1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Paypal and Verification/Tax?? Help

Discussion in 'Business & Tax Advice' started by illfounded21, Jan 24, 2012.

  1. illfounded21

    illfounded21 Senior Member

    Joined:
    Dec 19, 2011
    Messages:
    1,147
    Likes Received:
    1,168
    Location:
    UK
    To lift limits on my paypal I have been asked to confirm account information,

    'EU regulations require us to confirm your account information.'
    I have 3 options, individual/sole trader/other business- not for profit etc.

    I am only making money from sharecash, but do not want to unnecessarily draw the issue of taxes to anyone's attention. Im not even sure if i can be taxed for sharecash?

    Should i proceed and give my info, or try and find an alternative method of payment?

    Thanks
     
  2. seoquickheal

    seoquickheal BANNED BANNED

    Joined:
    Dec 18, 2011
    Messages:
    424
    Likes Received:
    42
    Well, it wont deal with taxes largely. just make sure your citizenship and the funds you are getting should be spent legally they are checking.

    they wont make you to pay taxes.
     
  3. illfounded21

    illfounded21 Senior Member

    Joined:
    Dec 19, 2011
    Messages:
    1,147
    Likes Received:
    1,168
    Location:
    UK
    But if i say the account is for individual use, but keep getting transfers from a company- will that not create questions?
     
  4. kirkonpolttaja

    kirkonpolttaja Senior Member

    Joined:
    Feb 6, 2010
    Messages:
    1,027
    Likes Received:
    669
    Yeah is there a "wrong" answer in this? like that you way that your individual without a business, will they seize all your moolah eventough you have provided legit info?
     
  5. illfounded21

    illfounded21 Senior Member

    Joined:
    Dec 19, 2011
    Messages:
    1,147
    Likes Received:
    1,168
    Location:
    UK
    Yeah thats what im thinking, and just a bit concerned about 'EU regs' - do they want to know where the money is coming from and why
     
  6. kirkonpolttaja

    kirkonpolttaja Senior Member

    Joined:
    Feb 6, 2010
    Messages:
    1,027
    Likes Received:
    669
    Dont think so, you just have to remember to add those revenues into your accounting.

    If your unsure about paypal, i would say that go with prepaid creditcard.
     
  7. illfounded21

    illfounded21 Senior Member

    Joined:
    Dec 19, 2011
    Messages:
    1,147
    Likes Received:
    1,168
    Location:
    UK
    What do you mean?
     
  8. ba4met

    ba4met Newbie

    Joined:
    Aug 14, 2010
    Messages:
    2
    Likes Received:
    0
    You can give PayPal your information, this shouldn't be a problem. It sounds like you fall under the 'individual' or 'sole trader' category.
    However, it is your responsibility to pay your taxes! If you earn more than your personal allowance (for whichever country you live in), then you should really declare this income and start filing tax returns. If you do IM part time (like me) on top of a full time job, then this will certainly apply. On top of my full time job, where I pay tax through work, I'm also self employed as an IMer and tell the tax man this. I then just get taxed on my 'extra' income.
    It's tempting to try and stay under the radar, I'll admit, but things will certainly get a bit sticky if more money comes in and you find yourself in need of a financial adviser or accountant. They'll be reluctant to help you if you haven't been playing the game.
    In any case, judging from the news in recent years, the tax man is more than happy to clobber those earning a few grand extra a year in undeclared income, but then let bosses of large companies and serial tax evaders get away with millions... allegedly.