Limited Company, stealth and accountant! - eBay Suspended & PayPal Limited Forums
eBay Suspension & PayPal Limited Forums  
Join Today
Register Subscribe
     

Registration is fast, simple and absolutely free so please, join our community today!


Go Back   Home > International eBay & Paypal Discussions > UK eBay & Paypal

UK eBay & Paypal General discussions about eBay.co.uk Suspensions and Paypal.co.uk limited accounts. This forum is geared towards UK eBay & Paypal sellers.

Reply
 
Thread Tools
  #1  
Old 02-17-2016
Junior Member
 
Join Date: Nov 2014
Posts: 103
Thanks: 11
Thanked 14 Times in 9 Posts
Activity: 0%
Longevity: 54%
iTrader: (0)
Default 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All money withdrawn from the Paypal accounts into each linked personal bank account is then instantly transferred into the business account.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!
Reply With Quote
The complete step-by-step guide to get back to selling today!

  #2  
Old 02-17-2016
Senior Member
 
Join Date: Dec 2014
Posts: 891
Thanks: 244
Thanked 246 Times in 193 Posts
Activity: 0%
Longevity: 54%
iTrader: (0)
Default Re: Limited Company, stealth and accountant!

Sounds like you need a new accountant.
Reply With Quote
  #3  
Old 02-17-2016
Radfele
 
Posts: n/a
Activity: 0%
Longevity: 0%
Default 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.
Reply With Quote
  #4  
Old 02-17-2016
Senior Member
 
Join Date: Oct 2012
Posts: 390
Thanks: 9
Thanked 47 Times in 35 Posts
Activity: 0%
Longevity: 66%
iTrader: (0)
Default 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 ?

Last edited by JamesNorth101; 02-17-2016 at 01:09 PM.
Reply With Quote
  #5  
Old 03-15-2016
Junior Member
 
Join Date: Mar 2016
Posts: 3
Thanks: 1
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 46%
iTrader: (0)
Default 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?
Reply With Quote
  #6  
Old 03-17-2016
JamesNorth101's Avatar
Executive [VIP]
 
Join Date: Apr 2013
Posts: 20,073
Thanks: 2,424
Thanked 5,197 Times in 3,996 Posts
Activity: 27%
Longevity: 63%
iTrader: (462)
Default 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
Reply With Quote
Reply



Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Ebay and Paypal Stealth accounts, the limited company route Tekko Subscriber Discussions 3 08-10-2015 10:33 AM
Limited Company stealth accounts BananaMan UK eBay & Paypal 11 01-08-2014 04:37 PM
Looking for an Accountant jenupy2j UK eBay & Paypal 4 11-29-2012 07:34 AM
Creating a UK Limited Company for Stealth Account - help? wilsonnoarms UK eBay & Paypal 3 12-14-2010 07:01 AM


Aspkin Group

All times are GMT -5. The time now is 09:55 AM.


Stop the guessing games and learn how you can quickly and easily get back on eBay today!
Read the best selling step-by-step eBay Suspension guide eBay Stealth!
Amazon Suspension? Read Amazon Ghost to get back on Amazon!
vBulletin® Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Ad Management by RedTyger
no new posts

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58