Hi,

I am a bit confuse about upgrading to Paypal business account. I searched the WTH and found few threads on the similar topic but that made me more confused because few people has answered about it as a "yes" and few has answered as a "no" :S

Anyway my questions are:

1 - I am in UK and I already have a verified paypal account which is linked to my personal bank account, If I upgrade it to the paypal business account, will I able to withdraw £££ from my paypal business account to my personal bank account which is on my name?

2 - Do paypal ask for any verification like about the business registration if I upgrade to the paypal business account? do I need to have a UK registered business in order to do so?

3 - Do Paypal business account have any sort of fee? like on per transaction basis etc?

Thanks,

I have two PayPal accounts; a personal one and a business one

The main difference :
on a personal one you may not need to pay a fee to accept monies, however if you do this regularly you will
on a business account you will ALWAYS pay a fee

The business account will also allow you to apply a specific business name on the PayPal receipt as well as some other useful tools

I have two PayPal accounts; a personal one and a business one

The main difference :
on a personal one you may not need to pay a fee to accept monies, however if you do this regularly you will
on a business account you will ALWAYS pay a fee

The business account will also allow you to apply a specific business name on the PayPal receipt as well as some other useful tools

Thanks for the reply mate, so this means that Paypal business account also require a fee on receiving a money too? also as I asked in my first post, can I withdraw money from my paypal business account into the already linked personal bank account which is on my name?

You really should keep your personal bank account and your business bank account separate
In the UK that makes completing your end of year Tax Return much easier

You will pay PayPal fees for any and all transactions you receive funds
There is no PayPal fee to withdraw money, providing it is above a certain amount

If you use a personal PayPal account you are limited in the number of transactions on which you can receive funds

It's been years since my account went from personal to business, but, I can still withdraw to my personal account (and do so once a year).

As m8internet said though, you should really have a separate bank account for your business and withdraw to that (which I do monthly).

I'm pretty certain you don't have to be a limited company to have a Paypal business account.

Whatever way you set yourself up (sole trader, limited company) make sure you sort everything out with HMRC. You may also want to get some professional advice if you are just starting out, it can be a bit complicated and confusing when just starting out :)

You really should keep your personal bank account and your business bank account separate
In the UK that makes completing your end of year Tax Return much easier

You will pay PayPal fees for any and all transactions you receive funds
There is no PayPal fee to withdraw money, providing it is above a certain amount

If you use a personal PayPal account you are limited in the number of transactions on which you can receive funds

Yeah I know about it, but initially I don't want to setup a business bank account, I will do it later on, currently I just want to use the Paypal business account and link it to my personal bank account for withdrawing the money.

It's been years since my account went from personal to business, but, I can still withdraw to my personal account (and do so once a year).

As m8internet said though, you should really have a separate bank account for your business and withdraw to that (which I do monthly).

I'm pretty certain you don't have to be a limited company to have a Paypal business account.

Whatever way you set yourself up (sole trader, limited company) make sure you sort everything out with HMRC. You may also want to get some professional advice if you are just starting out, it can be a bit complicated and confusing when just starting out :)

Thanks a lot for clearing up my confusion :) and yeah i am just starting out!