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Urgent question about Paypal!


terry_oi

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Hello everyone,

I’m a Level 2 fiverr seller from Greece and have been recently notified by Paypal that i have received over $1800 this year and so due to EU regulations i have to confirm my account information or else my account will be restricted…They ask me to choose what is my ownership type and these are the options:

  1. An individual consumer

    2.A sole proprietor

    3.Any other type of business, charity, or government entity

    What should i choose? And will choosing any of the above have any other consequences on me eg have to pay taxes etc? Also is it possible to change this afterwards if say i choose ‘individual consumer’ can i change it to ‘sole proprietor’ later?

    Thanks in advance.
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I’m not sure what it is like 100% in Greece tax-wise, but I would suggest that you are a sole proprietor.



An individual consumer means that you just use your PayPal for buying things online, whereas a sole proprietor means that you make money using your PayPal account but on your own.



As for taxes, you will need to check with your local government website - I’m sure Greece will have one - or just search about taxes in Greece. In the UK, we are to declare that we earn money through something other than paid employment and have to fill out tax returns every year. If we earn over £8105 (2011/2012 tax year) we start paying tax and anything over £75,000 (off the top of my head) VAT is added onto that too. Different countries have different rules.



There is something about that you can change it if your circumstances change at a later date. I think you have to contact PayPal directly for that. I have my PayPal account set at Sole Trader, since I work freelance full time.

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Thanks for your reply. I’ll probably go for ‘sole proprietor’ but if anyone else has any more info on this or any other suggestions do let me know 🙂 Basically i wanted to know what other fiverr sellers (from Europe) have chosen. I read that i’ll probably have to upgrade to a premium account as well. Do you know if that’s true and is this a good thing?

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Reply to @terry_oi: I upgraded to a premium account. It doesn’t cost anything extra (at least in the UK it doesn’t) and helps to increase the limits. In fact, I don’t think I have any limits anymore on my PayPal account. I’d have to check that to make sure.



I think sole proprietor is the best option for you. Good luck.

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