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How To Withdraw Money From Virtapay To Paypal?

Do i have to pay tax when i withdraw the money from my paypal account in uk?

  • hi, i was wondering to become self employed by selling stuff on ebay. i was planing to start a self employed small business at home and sell online with a little amount of money, the money i make wont be a large amount, i want to invest these money so i can grow my business. my main question is when i withdraw the money to my bank account from paypal do i have to pay Tax? or can i invest the money i got in my paypal, Not withdraw the money and no pay Tax as i will not withdraw the money for my use? thank you for your reply

  • Answer:

    You calculate the income as you make sales, not when you withdraw the money.

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You calculate the income as you make sales, not when you withdraw the money.

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If you are trading for profit you must notify HMRC.It is the intent not the overall profit that matters.Write to HMRC (address from hmrc.gov.uk) or read the web site under Self Assessment. You must have a separate business bank account, keeps records and if HMRC says so submit a tax return every year. Tax is paid on profit, not money taken out.

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If you are trading for profit you must notify HMRC.It is the intent not the overall profit that matters.Write to HMRC (address from hmrc.gov.uk) or read the web site under Self Assessment. You must have a separate business bank account, keeps records and if HMRC says so submit a tax return every year. Tax is paid on profit, not money taken out.

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