Discussion in 'Business & Tax Advice' started by dmxsta, Jan 9, 2014.
Setup LTD company in the UK, register with HMRC and hire an accountant.
The accountant will take care of everything for you then regarding the yearly tax returns, business expenses (broadband, partial electricity bill payment, new business laptop or whatever) etc
Hope this helps!
Just added a little to my post above -- also considering your from the UK you may be interested in this company for a complete business formation
Little easier than doing it all yourself and I can vouch for them!
I would claim anything thats going into your bank account.
For payments sent to paypal, payza, payoneer and things like that, as long as you don't do a bank transfer, you don't have to claim that.
Chances are, even if you didn't claim anything, you probably would be fine, but there is always that small chance that you might be randomly looked upon when you file your taxes, and if they find out you didn't claim thousands of dollars, you could get into trouble.
I wouldn't go as far as creating a company and hiring an accountant. But print out all your earnings that have been transferred into your bank, add it all up and claim it as commissions on your tax return.
You can probably just print out all your earnings, go to a tax filing place and have them take care of it all for you.
Thanks for the quick and helpful reply!
Yeah I was thinking if i kept most of the payments in Paypal and didn't transfer them to my bank account nobody would know, I would just pay tax on the earnings I declare right?
^^Yeah you would just pay tax on the earnings you declare.
Just make sure you don't do a bank transfer from paypal to your bank account and you will be fine.
The odds of something happening are low, but its better to be safe then sorry.
Doesn't paypal report you to the appropiate authorities when you reach around $20k in a year? Is that only in the US or am I totally wrong?
Yeah your correct, they do...
Welcome to the world of tax.
Register as self employed or setup a LTD (theres pros and cons to both of them) and get an accountant.
The accountant will save you well over what you're paying them and they handle everything for you.
I think you are patriot person compare to few of them.Nice to see such a wonderful peoples.Nowadays nobody honest here !
Long live tax payers!
Second that. Used them for years, Registered office and mailing address as well.
Definitely worth your while investing in the full package.
yes you should pay taxes.
good to go for company.
I'm interested to know what to put in that tax ref. box in Paypal. If you leave it blank will they still pay you? If you fill it in with your UK tax number, will they immediately inform the tax office of your earnings?
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