Ebay and a Bank Account

IreneMot

Hello, 

Hope this is the right place to but it. 

I am selling antique on eBay and they are now doing this Managed payment. They put the money in to a bank account instead of PayPal because of the falling out. We don't sell a lot but a good 25 to 50 sales a month depending on the time of year. I am looking for a free if possible business account, I know I could open a current account with a bank but I understand this is a grey area but most seem to get away with it.   

I've had a look at Starling bank because that is the one most people say but have limits on the sole trader account and not allowed to selling antiques. Mettle might be out of the question too because you are not allowed to sell precious metals. Antique silver would a no go. 
 
Any recommendations would be great 
For the people how are on this new system what shows up bank statement when you selling something? Is it the name of the items, just the item id or something else? 

soolin

IreneMot said:

Hello, 

Hope this is the right place to but it. 

I am selling antique on eBay and they are now doing this Managed payment. They put the money in to a bank account instead of PayPal because of the falling out. We don't sell a lot but a good 25 to 50 sales a month depending on the time of year. I am looking for a free if possible business account, I know I could open a current account with a bank but I understand this is a grey area but most seem to get away with it.   

I've had a look at Starling bank because that is the one most people say but have limits on the sole trader account and not allowed to selling antiques. Mettle might be out of the question too because you are not allowed to sell precious metals. Antique silver would a no go. 
 
Any recommendations would be great 
For the people how are on this new system what shows up bank statement when you selling something? Is it the name of the items, just the item id or something else? 

With managed payment the payments come through simply as AYden, they do not specify what was sold .

IreneMot

soolin said:

IreneMot said:

Hello, 

Hope this is the right place to but it. 

I am selling antique on eBay and they are now doing this Managed payment. They put the money in to a bank account instead of PayPal because of the falling out. We don't sell a lot but a good 25 to 50 sales a month depending on the time of year. I am looking for a free if possible business account, I know I could open a current account with a bank but I understand this is a grey area but most seem to get away with it.   

I've had a look at Starling bank because that is the one most people say but have limits on the sole trader account and not allowed to selling antiques. Mettle might be out of the question too because you are not allowed to sell precious metals. Antique silver would a no go. 
 
Any recommendations would be great 
For the people how are on this new system what shows up bank statement when you selling something? Is it the name of the items, just the item id or something else? 

With managed payment the payments come through simply as AYden, they do not specify what was sold .

thank you for the information

[Deleted User]

Actually quick thought. As a seller who just sells unwanted stuff, I never thought about managed payments and how banks might see transactions every week and assume because you sell you are a business. Although that said I don’t sell every week so there would be no consistency and as already said payments all just show Ayden. 

jon81uk

MarkN88 said:

Actually quick thought. As a seller who just sells unwanted stuff, I never thought about managed payments and how banks might see transactions every week and assume because you sell you are a business. Although that said I don’t sell every week so there would be no consistency and as already said payments all just show Ayden. 

Why should the bank care about where your income comes from?
lots of payments from eBay is not really different to lots of payments from PayPal 

[Deleted User]

It wasn’t such where the income came from it was more using your personal current account and they deeming it business activity. 

soolin

jon81uk said:

MarkN88 said:

Actually quick thought. As a seller who just sells unwanted stuff, I never thought about managed payments and how banks might see transactions every week and assume because you sell you are a business. Although that said I don’t sell every week so there would be no consistency and as already said payments all just show Ayden. 

Why should the bank care about where your income comes from?
lots of payments from eBay is not really different to lots of payments from PayPal 

I'm in no way am I referring to the post from MarkN88, please do not think I am  - this is a generic response based on voluntary work I did. The difference is that there are  sellers who do not withdraw their paypal money as they don't want it seen in a bank account where DWP might see it. It was almost normal for the people I assisted to store funds in paypal and then use those to buy large items or even book holidays etc and never count the money for income or savings purposes when making declarations.  With managed payments I don't think there is anyway to build up a balance as it is only possible to defer outward payments by a week and it will always be paid to a bank account. 

MR1988

I always thought PayPal would send reports to government regarding people who get paid into PayPal for their so called businesses.

I've just opened a bank account with Starling and on my way to opening a sole trader account with them as well as they have 0 annual fees. People do seem to get away with using current accounts for trading but the bank can always shut down the account if it decideds you are using it for business. But then again, I've read articles of bank employees saying (Not in writing) that using current account for eBay is ok if it's not massive amounts. At the end of the day it's up to you.. as Bank TC say not to use a current account for business.

IreneMot

Thank you for all the message. The only problem I was really having that that some of the free banks have some odd restriction for example antiques, fine art and jewelry. 

I decide to go with Starling because I don't have much of a choice and they wont be able to know what i am selling on eBay. Not saying people should do this tho.