Making Ebay part of your income

hubballi wrote: »

I didn't know that and now I have already opened a business account. I am losing the will to live

I haven't connected a bank account to the Business Paypal account yet and it is still "unverified" but what can I now do ? I can't close the Premier account as I have money in it.

Send money from the premier to the business?

cyberbob wrote: »

You will have to close your other premier account then as I said you are not allowed to have two premier/business accounts unless one is a micropayment account. If you run two accounts you are in danger of getting them both frozen by paypal


link HERE
A personal account is basically useless on ebay so if you try and use this for selling private sales as soon as someone attempts to pay via card you will be asked to upgrade otherwise you cannot receive the payment also there is a receiving limit of I think £250 a month. As soon as you upgrade to a premier accout you would be in breach of paypal rules and risk all your accounts being frozen. Basic Account HERE

I know you want to cover all bases but you are over complicating the whole thing. As soon as you have opened a new paypal account you are in danger of them both getting frozen if you upgrade to premier or business

I know this certainly was the case, but I'm currently running the following combination, and it's all verified by paypal.

Premier Account - personal use, linked to personal bank account
Business Account (regular) - linked to a Business reserve bank account, not current account.
Business Account (micropayments) - linked to a Business Current account.

I transfer funds from the regular account to the micro as a gift payment to myself, then withdraw into the business current account.

I think the rules changed when the micro-accounts were publicised more to the UK about 18 months ago. Micro accounts were originally for US based sellers only, but there was a workaround for Uk sellers. Since Paypal officially launched the micro-account in the UK, this is when I suspect the policy on the number of accounts changed.

Going back to the accounting side of things, At the start of each month I simply add up all Net paypal receipts from both accounts, and put that as income, and then paypal fees, ebay invoice, post office receipts etc, go down as expenses. I rarely micro-analyse each sale, except at the start of a new product line so i know I'm making a good margin, but I like my ebaying to be simple and let it run itself as much as possible.

Paypal offers a decent reporting tool that will show monthly statements by day, showing income, fees, payments and withdrawals on one A4 print out - all the business reports are on the other side of this link - https://business.paypal.com/mfportal/

stevew8975 wrote: »

I know this certainly was the case, but I'm currently running the following combination, and it's all verified by paypal.

Premier Account - personal use, linked to personal bank account
Business Account (regular) - linked to a Business reserve bank account, not current account.
Business Account (micropayments) - linked to a Business Current account.

I transfer funds from the regular account to the micro as a gift payment to myself, then withdraw into the business current account.

I think the rules changed when the micro-accounts were publicised more to the UK about 18 months ago. Micro accounts were originally for US based sellers only, but there was a workaround for Uk sellers. Since Paypal officially launched the micro-account in the UK, this is when I suspect the policy on the number of accounts changed.

Going back to the accounting side of things, At the start of each month I simply add up all Net paypal receipts from both accounts, and put that as income, and then paypal fees, ebay invoice, post office receipts etc, go down as expenses. I rarely micro-analyse each sale, except at the start of a new product line so i know I'm making a good margin, but I like my ebaying to be simple and let it run itself as much as possible.

Paypal offers a decent reporting tool that will show monthly statements by day, showing income, fees, payments and withdrawals on one A4 print out - all the business reports are on the other side of this link - https://business.paypal.com/mfportal/

Hi, i just have a premier account with paypal which i use for my ebay business which is registered with ebay and HMRC and the odd personal sale from a separate ebay account. is this allowed or should i have a business paypal account as the money i withdraw from paypal from business sales just goes into my normal current account which i then transfer to a savings account as i take no income and am letting it build up? thanks