[EU] Selling FB, YT interactions

[misaczek]

Hey, I'm a Czech reseller on our local online market. I'm basically a subprovider, I have to pay 30% cut to the main provider, owner of the website. I'm reselling stuff like yt likes, subs etc. I've never had a problem with paying out the money. However, now I have like 1k USD on the account ready to be payed out and I'm being pretty paranoid about avoiding taxes. I thought there was like a yearly limit of income you can have from such business, but I'm not quite sure rn. I don't have any business registered. Also, my profit won't be 1k, but only about 1/3 of the whole income, because of the expenses.

Have sb ever been in such situation, any tips?

Have a nice day, kings.

 

[AngelSeo]

Hey, I'm a Czech reseller on our local online market. I'm basically a subprovider, I have to pay 30% cut to the main provider, owner of the website. I'm reselling stuff like yt likes, subs etc. I've never had a problem with paying out the money. However, now I have like 1k USD on the account ready to be payed out and I'm being pretty paranoid about avoiding taxes. I thought there was like a yearly limit of income you can have from such business, but I'm not quite sure rn. I don't have any business registered. Also, my profit won't be 1k, but only about 1/3 of the whole income, because of the expenses.

Have sb ever been in such situation, any tips?

Have a nice day, kings.

I think under 2.5k EUR/year and you are flying under the radar (more than that and the banks have to report it) so you should be fine. Thats the reason why PayPal ask for verification once you hit that mark per year. Also I think you received this money from your uncle from Germany? Right? Not that I am recommending tax avoidance.

 

[misaczek]

I'm being very paranoid, I just can't help myself

 

[AngelSeo]

I'm being very paranoid, I just can't help myself

Also get a revolut and withdraw the money there...

 

[misaczek]

the problem is the provider only sends money to your bank account

I spoke to the provider but he wasn't much helpful. about the taxes. I didn't really care about them last year and it all went without a problem. Yet the income was also much lower.

 

[AngelSeo]

the problem is the provider only sends money to your bank account

I spoke to the provider but he wasn't much helpful. about the taxes. I didn't really care about them last year and it all went without a problem. Yet the income was also much lower.

Revolut have IBAN so its good to receive money this way.

 

[misaczek]

I was just thinking, would opening an offshore bank account solve this?

 

[venturetrade]

You are wrong on so many levels..
the amount of transaction has nothing to do with yearly taxes.. having 1 million transactions of 1$ each USD within a fiscal year means you didn't have 1M$?

Having an offshore accounts means you didn't use the money domestically? and even if, should you pay taxes in that foreign country?

you need a tax advisor buddy, a single meeting will get you all the information you need and will prevent you from doing serious mistakes.

 

[misaczek]

You are wrong on so many levels..
the amount of transaction has nothing to do with yearly taxes.. having 1 million transactions of 1$ each USD within a fiscal year means you didn't have 1M$?

Having an offshore accounts means you didn't use the money domestically? and even if, should you pay taxes in that foreign country?

you need a tax advisor buddy, a single meeting will get you all the information you need and will prevent you from doing serious mistakes.

Yeah, you're right. I'm just a stupid student whose business got over his head. I need to calm down first.