VAT?Taxes

[dan_ebay]

I'm registered as a business paying vat. I want a stealth but I don't know how I'm going to go about this.

Do I just record vat as normal using my bank account as if its sales from my real ebay? (not bothered about getting vat discount with ebay)

What do I do if the tax man wants to investigate me? 'Oh hello this ones in a ⊗⊗⊗⊗ name btw)?

I know most of this forum is US so any stories of how you go about it would be great too.
I have a accountant but shes new so I'd rather not ask these sorts of questions yet. I don't know if this is legal or not but it doesn't sound it lol

[GreenBean]

HMRC only wants money numbers not names.

[dan_ebay]

But isn't there a chance they'll want to check paypal to see all transactions? And if they did find out what would I be charged with? Can't find anything related online.

[Kiroshi]

Hey. I know I'm new but I can actually give you quite a lot of insight into this as I am in finance, have spoken to a financial advisor and had a conversation with HMRC and told them the 100% truth of what I am doing.

HMRC do not give a flying duck what you trade under for ebay, nor do they care that you are doing it because you were banned for selling goat p0rn. All they care about is that SOMEONE is paying tax for the money that is being made on there. As I said I have spoken directly to HMRC about this and they are totally fine with it. In fact, it SHOULD be you paying tax from the account as the money trail always leads to you and your account in the end.

They key thing is to keep a paper trail of the money, so it can be shown relatively easily. For example a monthly print off from the paypal and a monthly print off from your saver account. Most Savers dont have monthly statements however you can ask for one annually no problem.

Hope that helps as it is something that had me concerned also at one point.

[GreenBean]

Originally Posted by dan_ebay

But isn't there a chance they'll want to check paypal to see all transactions? And if they did find out what would I be charged with? Can't find anything related online.

Dont worry so long as you are submitting tax info.

All you need to do is file your taxes with your accountant.

So long as HMRC get the numbers, you are OK.

Overall we avoid giving tax advice as noone here is a professional.