Limited Company

[ooian]

Hi, I have an eBay Stealth account that I have had for 3 years, Its my business and I'm running it as a sole trader, all registered with the government and of course paying taxes. My accountant has suggested I become a Limited company, partly to limit my liability if I was to be sued for anything but also partly so I can set my self up as a shareholder and pay myself minimum wage and then a share dividend at the end of the month. The long and short of this is I wouldn't need to pay national insurance.

I'm wondering if this would have any effect on my stealth account. Does anyone on here run a limited company with a stealth account and if so do you have 1 stealth ebay account or several and how does that work within the limited company.

[jenupy2j]

What name & address have you declared to HMRC if its your stealh account?

[NoneOther]

Yes there are members that run Ltd companies using stealth accounts but I doubt if you will get many direct answers to your questions.

It takes considerable time, effort, planning and if done properly, expense to set them up using stealth methods.

Everyone has different circumstances and I would suggest that you speak to your accountant for advice on how to go about it as he seems to be the one who has recommended it.

Good luck

[kathemmi]

As far as I'm aware you will have to send PayPal a copy of your limited company Registration Certificate (they may also ask for a copy of your Mem & Arts as any high street bank would) & these must be in your registered company address. So may cause a problem depending on your own company/ebay/paypal set up.
TAKE PROFESSIONAL ADVICE BEFORE DOING ANYTHING

[ooian]

the info that I have given to HRMC is my real name and address, my address has changed since my ebay account was suspended so I'm using my real address with the stealth account and just a different name, a variation on my own name.

[jenupy2j]

Originally Posted by ooian

the info that I have given to HRMC is my real name and address, my address has changed since my ebay account was suspended so I'm using my real address with the stealth account and just a different name, a variation on my own name.

So if you have used your real address, on what basis is it 'stealth' ? Just the name variation?

[ooian]

Yes I had an account suspended on ebay in my name and my address. I moved house not long after that and set up a new account with a stealth name but using my new address that wasn't linked to the other ebay account.

So the ebay account has a real address that I have used for my business address with HMRC

HMRC has my real name registered with them and the ebay account is registered with a business name and my stealth name.

The ebay account is a business account as is the payapl account both running for around 3 years

[jenupy2j]

Have you had any limitation in this account in the past, asking you for supplier info etc. ?

[ooian]

not that I can remember, I have about £400 - £600 a week coming into that paypal account so don't know if thats enough to raise limitations. Is this something I can expect in the future

[Stigger]

Originally Posted by ooian

Hi, I have an eBay Stealth account that I have had for 3 years, Its my business and I'm running it as a sole trader, all registered with the government and of course paying taxes. My accountant has suggested I become a Limited company, partly to limit my liability if I was to be sued for anything but also partly so I can set my self up as a shareholder and pay myself minimum wage and then a share dividend at the end of the month. The long and short of this is I wouldn't need to pay national insurance.

I'm wondering if this would have any effect on my stealth account. Does anyone on here run a limited company with a stealth account and if so do you have 1 stealth ebay account or several and how does that work within the limited company.

Dont get all eat up about what to do.

Leave ebay and PP the way they are now would be my suggestion,

why fix whats not broken, as long as the invoices you send to tax man are in the LTD details, then its business as normal.

[ooian]

Originally Posted by TizWoz

Dont get all eat up about what to do.

Leave ebay and PP the way they are now would be my suggestion,

why fix whats not broken, as long as the invoices you send to tax man are in the LTD details, then its business as normal.

Does that mean I don't have to tell ebay or paypal that I'm becoming a Ltd company, would I need to change anything on ebay and paypal. So can I have my ebay shop as one name and put the in-comings into the Ltd company. I do run other shops on other sites as well as my own website so these would all be under the Ltd company

[NoneOther]

Best advice really is to ask your accountant.

[moneyhustler88]

Google is your friend do your research

[rsot]

I prefer the advice of NoneOther re: accountant

[moneyhustler88]

Well rsot using an accountant is good research too (Y)

[Stigger]

Originally Posted by ooian

Does that mean I don't have to tell ebay or paypal that I'm becoming a Ltd company, would I need to change anything on ebay and paypal. So can I have my ebay shop as one name and put the in-comings into the Ltd company. I do run other shops on other sites as well as my own website so these would all be under the Ltd company

yes.

If you have websites and take payments though paypal just leave it.

Create your limited company in whatever you want and make no relation to them with PP or Eby or Website, only in tax mans invoices

Its all about what you show the tax man, if he ever ask any question you have records and can prove you paid tax on the sales, no matter what channel or name you did it from.

there is nothing wrong with trading in different names as long as the money hits your bank account have paid the tax in the LTD name.