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Limited Company, stealth and accountant!
 

Hi there,

I run a Limited company and have 4 stealth eBay/Paypal accounts.

All money withdrawn from the Paypal accounts into each linked personal bank account is then instantly transferred into the business account. Everything has been fine.

Now my accounts are due and my accountant is asking for the financial statements of each Paypal account and also the names the Paypal accounts are in.

He is also saying if in future I can only use the one LTD company paypal account.

I am yet to give this information and wondering if anyone has any experience and what they do?

Thank you in advance!

Re: Limited Company, stealth and accountant!
 

Sounds like you need a new accountant. :nerd:

Re: Limited Company, stealth and accountant!
 

sounds like he is a prick, you can say to him that each paypal is in "doing business in this persons name I think"

not sure though. accountant is a prick, sure about that. be careful because accountants are most likely to report you to authorities.

Re: Limited Company, stealth and accountant!
 

I present my accountant with a simple spreadsheet it shows,

Payments made (costs,,,Stock Postage and Packaging Bank Charges Phone Internet Motor
) from bank account,

Bankings made into the bank account from paypal accounts and elsewhere,

Paypal Activity Sales Shipping charged E Bay Cost paypal fee Paypal shipping To Current aa/c

Together with receipts.. and from this he creates my books for HMRC and Companies House

Telephone companies houses and chat with the people there they are great and very helpful to people wanting to decide on a new business.or how to start and run a limited company and its free.

HMRC basically want to tax on your profit. if no profit no tax if there's a loss you may get refund from tax paid from elsewhere to them (mainly sole trader ask a good accountant)

When you file accounts with companies house they send info to tax people. If you have a business account for a ltd company the bank will send details to HMRC.

But this info and tax is for the company which is a legal entity.

From what you have typed i think you have misunderstood your accountant or he has not explained things correctly.

a Ltd company has a service address and a real address (real addresses only available to HMRC and police ) and a ltd company does not have to record vat if not enough turnover etc . If the ltd company is run within legal guidelines with income which includes a paypal account where is the problem ?

Re: Limited Company, stealth and accountant!
 

Thank you guys on this post!
Is it possbile to legaly run limited company without regular bank account? Can be there some problems with HMRC? And if can be done that way what is best solution for this case?

Re: Limited Company, stealth and accountant!
 

It would be very hard to run a company without a bank account. Not impossible, but it would be unusual