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Paypal personal & trading accounts and taxation

  • 14-09-2010 6:57pm
    #1
    makeorbrake
    Registered Users, Registered Users 2 Posts: 4,666 ✭✭✭


    A friend of mine started trading online - using paypal for payment. He's been busy getting on with it but hasn't considered the taxation implications yet. Presumably, paypal have their systems setup to trigger notification to revenue when a certain amount is accumulated? Any idea if this is the case and if so, at what stage this happens? If not - and its a scenario where they investigate the associated bank account, at what € level would this be audited?
    The other thing was that he started off with a personal account. I'm not sure if he has upgraded to a trading account but if not, is there a threshold of activity that is permitted on personal accounts with paypal?


Comments

  • #2
    RasTa
    Closed Accounts Posts: 15,116 ✭✭✭✭RasTa


    You need to verify everything before you hit €2400. That limitation doesn't stop you receiving payments, you just can't withdraw.

    They don't investigate bank accounts or anything, might ask you for a BA statement, and Photo ID. You might get a money service limitation though depending on what you do and then they will ask for buisness documents. It's up to yourself to declare your tax correctly


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