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shared/joint bank accounts
 

Hi all,
So I have been selling on eBay for 2 years under my friends address and bank account (we created one just for eBay using his details) I am now worried about HMRC getting in touch as a fair bit of money has been coming through. Can I be added to his bank account without anything flagging up on eBay? That way I can start paying TAX. Appreciate any info related :)

Re: shared/joint bank accounts
 

Ebay would not know your name is added to his bank account,nor does it care,since you are not a EBAY SELLER

Re: shared/joint bank accounts
 

Making your friends account into a joint one will not be reported to eBay. As far as I am aware eBay UK does not report sales of individuals to UK Inland revenue. At present HMRC monitors sellers, more especially the business accounts for activity and whether that company or business individual is reporting the sales in their tax returns.

I would recommend that if your sales are significant, is to report it on your tax return and keep records of the transfer of funds from your friends account to yours to protect him from a tax burden.

Re: shared/joint bank accounts
 

Thanks for the reply! My main concerns is i'm thinking HMRC would have a problem that the money is going into his account first and I don't want my friend to have any people contact him.

Re: shared/joint bank accounts
 

Thanks for the reply! My main concerns is i'm thinking HMRC would have a problem that the money is going into his account first and I don't want my friend to have any people contact him.

Re: shared/joint bank accounts
 

then why do you do it in the first place?

Re: shared/joint bank accounts
 

You should be able to change the bank account attached to the eb account, just open a savings account with your current bank and then use that bank account for payouts, problem solved.

Re: shared/joint bank accounts
 

I had a lot of stock left over so at the time I thought it was a good idea to get another account set up to sell it.

Re: shared/joint bank accounts
 

Just to clarify, it's not quite as simple as that. Not all savings accounts will work and some Banks are really particular about mismatched names as I found out with Barclays.