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Where Taxpayers and Advisers Meet

New Co. For taking online payments

andrewjames1977
Posts:1
Joined:Wed Feb 19, 2020 2:17 pm
New Co. For taking online payments

Postby andrewjames1977 » Wed Feb 19, 2020 2:23 pm

Hi - I have multiple companies that have online payments. I'd like to set-up a new company to manage all their online payments in one place and make it easier and cheaper for all. My question is if this New Co. is taking payments are they treated as income for the new co. even though they are for 3rd parties that will pay New Co. a fee? Also would this mean I'd need to register the new co for VAT if they went over 80k. Many thanks

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: New Co. For taking online payments

Postby AGoodman » Thu Feb 20, 2020 3:39 pm

You're probably getting in a complex area with CT/VAT and possibly regulatory aspects if the new company receives the money on behalf of the others.

I can't help with any of them and suspect you will struggle to get an answer here (I may be proved wrong)


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