Do i have to pay taxes for the money in my tansferwise business? and does transferwise count as a real bank ?

[otmaneTR]

Hi , i'm not a uk citizen and i want to open a company in Uk to open a stripe acc and a transferwise acc to start dropshipping . My question is does transferwise business count as a normal real bank account ? And do i have to pay taxes on the money entering transferwise ? if the answer is yes , what would happen if i didn't pay taxes on the money entering the transferwise acc? please i need an answer .

 

[blizz]

otmaneTR said:
if the answer is yes , what would happen if i didn't pay taxes on the money entering the transferwise acc? please i need an answer .
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for now nothing happens, it will take some time before they start reporting their customers, and, yes you need to pay taxes from the money that goes into your tw account.

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[NicolasMaduro]

What do you mean entering the account? Which entity type do you have? Where are you citizen?

 

[otmaneTR]

NicolasMaduro said:
What do you mean entering the account? Which entity type do you have? Where are you citizen?
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the money entering the acc means the the money coming from sales in my ecommerce business , and what i asked is if i will pay taxes on the money because transferwise is not a real bank. (and i'm talking about a uk LTD)

Last edited: Oct 30, 2020

 

[otmaneTR]

blizz said:
for now nothing happens, it will take some time before they start reporting their customers, and, yes you need to pay taxes from the money that goes into your tw account.
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ok so transferwise is like any normal bank it works like a real company's business account

 

[fshore]

You don't pay taxes on the amount entering bank accounts, you pay taxes on the profits the company makes.

 

[blizz]

fshore said:
You don't pay taxes on the amount entering bank accounts, you pay taxes on the profits the company makes.
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wasn't this about reporting and to pay taxes from what get reported?

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[fshore]

blizz said:
wasn't this about reporting and to pay taxes from what get reported?
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This was the question:

My question is does transferwise business count as a normal real bank account ? And do i have to pay taxes on the money entering transferwise ?
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