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Need Help - Student in UK Tax Advice

Discussion in 'Business & Tax Advice' started by LukaB, Mar 19, 2012.

  1. LukaB

    LukaB Jr. Executive VIP Jr. VIP

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    I am using my brothers Paypal (he is a student in the UK, student visa) and I am using his Paypal, he made it for me, under his name, Paypal country is the UK. My PP account is Business.

    So I am constantly tranfserring money to my brothers Bank account, $xxxx range, I am worried, I have 2 doubts


    1) Can he get in trouble cause I am working with his Paypal, and he is in the UK with a student visa (government / paypal doesn't know I'm working, not my brother).

    2) TAX.. Does he have to pay tax? If so, how much? Is there a way to avoid tax legally (I do not want to take any risks for my brother).


    Thanks

    Luka

    REP will be added.
     
  2. Leith

    Leith Jr. Executive VIP Jr. VIP

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  3. LukaB

    LukaB Jr. Executive VIP Jr. VIP

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  4. loswarrior

    loswarrior Regular Member

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    Is he in the country more than 183 days? if not, pm me!
     
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  5. LukaB

    LukaB Jr. Executive VIP Jr. VIP

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    He's there 3rd year now.
     
  6. florflor

    florflor Senior Member

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    Yes he is liable for taxes. Doubtful he would get caught though.

    If he did get caught, he'd have to admit it was your money. They might still want tax money from him though.

    There are many internet marketers who don't even realise they have to pay taxes and don't for a few years. After all, it's not like all banks and Paypal tell HMRC about your income. One day it'll probably happen though.

    If you are earning serious money, like thousands, then you really need to set up your own Paypal account and maybe even open a foreign bank account. If you're earning peanuts like 500 quid in a year then just keep quiet, nobody is going to give a shit.
     
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  7. Leith

    Leith Jr. Executive VIP Jr. VIP

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  8. LukaB

    LukaB Jr. Executive VIP Jr. VIP

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  9. loswarrior

    loswarrior Regular Member

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    Just sent you a pm Luka.
     
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  10. LukaB

    LukaB Jr. Executive VIP Jr. VIP

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    I don't want to say how much I earn :) but med-high $xxxx , so it might be a red flag.


    How do I pay taxes lol :D gotta do a lot of research.
     
  11. akazzz

    akazzz Regular Member

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    You have to fill out a tax form and you can include some expenses that you will be able to deduct from your overall tax payments to reduce your tax. Its a huge list and there are lots of "what ifs". Thats why accountants exist :)

    On the other note, for avoiding tax, I'm not knowledgeable enough yet to do that :p

    I am currently studying for an accounting course myself and I know how complicated it is.
     
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  12. cataratas

    cataratas Junior Member

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    I'm not sure what Paypal do in terms of reporting to/cooperation with HM Revenue and Customs here but to state the obvious it is only income that is taxable (for the purposes of what we are talking about here).

    What you're talking about isn't income if I understand your post correctly. You are just using your brother's Paypal account. As long as your brother can easily prove he is not deriving an income or any financial benefit from you using his Paypal account then it is not a matter for HM Revenue and Customs and more of a matter between Paypal and your brother and you and whether Paypal's terms are being abided with which they won't be!

    The real issue won't be one of tax or taxable income but more one of whether money is being laundered through the account. In the UK now that is a very big deal indeed.
     
  13. LukaB

    LukaB Jr. Executive VIP Jr. VIP

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    At the end I believe since I don't want any risks, it's best to pay taxes.
     
  14. Leith

    Leith Jr. Executive VIP Jr. VIP

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    You're better of paying taxes. I've had a friend who thought he was clever and in the end he got fucked, and had a big lump of arrears.

    Why don't you just set one on your parents name? And then change to yours?

    Or maybe check out 2Checkout?
     
  15. meathead1234

    meathead1234 Moderator Staff Member Moderator Premium Member

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    edit - I really shouldn't be giving tax advice... speak to an accountant!
     
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    Last edited: Mar 19, 2012
  16. LukaB

    LukaB Jr. Executive VIP Jr. VIP

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    NVm bout skype, thanks a lot bro, i was thinking of using 2CO
     
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    Last edited: Mar 19, 2012
  17. cataratas

    cataratas Junior Member

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    It's not about whether there's any point in filing a return or not. You don't decide that, HMRC do and even if your income is less than 8k a year if HMRC want you to fill out a self assessment you're going to have to-no choice in it meathead, but you know that anyway I think; it's just that your post infers otherwise.

    Just so it's clear...
     
  18. LukaB

    LukaB Jr. Executive VIP Jr. VIP

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    I'd like to thank everyone for the help, my decision is to be used in 1-2 months probably, going to use 2checkout, and payoneer as my card so i can withdraw.
     
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  19. florflor

    florflor Senior Member

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    Payoneer is a good idea, just remember that they need a copy of your passport/ID! Sucks but I only found out after I registered.
     
  20. dotcomdesigns

    dotcomdesigns Power Member

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