wHAT DOES THIS MEAN FOR STEALTH ACCT'S

[NotAHappyBunny]

Hi

I have been alarmed by the various news reports stating that there are investigators crawling all over eb for regular sellers.

Ebay traders under HMRC tax spotlight | Money | guardian.co.uk


If the investigation trail leads back to a person that differs from acct details - isnt it possible that they will inform pp & eb - crashing the account. Thus leading to pp funds that cannot be withdrawn

i personally have not had the email & stumbled across this accidentally, but someone i know (a business seller) received an email about it a while ago form either eb or pp.

[cainhoffman]

I have not had problems, therefore I will not worry about it.

And if someone tries to track down my personal info for the sole sake of seeing if it matches my EB/PP info, they will be meeting my lawyer very soon.

[SUVE]

This seems to be a rehash of an old story.

but someone i know (a business seller) received an email about it a while ago form either eb or pp.----> what was the outcome of this ???

[NoneOther]

Simple solution:

Declare ALL your income to HMRC and they are happy. They don't care what name is on the e/b & p/ account as long as it's declared and you pay your taxes due.

[Callidus]

Originally Posted by cainhoffman

I have not had problems, therefore I will not worry about it.

And if someone tries to track down my personal info for the sole sake of seeing if it matches my EB/PP info, they will be meeting my lawyer very soon.

AND MINE!

*10 char

[NoneOther]

Originally Posted by cainhoffman

I have not had problems, therefore I will not worry about it.

And if someone tries to track down my personal info for the sole sake of seeing if it matches my EB/PP info, they will be meeting my lawyer very soon.

I don't think HMRC have jurisdiction over our US cousins.

For those of us in the UK, I'm sure HMRC will have no concerns whatsoever over meeting with anyones lawyers.

Oh and they will probably invite both you and your accountant along to the meeting too.

For anyone who does get rumbled, just hope that any undeclared income doesn't take you over the VAT threshold because then you've really got problems.

Tax inspectors are pussycats compared to the boys from the VAT office.

[NotAHappyBunny]

the date set for voluntary submission of the form on hmrc website is mid june - then the fines set in.

the business seller is very new & not trading large amounts/expensive goods, so they are not concerned about it just yet.

[GreenBean]

We dont panic over third part claims.

Comes down to earn money pay taxes.

Stated on the forum sellers need to seek professional tax advice.

End of story.