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PayPal income

  • 02-03-2016 06:45PM
    #1
    ProfessorChef
    Registered Users, Registered Users 2 Posts: 18 ✭


    Since about the start of 2015 I brought in around 30,000 euro through PayPal gift payments not goods/services. I was selling keys and have always made a new paypal account when I reach the limit of €2,500 before you have to prove what you're selling. And since these were keys I couldn't prove it. I just withdraw the money into my bank but have spent it over the year also so it's not just lying there.

    If I was to apply for a loan through my bank, or go for the car hire purchase. Would they look at this is income and would they question it? I also have a part-time job


Comments

  • #2
    the_pen_turner
    Registered Users, Registered Users 2 Posts: 7,795 ✭✭✭the_pen_turner


    I would assume that your tax being paid and running a small company would be enough to show your income.

    not paying pay pal shouldn't matter to the bank or to revenue
    that is a civil matter between you and PayPal


  • #3
    ProfessorChef
    Registered Users, Registered Users 2 Posts: 18 ✭ProfessorChef


    the_pen_turner wrote: »
    I would assume that your tax being paid and running a small company would be enough to show your income.

    not paying pay pal shouldn't matter to the bank or to revenue
    that is a civil matter between you and PayPal

    Hi, sorry I forgot to include that info. I haven't paid tax on the income I have received so far nor is it down as a small company. It's literally just me receiving messages and then receiving gift payments which go to my bank.

    I would like to be pointed in the right direction as to how I would get money taxed so I can report it as income.


  • #4
    Effects
    Registered Users, Registered Users 2 Posts: 9,741 ✭✭✭Effects


    I'd say you need to register with Revenue as self employed and make a tax return. Deadline for 2015 income isn't until October.
    Speak to an accountant and work out what expenses you can claim to avoid paying more tax than you have to.


  • #5
    ted1
    Registered Users, Registered Users 2 Posts: 24,178 ✭✭✭✭ted1


    Are they legitimate keys or are you selling unlicensed keys?


  • #6
    the_pen_turner
    Registered Users, Registered Users 2 Posts: 7,795 ✭✭✭the_pen_turner


    what do you mean by keys


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  • #7
    ted1
    Registered Users, Registered Users 2 Posts: 24,178 ✭✭✭✭ted1


    the_pen_turner wrote: »
    what do you mean by keys

    I'm assuming he means software licences.


  • #8
    L1011
    Registered Users, Registered Users 2 Posts: 75,552 ✭✭✭✭L1011


    If its undeclared income the bank are not going to touch it, or you, with a bargepole.


  • #9
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,595 ✭✭✭✭CIARAN_BOYLE


    ProfessorChef wrote: »
    Hi, sorry I forgot to include that info. I haven't paid tax on the income I have received so far nor is it down as a small company. It's literally just me receiving messages and then receiving gift payments which go to my bank.

    I would like to be pointed in the right direction as to how I would get money taxed so I can report it as income.

    Fill in a Form 11 income tax return. Send it off to the Revenue. Pay the appropriate tax. Then you will get a notice of assessment which you will be able to use as proof of income.


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