Get payments for a SaaS with fiat, and with crypto but directly?

[Samman Kaseeb Sleiman]

I can allow users to pay for a SaaS with fiat, with a business account (UK or US) via Stripe or any other provider,
But I can also let them pay by crypto. I'd receive crypto, Monero included, directly to my wallet.


What could be the worst case scenario in regards to taxes and other things?

More importantly, who could cause me any problem?
My user? How?
A staff member of UK Companies House won't go on my website to try to make a test payment in crypto in order to catch me afterwards, will them?


I could even protect my аss by stating in "terms of use" that "the payments in crypto won't generate you an official invoice", right?


It's not a high ticket SaaS.
I'm not a citizen, nor a resident of US, UK, Europe, etc...

Last edited: Sep 3, 2022

 

[Samman Kaseeb Sleiman]

Nobody knows?

 

[Samman Kaseeb Sleiman]

You all, by your silence, have authorized me to do it. Ahhhaaaahhaa.

 

[lithex]

Hi there,
Only licensed EMI and payment processors are allowed to do offer such services. I you are not a licensed and regulated provider, you are taking huge risks. And all the disclaimers and "terms of use" won't protect you.

Toggle signature
Bertram
[email protected]
Lithex OTC Desk

 

[Samman Kaseeb Sleiman]

lithex said:
Hi there,
Only licensed EMI and payment processors are allowed to do offer such services. I you are not a licensed and regulated provider, you are taking huge risks. And all the disclaimers and "terms of use" won't protect you.
Click to expand...

By making such vague, scarry statements, and with no explantion, you're trying to establish yourself as an expert. Huh?
Either explain, or don't talk giberrish.

 

[NicolasMaduro]

You wanna make the receiver address random per payment though

Samman Kaseeb Sleiman said:
A staff member of UK Companies House won't go on my website to try to make a test payment in crypto in order to catch me afterwards, will them?
Click to expand...

They wouldnt have ressources to do that.

Your biggest risk is always jealous friend or family member reporting you. And then its always a good idea that every payment you have taken in crypto was to a random receiver address

 

[Samman Kaseeb Sleiman]

NicolasMaduro said:
Your biggest risk is always jealous friend or family member reporting you.
Click to expand...

Report about what? What is it precisely what could be against the law here?

 

[reallyawesome1111]

It's not illegal but you still have to pay taxes in your country. You may also need to convert crypto to fiat to pay taxes or yourself and many banks don't like to see deposits from Coinbase Kraken etc so you may have to use p2p exchangers.

 

[NicolasMaduro]

Samman Kaseeb Sleiman said:
Report about what? What is it precisely what could be against the law here?
Click to expand...

Not paying taxes? Surely that was your intention since you didnt want to produce an invoice to your B2B customer?
If that was not your intentions then you have the following issue:

• The second you receive crypto many tax authorities will see it as a personal withdrawal. So if you receive 1 BTC now it will count as if you took a shareholder loan of 20.000 usd.

 

[Samman Kaseeb Sleiman]

NicolasMaduro said:
Not paying taxes? Surely that was your intention since you didnt want to produce an invoice to your B2B customer?
Click to expand...

Right. But there's a nuance.
My intention is to avoid unnecassary doing paper work and paying taxes in case of payments in crypto because there's no real enforsment, nor ability of the governments to control crypto, hence no real obligation to report in order then to pay taxes.

And I don't expect big amounts of money anyway for now.



Alright, I will issue invoices for the payments in crypto too. In this case what if I still don't go beyond issuing them? Issue an invoice for crypto payments but still ... forget to include it in the accounting book?

Why do you say B2B, though? It'll be both: B2C and B2B. In fact, mostly B2C - I expect.

Last edited: Sep 14, 2022