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07-29-2013
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Activity: 0% Longevity: 77% | | Will being VAT registered link me?
I'm thinking of going VAT registered not because I'm making to much money but for other benefits.
My question is this, if I have a stealth account and I add a VAT number on my listing will I get linked?
Thanks
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07-29-2013
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If you don't need to VAT register because of turnover then I wouldn't do it, it costs money, costs time and is generally a hassle.
The only people that win if you are VAT registered is HMRC. Of course if your turnover is such that you are legally obliged to then you need to.
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07-29-2013
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The reason I ask is I've recently had a competitor get a bit snooty with me and suggested I wasn't paying tax because "my prices are cheap", now just to be clear I am registered as a sole trader and most certainly pay my tax ever year in full.
He's suggesting I might get reported to HMRC and although I know I pay my taxes I don't really want them breathing down my neck for no good reason. I figured if I went VAT registered and had it on my listings that would solve the issue.
I'm sure he's just trying to scare me away (not that it will work) just a little disconcerting is all.
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07-29-2013
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@eezo
If you are OK in your own mind, you are meeting your tax requirements, avoid adding the VAT info.
It's not the business of another party. You answer only to HMRC. No toerag seller playing mind games has any business making threats.
Look at it this way, adding VAT info may imply you feel guilty about your prices.
Since you do not, then ignore the veiled threat. |
07-29-2013
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If you have the same VAT registration number across all your listings on different stealth accounts then that will eventually get picked up on and cause a link.
I would tell the competitor to do one personally. They can mind their own business and you can mind your own. Just make sure you pay any relevant taxes.
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07-29-2013
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OK all good advise, I think I'll just carry on as I am for now, I think this guy is just jealous because I'm undercutting him, just a bit sad for him really.
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07-29-2013
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Fact of business.
Carry on with your own business and ignore the toerag. |
07-30-2013
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I have the same problem, i've herd that once you turn over a certain amount on Ebay, they will do a review on your account generally know as suspension or other and can submit business details to the IRS. The IRS bit isn't a problem, I am Vat registered, but my problem is now that i have a NEW stealth account, i am worried about adding my Vat no to this account in case it gets blocked again!? If i don't add it then i look suspicious due to account turn over etc.
What do you recommend guys?
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07-30-2013
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Are you talking about the UK or US here? IRS is US, HMRC is the UK.
Your flag appears as the UK
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07-30-2013
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Sorry I just see them as one money eating firm, IRS- Internal Revenue Service but yes HMRC is correct thanks.
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07-31-2013
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if you put your VAT number on several accounts, they will get linked!
I have my biggest and main account on ebay VAT linked and all sales etc go though a proper accounting for VAT, Self assement etc.
As for the stealth's, they dont and dont need to as they are under 70k annual turnover.
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07-31-2013
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£79,000 is the magic number at which you need to be VAT registered. It has advantages, and disadvantages.
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08-02-2013
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So if you have 3 stealth accounts each turning over 50k, then you need to be VAT registered and combine the figures to one tax return. eBay assume you only turn over 50k so don't care.
If you turn over 80k on each stealth account, what would you do differently as far as ebay is concerned? Only if they insist on your vat number would they then link you?
I'm just thinking outloud btw, sadly this doesn't apply to me yet
Also, not that I'm suggesting this, but if you don't pay taxes on your earnings from stealth accounts, no one will know your not from eBay's side. But obviously the money would need laundering before it hits your bank accounts. I'm assuming the taxman can somehow see every bank account you have when being audited, they will all be there when you get a credit report.
I remember in the news about a year ago it was on about ebay giving your sales records to the hmrc (don't know if this was only when requested) but if your paypal details went with it, then so would the bank account you are withdrawing to.
Oh and for the OP, tell that competitor to #!@&$!£%£@}"!!!!!
Last edited by aniseed; 08-02-2013 at 02:12 PM.
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08-02-2013
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Need to talk to an accountant about this. Forum is not really the place to ask for tax advise.
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08-02-2013
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Not really asking for any advice, I'm no where near £79000! Just thinking out loud...
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08-05-2013
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Activity: 0% Longevity: 71% | | Quote:
Originally Posted by tmastermind if you put your VAT number on several accounts, they will get linked!
I have my biggest and main account on ebay VAT linked and all sales etc go though a proper accounting for VAT, Self assement etc.
As for the stealth's, they dont and dont need to as they are under 70k annual turnover. | HMRC may have a very different take on that.
Total turnover from all business sources are liable for vat once over the threshold i.e. all you accounts are liable for vat
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08-05-2013
| | Executive [VIP] | | Join Date: Apr 2013
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Activity: 27% Longevity: 63% | | Quote:
Originally Posted by tmastermind if you put your VAT number on several accounts, they will get linked!
I have my biggest and main account on ebay VAT linked and all sales etc go though a proper accounting for VAT, Self assement etc.
As for the stealth's, they dont and dont need to as they are under 70k annual turnover. | You may want to talk to an account about this to make sure your right.
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08-05-2013
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Ya'll need go take
PROFESSIONAL TAX ADVICE
That thinking out loud might be harmful |
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