Business Account or Private seller account ?

[niceneasy]

Hi

I would like to know how to best develop my accounts to maximize profits

I have jut started using a new stealth account and was wondering if it would be more beneficial for me to immediately convert this to a business seller account?
The plan is to sell branded clothing items so changing to this type of account would ideally help me to overcome low selling limits imposed on new users....

As this is a stealth account will i have to obtain some form of VAT number?
How is this process done as the name and address on the account are obviously not mine?

I have so many question but i guess what i need i need is some guidance of how to move forward

Hope somebody can lead me in the right direction.

Thanks

[GrannyT]

Business account every time if you are selling new items

Private for used

[niceneasy]

Originally Posted by GrannyT

Business account every time if you are selling new items

Private for used

Thanks for the reply GT

I will change my account to a business seller account

Is there any chance of getting more enlightenment of this part of my question


Thanks for the reply GT

any chance of getting more enlightenment on this part of the question

"As this is a stealth account i will have to obtain some form of VAT number?
How is this process done as the name and address on the account are obviously not mine?

Thanks

[GrannyT]

VAT number not needed for EB/PP

[Callidus]

Originally Posted by GrannyT

VAT number not needed for EB/PP

GrannyT - that isnt quite true... the minute you start taking money on NEW ITEMS its supposed to be declared.

However if you're running a business account LEGALLY you should be declaring turnover over the £70,000 - £73,000 like any other business if I have done the sufficient homework in the past.

Also, if anyone says no one would know, yes they do. Your bank know from all the deposits that get sent to the attached bank.

Just thought I better put this on the thread.

[meVebay]

Originally Posted by hdavey10

GrannyT - that isnt quite true... the minute you start taking money on NEW ITEMS its supposed to be declared.

Think you need to do some more homework then. Not at all true!

[GrannyT]

Originally Posted by meVebay

Think you need to do some more homework then. Not at all true!

I concur - not at all true

[Callidus]

Well your taking money but the point I meant is when it gets over a certain amount you do need to declare it.

Your even supposed to declare anything even if its a gift over a certain amount..

[vauxalot]

Be Careful the moment you go to a business account, eBay watch you more. best just have a few accounts and take it slow for a few months "many accounts small amounts"

[GrannyT]

Originally Posted by vauxalot

Be Careful the moment you go to a business account, eBay watch you more. best just have a few accounts and take it slow for a few months "many accounts small amounts"

I completely disagree with that.

I have always run business accounts. It is only when I have ventured into private accounts that I have had problems.

If set up correctly IMO a business account is as solid as it is possible to be - having said that you still get issues

[GreenBean]

Originally Posted by hdavey10

GrannyT - that isnt quite true... the minute you start taking money on NEW ITEMS its supposed to be declared.

However if you're running a business account LEGALLY you should be declaring turnover over the £70,000 - £73,000 like any other business if I have done the sufficient homework in the past.

Also, if anyone says no one would know, yes they do. Your bank know from all the deposits that get sent to the attached bank.

Just thought I better put this on the thread.

It's the GOVERNMENT that wants a VAT number. ebay/paypal might be supplied with it should a user have one.
The difference is subtle.

[GrannyT]

Why would you be selling new items if you were not in business? You need to think about how you are perceived if anyone is looking at you.

Businesses sell new products.

Private sellers sell things they have - usually one offs

[Stigger]

Not that businesses don't deal in second hand goods but GT has a point here, if you are selling new or second hand on a personal account and doing any decent trade then your going to stick out like a soar thumb, now if your paying tax it does not matter but if your not then think about it

[GrannyT]

It's not about who you recognise - it's about who EB and PP recognise

[JomJarr]

As an extended question, if I intend to become a business selling refurbished used items, colectables etc.. is it best to start with a business account or start private and change to business later?

If I need to take it slow to build the stealth up, that would appear more the actions of a private seller perhaps? Perhaps I'm over thinking this and someone who wanted to start a business would do it all at once..

Obviously a registered trading name etc would be best but I'm lost with that, don't know where to start..

Regarding VAT, isnt that only required by HMRC for over 60k + turnover? Nothing to do with eB & PP however..