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Cohen
Posts: 7155
Location: Rapture
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 Posted: Thu, 5th Jun 2008 04:22 Post subject: The taxman, Paypal, and ebay. |
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Ive been making quite a bit of money 'on the side' lately outside of my regular job (barman) as many of you will know I do web design and illustration freelance..
I also use ebay quite a lot. I am taking in all the profits through PayPal. I leave it sitting in there usually, but I need to transfer some money this month into my normal bank account. Im basically wondering what the tax man is going to say.
Does the taxman know what money goes through paypal? can they see into my PP balance by law? I know they use the baybot things on ebay to monitor how much regular users take in profits each month and time they use the site for auction, but as for freelance and private paypal donations, im stumped.
I pay tax off my wages from my bar job alongside national insurance, standard for the UK. However I dont pay tax on the money I get form my online escapades.
If I transfer an ammount of money into my account from paypal is the taxman going to start questionning me..?
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nouseforaname
Über-VIP Member
Posts: 21306
Location: Toronto, Canada
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Cohen
Posts: 7155
Location: Rapture
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| Posted: Thu, 5th Jun 2008 04:39 Post subject: |
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heh, its nothing like thousands. Its a few hundred, but I want to do it more regularly. Id much rather 'waste' excess money IRL than on stuff on ebay etc.
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| Posted: Thu, 5th Jun 2008 08:50 Post subject: |
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I doubt it unless it was a few thou on a reg basis.
I know people that deposit 3-4 thous cash into their bank account ever few weeks and they seem fine. Different country tho, different rules.
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| Posted: Thu, 5th Jun 2008 09:39 Post subject: |
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They probably won't notice if you are using paypal, but at least here if they decided to audit you they'd find it.
Read not to contradict and confute, nor to believe and take for granted, but to weigh and consider.
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Horrordee
Soderator
Posts: 8867
Location: England
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| Posted: Thu, 5th Jun 2008 11:05 Post subject: |
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how do they know you're not selling something?
you don't have to pay income tax on sales.
furthermore, you don't pay any tax on "winnings", so just claim its from a casino or something.
Space for rent. Contact me for rates!
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| Posted: Thu, 5th Jun 2008 11:22 Post subject: |
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I though that this was a parody on The Lion, the Witch and the Wardrobe when I saw the thread title. 
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Posts: 3074
Location: San Diego, CA
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| Posted: Thu, 5th Jun 2008 11:25 Post subject: |
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youre working as effectively a freelance artist, and this does not come under sales but under payment of services, because you are working a bar job aswell you dont have to declare yourself as self-employed but you still must declare you freelance work service money and it also needs to be taxed it goes over 2400 pounds a year in earnings. this is uk law. if are investigated they will find out one way or the other, and you will be given a fair harsher punishment for tax evasion, so why not just declare it, if the earnings are under 2400 pounds you should not have to cough up any tax on them anyway.
for your information you can claim where they come from as from casino or sales, but remember that they will have access to your records if they decide to audit you, then you are fucked.
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Serben
Banned
Posts: 1428
Location: Sweden
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| Posted: Thu, 5th Jun 2008 15:43 Post subject: |
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Don't be greedy. Just pay the fucking taxes. Think of all the poor grannies the NHS can help with your tax money.
Gigabyte S-Series GA-G33-DS3R, Intel C2D Quad Q6600 OC @ 3.2Ghz, 4gb Kingston PC8500 1066Mhz DDR2, Geforce 7800GTX (will get a 9800GTX when they are released), 2 x 250Gb HD's and a case with built in paper and lotion dispenser.
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Scaramanga
Banned
Posts: 777
Location: just around the corner first street left 2nd house on ur right
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| Posted: Thu, 5th Jun 2008 16:12 Post subject: |
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well i transfer every month about 2000 euro's from paypal to my bank account and ive been doing this for 4 years now like this and never had any problems.
offcourse i dont live in the uk.
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Cohen
Posts: 7155
Location: Rapture
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| Posted: Thu, 5th Jun 2008 16:15 Post subject: |
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I know this will sound daft, but what if I openned an overseas bank account and got a card that works in this country?
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| Posted: Thu, 5th Jun 2008 16:21 Post subject: |
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| watergem wrote: | | I know this will sound daft, but what if I openned an overseas bank account and got a card that works in this country? |
Then you'd raise a couple of red flags in the tax mans computer.
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Cohen
Posts: 7155
Location: Rapture
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gobo
Posts: 217
Location: Cambodia
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| Posted: Thu, 5th Jun 2008 16:42 Post subject: |
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I've transfered 1000's at the same time and different perioids from paypal. Never reported that in taxes because you don't need to because paypal fee's include tax payment already.
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