Forum

Tax VAT Accounting
 

We trade with our own website, Amazon & Stealth ebay. Been paying tax as a sole trader on combined profits. Amount of combined sales are reaching the point of needing to register for VAT.
How do others cope with VAT on stealth account sales & fees with invoices not in the business name.
Any suggestions appreciated.

Re: Tax VAT Accounting
 

Speak to an accountant.

Do not add VAT numbers to any account. Keep all accounts below the VAT threshold but declare the VAT on your business as a whole.

Re: Tax VAT Accounting
 

Thanks ebayorbust.
Understand not adding VAT numbers to any stealth, but should we have a vat inspection the ebay name & address won't be the same as our business name, and I'm thinking this could be a problem.
Will as you say, probably have to come clean with our accountant about stealth, as up to now we have only given him summary sales figures combined.

Re: Tax VAT Accounting
 

It doesn't matter as long as you have paid some tax
As you give the bookkeeper you real name and address and bank account

Sent from my Pixel XL using Tapatalk

Re: Tax VAT Accounting
 

It does matter!!! on the slim chance that you get investigated you will need to give them your ebay/paypal details so they can cross check the bank records against this... like I said though the chances of a full investigation are very slim.. you may get a generic letter to provide receipts/invoices etc but will it be manually looked at by HMRC.. doubtful