No need to declare Paypal accounts on your tax return!

Banking & Financial
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I have been a little concerned that I had not declared my Paypal account (which is of course Luxembourg…) so did a bit of searching around on the internet.

I declare online, and have always, each year, added all the details of our accounts in the UK and elsewhere, but had not thought of Paypal when I started this all those years ago…

Anyway, the good news is that there is NO NEED to declare this as long as:
It used for small online payments
It is linked to a normal French bank account which funds it/receives any income
The total of any sales in the year is not more than Euros 10,000 - using ANY online payment system, PayPal included
You have the account in a personal capacity and not as a trader

Whew! So pleased that I am not risking a fine for an account that I use to make payment of around 150 euros a year.

Here is the link if you read French:
http://www.experts-comptables.fr/print/infos-dexperts/fiscal/la-declaration-des-comptes-ouverts-letranger-et-des-comptes-paypal---149

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There was a court ruling a few years back that business paypal accounts need to be declared but personal paypal accounts don’t. I remember finding the link and putting it on another thread a month or two back.

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Glad that tallies with what I have found now, thanks for the confirmation Anna. I think the essential for those of us living in France is that is needs to be linked to a French bank account - so if your Paypal account is linked to a UK bank account, you should declare it…

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Indeed, Graham, all accounts need to be listed even if in your mind they are dormant.

I am opening a savings account for our new grandson when I am in the UK shortly, and HSBC politely asked me to bring a proof of address as they had not seen one for a while - and we are Premier customers with them, and well known.

So, yes, proof of address will be required more and more by your UK banks if you want to open an account, or even keep an existing one open.

And the TIN was recently requested by HSBC in Nice…

Lots of ‘Big Brothers’ out there!

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Just thought I would check to see if anyone is sure…

Is it okay to have more than one PayPal account?

For example I keep the professional one I have just set up to take payments on my site in the future

And then set up a personal one in order to sell things I no longer use on eBay?

But they will both linked to the same bank account.

To be honest there are so many scam stories on SF about PayPal that I am a bit nervous of using it to sell secondhand stuff.

If anyone has positive experiences let me know. I’m about to start selling my analogue photography equipment as I no longer use it.

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@almondbiscuit
page 38 of my guide for 2022:

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Thanks so much @graham .

Another personal PayPal account it is then!

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Speaking of selling your old stuff, I am sure I saw recently that a private individual can only earn 5000 euros each year doing this otherwise it’s taxable? Just as HMRC keeps an eye on selling places like ebay I am sure the Fisc has one eye on LBC and possibly other platforms too

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Thanks.

It definitely won’t be more than that. I just wanted to avoid a muddle between old stuff and work items.

Having just set up another personal PayPal account, I think I need to use the business one though to sell on ebay or LBC. Very confusing.