eBay Suspended & PayPal Limited Forums - Won’t Managed payment red flag my bank

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

		Home
Forum

FAQ

Community

Recent Threads

» Navigation Menu

Home

Main Forums

Main Discussions

Marketplace

International

Account Topics

Off Topic

Subscriber's Area

Amazon X

Subscriber Forums

eBay Suspended & PayPal Limited Forums (https://www.aspkin.com/forums/)

- UK Managed Payments (https://www.aspkin.com/forums/uk-managed-payments/)

- - Won’t Managed payment red flag my bank (https://www.aspkin.com/forums/uk-managed-payments/137718-won-t-managed-payment-red-flag-my-bank.html)

kane lynch

07-14-2020 05:37 AM

Won’t Managed payment red flag my bank

Hello just wondering when managed payment is being used will it not red flag bank accounts? Because then the banks can see the eBay transactions.

JackFrost

07-14-2020 06:38 AM

Re: Won’t Managed payment red flag my bank

Don't really understand why it would flag the bank account?

If you have means to escape tax, then yes.

kane lynch

07-14-2020 09:51 AM

Re: Won’t Managed payment red flag my bank

Quote:

Originally Posted by JackFrost (Post 1105690)

Don't really understand why it would flag the bank account?

If you have means to escape tax, then yes.

I have heard if u keep big funds in there it red flags it. And I pay my tax.

JackFrost

07-14-2020 09:54 AM

Re: Won’t Managed payment red flag my bank

Quote:

Originally Posted by kane lynch (Post 1105712)

I have heard if u keep big funds in there it red flags it. And I pay my tax.

If you pay the tax on the amount held in the bank account there shouldn't be anything to fear.

brassmonkey

07-14-2020 09:55 AM

Re: Won’t Managed payment red flag my bank

Are you talking about a business bank account or personal?

If personal then they may flag if there is lots of money going in and out the account every day.

JackFrost

07-14-2020 10:01 AM

Re: Won’t Managed payment red flag my bank

Quote:

Originally Posted by brassmonkey (Post 1105715)

Are you talking about a business bank account or personal?

If personal then they may flag if there is lots of money going in and out the account every day.

He says he pays tax on it which implies the amount is sufficient enough to be taxed, so most likely it is a business account, therefore no issues.

kane lynch

07-14-2020 10:15 AM

Re: Won’t Managed payment red flag my bank

Quote:

Originally Posted by brassmonkey (Post 1105715)

Are you talking about a business bank account or personal?

If personal then they may flag if there is lots of money going in and out the account every day.

No not a business account it’s a personal account and yes there will be lots of funds coming in and going out. I did ask eBay today about this and they said no I’m not sure what should we do.

brassmonkey

07-14-2020 10:15 AM

Re: Won’t Managed payment red flag my bank

Quote:

Originally Posted by JackFrost (Post 1105717)

He says he pays tax on it which implies the amount is sufficient enough to be taxed, so most likely it is a business account, therefore no issues.

Could be a sole trader with a personal account, but if it is a business account then there will be no issues.

kane lynch

07-14-2020 10:19 AM

Re: Won’t Managed payment red flag my bank

Quote:

Originally Posted by brassmonkey (Post 1105721)

Could be a sole trader with a personal account, but if it is a business account then there will be no issues.

So do you recommend I should open up a business bank account?

brassmonkey

07-14-2020 10:29 AM

Re: Won’t Managed payment red flag my bank

Quote:

Originally Posted by kane lynch (Post 1105722)

So do you recommend I should open up a business bank account?

If you are going to have big amounts going in and out everyday then yes.

Saying that I used a personal bank account for years as a sole trader with £10k going in a month without issue.

kane lynch

07-14-2020 10:43 AM

Re: Won’t Managed payment red flag my bank

Quote:

Originally Posted by brassmonkey (Post 1105724)

If you are going to have big amounts going in and out everyday then yes.

Saying that I used a personal bank account for years as a sole trader with £10k going in a month without issue.

I don’t have funds coming in everyday though. If I get sales and sometimes I make £500 in a day from eBay sales which I think it’s to risky in a bank so if I keep My bank as personal am I ok to keep 10k in there?

CaptainComedown

07-15-2020 03:52 AM

Re: Won’t Managed payment red flag my bank

Surely you can keep as much money as you want in your bank accounts? My two main bank accounts have plenty of funds in them and nobody has ever questioned it

brassmonkey

07-15-2020 05:39 AM

Re: Won’t Managed payment red flag my bank

You can keep as money as you like in there but if the bank sees large transactions daily they may assume you are using it for business which you are not supposed to do with a personal bank account.

jonnytidd

07-16-2020 09:03 AM

Re: Won’t Managed payment red flag my bank

I’m using a normal account for both I ain’t ever had any problem from the bank but then I do submit A self employed tax return every year

kane lynch

07-17-2020 08:26 PM

Re: Won’t Managed payment red flag my bank

Quote:

Originally Posted by CaptainComedown (Post 1105841)

Surely you can keep as much money as you want in your bank accounts? My two main bank accounts have plenty of funds in them and nobody has ever questioned it

Are the bank accounts set as personal use or business?

kane lynch

07-17-2020 08:29 PM

Re: Won’t Managed payment red flag my bank

Quote:

Originally Posted by jonnytidd (Post 1106071)

I’m using a normal account for both I ain’t ever had any problem from the bank but then I do submit A self employed tax return every year

Yes obviously I’ll pay tax if eBay accepts multiple accounts under one bank name.

All times are GMT -5. The time now is 12:41 PM.