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How to set up properly for Taxes!
 

Hello everyone,

Im from the UK and I want to understand how to set up properly to pay for income taxes.

I have 4 stealth accounts and they are in my family and friends name but all the money goes to my personal bank account. I dont want them to get their own income tax effected!

What is the best way to handle taxes for each accounts?

Do I set up 1 company in my name and declare tax through there or do I set up company for each account?

How does it work if a ebay account gets VAT registered?

I am confused and dont want them or me to get chased by the boogie tax man

Re: How to set up properly for Taxes!
 

Stealth means accounts in stealth details, you said your accounts are in family and friends names?

Re: How to set up properly for Taxes!
 

The book still calls that stealth accounts? correct me if I am wrong?

Regardless, help me how to handle taxes!

Re: How to set up properly for Taxes!
 

I was only asking, if you didnt want the hassle of being chased by the tax man then i just didnt get why use real names from friends and family is all.

Re: How to set up properly for Taxes!
 

Simple really you pay taxes on your total turnover from all your accounts regardless of who’s names there on you can either pay it as self assessment as a sole trader or via ltd company I would suggest speaking to an accountant and then moving forward.

Re: How to set up properly for Taxes!
 

To tell the truth, the best way that I see in your position is to handle taxes for each account apart. Indeed, each person must be responsible for his own taxes. A year ago, when I had the necessity, I was looking for tax debt relief. Finally, I found a company that helps in such a situation. But, honestly, I consider that it is better to entrust such questions, not to ordinary people from the Internet, but apply directly to professionals who know the law inside and can help you not unfounded. More than that, there are many pitfalls that you should be aware of in order not to aggravate the situation.

Re: How to set up properly for Taxes!
 

Welcome to the forum - all the best as you master stealth :thumb:


Good thread search skills - the thread is a bit dated though

Re: How to set up properly for Taxes!
 

His only 'skill' was digging out any old thread on the assumption his spamming would go unnoticed.

Instead of welcoming them, why not simply let the thread fall off the bottom of the page, they're clearly not here for the purpose this forum is intended.