Business account

[scrubberbytrade]

Hi All,

When you open a business account with Eb ay...do they pass your details onto the tax office...as the account will be stealth, I wondered what would happen if it was a business account....TIA

[bode]

I'd pay your taxes if you want to avoid a serious fine and jail. If the tax man sees an ebay address that doesn't have a self assessment return linked to that address, they'll dig deep.

[SweetPea]

Paypal will only turn over your information if you cross the $20,000 and 200 item threshold. IRS, however, can always audit you for other reasons and you have to turn over any and all banking information, including stealth if it can be linked to you in ANY way. If you do not and they find out, that is tax evasion. I would report the income.

[KingRay]

They are from the UK though. That 20k things is from the US gov. Not sure how they do their stuff over their. I wish I did and will start researching it. If someone wants to PM me on how the tax stuff works in the UK I would love to learn how it works compared to ours. Do you have tax filings like we have in april, do you have withdrawn taxes from paycheck, etc.? . Thanks

[GrannyT]

No they don't. But the tax man is aware that a lot of people are making a lot of money on Ebay. For the man to start a new investigation there has to be a belief that the loss to the exchequer is more than a certain figure. I believe that figure to be 50K but I cannot be certain. That is 50K of tax lost.

Below that you have a better than evens chance of not even being looked at.

Do you play roulette at all?

[koncret]

Any of this informations are real !

I have spoke to my accountant and he said no matter hows account ebay or paypal you are using as long your income coming in to you bank business account and you declare what you earn and what you spend for business you are OK.

Do not leasing this people here go get accountant £27/month and you will sleep well.
also make sure you keep all you records.

[GrannyT]

Good advice if you are legit.

Stealth often times is not legit

[Stigger]

Originally Posted by koncret

Any of this informations are real !

I have spoke to my accountant and he said no matter hows account ebay or paypal you are using as long your income coming in to you bank business account and you declare what you earn and what you spend for business you are OK.

Do not leasing this people here go get accountant £27/month and you will sleep well.
also make sure you keep all you records.

This is correct, also do not put your ebay or paypal account in your REAL business names

If you have a real business you should have a bank account in your business name, you use this to create sub accounts the same as the buiness names you intend to use in paypal ebay, this is the bast way to keep track of your sales and tax issues if you want to stay 100% ligit.

there are 101 reasons not to assosiate you real business name to your ebay account

[Artann]

What are the pros for not associating your real business name to your ebay accnt?? Maybe i'm blind, but i can see only good things about it