Ebay business account vs personal account

[CT1212]

I have been selling some of the products from my company on Ebay through my personal account. I have taken over £1500 ( after all the Ebay fees) since May and then transferred the money to my company's bank account. The Ebay sales have been steady and it looks like I will be taking at least £900 every month. My question is, should I open an Ebay business account, or is it ok for me to carry on selling from my Ebay personal account and then transfer the money to my company bank account? I have been told by others that if I carry on selling from my Ebay personal account, Ebay will ask me to fill out self assessment and pay income tax over the net profit once the sales reach a certain amount?

Thank you very much for your advice.

 

[antropy]

Ebay will ask me to fill out self assessment and pay income tax over the net profit once the sales reach a certain amount?

Surely you should be doing that anyway if you're self employed?

Paul.

 

[CT1212]

Surely you should be doing that anyway if you're self employed?

Paul.

But I have transferred the money to my company’s business account, as I am selling the company’s stock on EBay.

 

[antropy]

But I have transferred the money to my company’s business account, as I am selling the company’s stock on EBay.

So it's your company? And it's a Limited Company?

Paul.

 

[DontAsk]

I have been told by others that if I carry on selling from my Ebay personal account, Ebay will ask me to fill out self assessment and pay income tax over the net profit once the sales reach a certain amount?

They can ask, but it's none of their business. Tax is between you and HMRC.

They may, however, object to using a personal account for business use and impose who knows what conditions.

 

[fisicx]

^Thats the key bit. If eBay thinks you are a business you can get your account suspended.

Apply for a business account, doesn’t take long to set up.

 

[CT1212]

So it's your company? And it's a Limited Company?

Paul.

Yes, it is a limited company.