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About LinkBacksWill the tax man come nosing in it too?
that answers my question
This is a discussion on UK> is a PayPal account a safe way to store a lot of money? within the Legal Issues forums, part of the Business category; Will the tax man come nosing in it too? that answers my question...
UK> is a PayPal account a safe way to store a lot of money?
Will the tax man come nosing in it too?
that answers my question
Not safe... I know someone who put a lot of money into it and got the paypal account closed because paypal didnt know where the money was coming from and thinking it was illegial activity the account got closed.
Paypal is an inefficient, grubby organisation who have now fled to Luxembourg as they were about to get ripped apart by the FSA who had them under investigation for three years.
Sure, put all your money with them. Or Northern Rock.
since they are not a uk financial institution they are NOT a safe place for your money, and they will tell the tax man how much you have in your account if they ask
Re: UK> is a PayPal account a safe way to store a lot of money?
I am using Pay Pad and have no problems...
We are receiving and sending money, and it's ok...
Re: UK> is a PayPal account a safe way to store a lot of money?
Same here. I've been using paypal for quite some time and never had a problem with them.
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Re: UK> is a PayPal account a safe way to store a lot of money?
There is always the odd complaint you here from people who have had their account limited which is not really what you want if you have a lot of money in there.
Banks are still the safest place for your money in my opinion you can always spread your funds between more than one bank account so all your eggs are not in the same basket.
Re: UK> is a PayPal account a safe way to store a lot of money?
The biggest problem with PP is that if there is a problem, they can lock the account. This is not the norm but it does happen during disputes. If you have allot of money in the account it is all locked, not just the disputed amount. The best advice is to use a completely separate account for PP and only keep the money in the account that is needed to sustain the business.
Do a google search for 'paypal locked my bank account' and read the horror stories...
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Re: UK> is a PayPal account a safe way to store a lot of money?
Most times when I hear about people being worried about PP taking their $, it does not matter what country you reside in, its almost a world wide fear.
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Re: UK> is a PayPal account a safe way to store a lot of money?
Shouldn't be a problem unless you have something wrong on your end.
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