Limited Company + Stealth Accounts - Bookkeeping and Audits? - eBay Suspended & PayPal Limited Forums
eBay Suspension & PayPal Limited Forums  
Join Today
Register Subscribe
     

Registration is fast, simple and absolutely free so please, join our community today!


Go Back   Home > Marketplace Discussions > PayPal Talk

PayPal Talk PayPal Forums. General issues related to PayPal.

Reply
 
Thread Tools
  #1  
Old 06-24-2017
SS1 SS1 is offline
Junior Member
 
Join Date: Feb 2016
Posts: 60
Thanks: 7
Thanked 5 Times in 4 Posts
Activity: 0%
Longevity: 29%
iTrader: (0)
Question Limited Company + Stealth Accounts - Bookkeeping and Audits?

Hey guys,

I am wondering how do those who use stealth accounts with a Ltd. company do their accounting and yearly audits. I am a dropshipper, got a Hong Kong Limited company and my stealth account set up work as follows:

A. Legit business PayPal and big eBay account: sells products on eBay, buys vouchers to purchase products, withdraws profits monthly to business bank account.

B. Multiple stealth combos: sell products on eBay, buy vouchers to buy products, but never withdraw money from them. The vouchers are redeemed for products sold on the main account A.

Personally I only see two viable options for bookkeeping and audits:

1. Keep the stealths out from bookkeeping, so it will simply look like that the main PayPal is making more profit out from less sales and purchases of products. In this sense, it would look like my profit margins are higher than they really are but total profits will be the same. I think this would work, but most likely illegal to omit information from the audits like this..

2. Keep books for all PayPal accounts with the accountant and submit their info for the audits. However, I heard that this may cause significant problems with the audits if you give them PayPal invoices that are neither in your or your businesses name.

Any advice?
Reply With Quote
The complete step-by-step guide to get back to selling today!

  #2  
Old 06-24-2017
Senior Member
 
Join Date: Sep 2011
Posts: 3,126
Thanks: 11
Thanked 750 Times in 578 Posts
Activity: 0%
Longevity: 63%
iTrader: (0)
Default Re: Limited Company + Stealth Accounts - Bookkeeping and Audits?

Get an accountant or tax expert.

That said, declare everything for tax purposes, whatever name it is under. NOBODY overstates their income.

I don't know anything about the voucher thing, it may be specific to your country.
Reply With Quote
The Following User Says Thank You to dallis For This Useful Post:
instaify (06-28-2017)
Reply



Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada! deelish87 Canada eBay Discussions 17 01-12-2017 05:27 PM
Limited Company, stealth and accountant! paulburrows15 UK eBay & Paypal 5 03-17-2016 04:05 PM
Ebay and Paypal Stealth accounts, the limited company route Tekko Subscriber Discussions 3 08-10-2015 10:33 AM
Limited Company stealth accounts BananaMan UK eBay & Paypal 11 01-08-2014 04:37 PM
Creating a UK Limited Company for Stealth Account - help? wilsonnoarms UK eBay & Paypal 3 12-14-2010 07:01 AM


Aspkin Group

All times are GMT -5. The time now is 12:20 AM.


Stop the guessing games and learn how you can quickly and easily get back on eBay today!
Read the best selling step-by-step eBay Suspension guide eBay Stealth!
Amazon Suspension? Read Amazon Ghost to get back on Amazon!
vBulletin® Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
Ad Management by RedTyger
no new posts