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Paying taxes through stealth accounts
 

I recently created a ltd company for my online business.

However how can I run my stealth accounts through the company? I spoke with an accountant, and they said if you do it with names which are not associated with the company it will cause many problems.

So my question is how are people managing to run stealth accounts while running a company and still pay all your fee's and taxes etc.

I thought maybe I can create the ebay/paypal from scratch under the company name, however that still requires a 'person' to create which of course myself was suspended from ebay in the past so this is not an option.

Any advice greatly appreciated

Re: Paying taxes through stealth accounts
 

I just download all the transactions and ebay bills and save them online and add it to my total income/expenses.

edit: I haven't told me accountant about stealth but I actually asked him if hmrc would ever want to check my paypal account and he laughed and said no, hmrc is a joke hence why 95% of ebay isn't paying any tax. Pay the correct amount and you shouldn't have to worry

Re: Paying taxes through stealth accounts
 

What about the ebay invoices though? they are in the name of my stealth account I believe (can't check not at home).

I can understand getting away with the paypal easier as theirs no bills etc in a different name, but the ebay bill has to be paid each month and has a name attached to it.

Yes I agree with that apparently they have really started to crack down according to accountant I spoke to, but have no clue if true or not.

Re: Paying taxes through stealth accounts
 

Well i just save it and if they come and inspect me then I'll see what happens, don't see it being a issue though.
And I doubt it, they've just announced they're going to have bigger 'main offices' or whatever also known as cuts.
I'll believe they're cracking down on it when I don't see chinese(and english) sellers with multi million £ turnovers that clearly pay no vat

Re: Paying taxes through stealth accounts
 

This is Fat False information you have been fed about hmrc by your supposedly accountant. I got a visit once prior to starting ebay. I used to be a top dog in affiliate marketing before google calling. This was the reason I started ebay. When hmrc visited, I had to show the lady where the money was coming from and showed her several dashboard from my affiliate network site. She did so in order to reconcile some figures in my online bank with the source. Just like they might want to see your PayPal Vs your bank account.

In the end she was happy and they sent me a good letter days later.

So be prepared when they come knocking...

Best thing to tell them would be, you have to create several accounts in order to be able to trade in several/multiple categories on ebay as it makes dealing with the inventories easier. They would be happy as long as the money reflects in your company account and you can verify to them that you are reporting the money anyway.. (Just what I am thinking)

Re: Paying taxes through stealth accounts
 

Thanks for your input.

Regardless if hmrc are on the ball or not I'd like to stay on top of what I owe I don't want trouble later down the line when its going to be much harder to resolve.

when I told my accountant about 'stealth account' which would be in a different name he mentioned this would cause problems as it would look like the 'stealth account owner' was trying to avoid his own taxes by putting it through our company as he wouldn't be paying his personal tax. It was something along those lines anyway I don't fully remember.

But I'm guessing there are many people here who run stealth accounts and still pay their taxes so thought would be a good place to ask.

Re: Paying taxes through stealth accounts
 

I also would be interested in hearing your solutions to this please

Re: Paying taxes through stealth accounts
 

the stealth account owner doesn't exist though. That doesn't make much sense to me as even if it was a real persons account then it would just mean you were paying more personal tax anyway.

If others are using it as a way to sell vero or not pay tax then they'd be in 20x more trouble than using their real details, would be serious fraud etc etc.
Obviously a grey area though like the other guy who's post got deleted said though lol

Re: Paying taxes through stealth accounts
 

There is nothing wrong with selling VERO items.

Just because an item is VERO does not mean it is of questionable origins.

If you can prove that your item is real and you have the permission to sell the VERO item then there is nothing wrong with doing so

Re: Paying taxes through stealth accounts
 

well i would of put fa ke but then you might of edited my post even more

Re: Paying taxes through stealth accounts
 

The point is Vero does not equal ⊗⊗⊗⊗ :thumb:

They are 2 different things so using the terms interchangeably should be avoided when possible or it can cause confusion

Re: Paying taxes through stealth accounts
 

Anyone solved how to pay vat on stealth account

Re: Paying taxes through stealth accounts
 

Its a grey area... should one be investigated, none of the paperwork will tie up because of false names and addresses... Then its just a matter of luck if you can explain your way out of it.

Re: Paying taxes through stealth accounts
 

Can you not change the name of the stealth account to the name of the business of a ltd company?

And maybe the address too? Providing the address has not been used on a eBay account t before ?

Re: Paying taxes through stealth accounts
 

Right your ebay account is false but you're paypal and bank account is real... that's where the problem lies no? I'm not in my full year yet so this will be my first year having to pay taxes but so far I'm profitable by 14k. If I can use my mortgage as my rent cost since I do work at home then i'll be break even. I need to talk to an accountable but any info would help. Thanks. PS my LLC is with Florida.

Merry Christmas everyone

Re: Paying taxes through stealth accounts
 

I'm also interested in knowing this too just in case I ever cross the threshold.

Anyone know?

Re: Paying taxes through stealth accounts
 

anyone know a solution to the vat issue on multiple Amazon accounts?

Re: Paying taxes through stealth accounts
 

No such solution available for this,

you will be in trouble when you get inspection from hmrc.
its all risk you taking,
hmrc not bother to check your paypal they have many ways to get you,
all you have to prove about money coming in and going out

if you can prove this then u are good to go

Re: Paying taxes through stealth accounts
 

What we need here is a long term stealther UK based to advise exactly how they go about paying their taxes and even then it would take someone who has been investigated to prove they are doing it all correct and above board.
Fact is your Stealth ebay and paypal names are not your own details on multiple account so to then amalgamate them all to pay tax is a major problem
I find it hard to believe that HMRC would come calling unless they get a major tip off from someone - I mean why would they?

Re: Paying taxes through stealth accounts
 

see your accountant. HMRC will want to know what profit you have made after deductable expenses and you pay tax on the balance. its not complicated

Re: Paying taxes through stealth accounts
 

It's not just simple as that
Ebay name does not match with invoices from supplier? How will you prove these are your invoices? Unless you □□□□ them

Will be no problem until late you get visit from hmrc

Now problem is over 82k you need to register vat once you done this more chances for vat inspection

Now how will you satisfy him?

Lover to hear from others

Re: Paying taxes through stealth accounts
 

My accountant gets a folder of invoices for costs / purchases some in my name some in other names They are all paid by us from one or 2 bank accounts. The incoming invoices appear on the bank statements as being paid by us by our bank account so i have proof of payment whoever name they are made out to . What does your accountant say ?