does not want to pay any taxes.
In USA,when Paypal was the sole payment method on Ebay,Ebay would just let Paypal issue 1099 based on the information in the Paypal account-name,address,SSN.
Now with MP,who is going to send us 1099?Ebay or MP?

Ebay should go by what you have entered in your Ebay account,
Whoever owns that Ebay account is responsible for reporting to tax authority.
As to your bank account,if you are ever audited by UK tax authority,it would want to know where the $$ come from.
You should familiar yourself with UK tax and how Ebay reports

Quote:

Originally Posted by Felics

That's correct.

Will they be able to link my real details from eBay ? From what I understand Ebays new rules mean they have some declarations they make for EU purposes on sellers. However, what info will they have on me as my eBay is not my real details?

as far as Ebay goes,it knows the seller name and address ect in the seller account

BigLad · #4 10-01-2023

Quote:

Originally Posted by agent006140

her Ebay account,her MP account and her bank account???????????????????????

Probably!!!!!!!!!!!!!!!!!!!!!!! How do you know it's a her?

Felics · #5 10-01-2023

Quote:

Originally Posted by BigLad

When you say "my account" are you talking about your bank account?

Yes that correct. My eBay account is different to that of the linked bank account

Felics · #6 10-01-2023

Quote:

Originally Posted by agent006140

her Ebay account,her MP account and her bank account???????????????????????

Not sure I follow what you mean ?

degsey69 · #7 10-01-2023

If you are doing big sales on eBay and the details are your own you may have to report your earnings to HMRC.

Felics · #8 10-02-2023

Quote:

Originally Posted by agent006140

I think she said Ebay account is not hers,but the bank account is.

That's correct.

Will they be able to link my real details from eBay ? From what I understand Ebays new rules mean they have some declarations they make for EU purposes on sellers. However, what info will they have on me as my eBay is not my real details?