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Hi. Thank you for your previous advice. We are launching our

community based website on which...
Hi. Thank you for your previous advice. We are launching our community based website on which users will be able to conduct transactions (buy/sell) between each other (including personal and business customers)
My Question is. Should we comply with any financial regulation if we accept the buyers payment to our bank account (bank card transaction through the website) through a regulated payment processor and transfer the funds to the sellers bank account or paypal account after we verified his identity to comply with AML regulations? Thanks in advance
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Answered in 5 hours by:
10/10/2013
Buachaill
Buachaill, Barrister
Category: UK Traffic Law
Satisfied Customers: 10,710
Experience: 17 years experience
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Buachaill :

1. The only form of financial regulation you will have to adhere to are the tax laws. YOu will be responsible for collecting any VAT on sales and returning it to the Revenue as you will be trading. YOu may also be liable for Income tax or corporation tax as you are now trading. Once you take the money and sit between the buyer and seller then you are trading and all the relevant tax laws apply to you. In many respects, you should consider whether you want to handle the money all, unless you are taking a percentage profit on each sale, as this brings you within the tax net. The only other form of regulation you might be subject to would depend on what was being sold in the market place. The sale of certain types of goods are regulated. So this is something you need to consider. Otherwise there is no other form of financial regulation applicable to you.

Buachaill :

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Customer:

Personal customers will buy/sell personal belongings between each other. Is VAT still applicable on these transactions? Business customers will sell their goods and services through our webshop. Is there any clause which we can put into the Terms and Conditions of the website which will allow us to pass on the VAT/Tax liability to the sellers? We intend to charge x% of each transaction on which we are happy to pay the corporation tax. We will only act as an intermediary party between the seller/buyer.

Buachaill :

2. Normally, there is no VAT on second hand items. However, you should check the specifics of each item being sold. Business customers selling their goods & services will be liable for VAT. So I would advise you to get tax advice here on your specific liability in relation to the items being sold, as there is no universal rule. YOu certainly can put in a clause in your Terms & Conditions dealing with the VAT liability. However, again get specific tax advice on your role as you sit in the middle between buyer and seller, between service provider and consumer as the law is quite complex here.

Buachaill
Buachaill, Barrister
Category: UK Traffic Law
Satisfied Customers: 10,710
Experience: 17 years experience
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