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Do you have to tell HMRC
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Always be wary what you put as a reference when putting money into accounts.
I used to put stuff like “all anal audition” when I sent the mrs money for bills etc. I found it hilarious when she had to show statements to the bank when we applied for a mortgage. |
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By (user no longer on site)
over a year ago
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"Always be wary what you put as a reference when putting money into accounts.
I used to put stuff like “all anal audition” when I sent the mrs money for bills etc. I found it hilarious when she had to show statements to the bank when we applied for a mortgage. "
Well played |
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By (user no longer on site)
over a year ago
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"Depends how you got the cash
So depends on what I tell them? "
Basically... if I sold a BMX for example, I could put that money in the bank without informing HMRC |
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What is the cash for? If it’s for services rendered, it should be included on your tax return whether it’s banked or not. If it’s for something unrelated to a business, like selling your car or a small gift, then no you don’t need to tell them. |
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By (user no longer on site) OP
over a year ago
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"why wouldn't you?"
This is what I've been asking and I get a different answer from everyone who I asked.
I asked a solicitor and she wasn't sure so then I asked an accountant and he couldnt give me a straight answer.. So I phoned hmrc and they said no! But surly this can't be right |
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By (user no longer on site) OP
over a year ago
|
"Always be wary what you put as a reference when putting money into accounts.
I used to put stuff like “all anal audition” when I sent the mrs money for bills etc. I found it hilarious when she had to show statements to the bank when we applied for a mortgage. "
 |
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By (user no longer on site) OP
over a year ago
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"Depends how you got the cash
So depends on what I tell them?
Basically... if I sold a BMX for example, I could put that money in the bank without informing HMRC "
I see  |
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By (user no longer on site) OP
over a year ago
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"What is the cash for? If it’s for services rendered, it should be included on your tax return whether it’s banked or not. If it’s for something unrelated to a business, like selling your car or a small gift, then no you don’t need to tell them."
I just want it in the bank incase I need it for a car or deposit on a house. |
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By (user no longer on site)
over a year ago
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"What is the cash for? If it’s for services rendered, it should be included on your tax return whether it’s banked or not. If it’s for something unrelated to a business, like selling your car or a small gift, then no you don’t need to tell them."
This |
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"What is the cash for? If it’s for services rendered, it should be included on your tax return whether it’s banked or not. If it’s for something unrelated to a business, like selling your car or a small gift, then no you don’t need to tell them.
I just want it in the bank incase I need it for a car or deposit on a house. "
I will try again. What is the money for? How did you get the cash in the first place? |
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By (user no longer on site)
over a year ago
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Its simple if it is something business related or money made from selling assets like a house that you don't live in then yes.
Otherwise no ..they will ask you if its sizeable to ensure its not money laundering.
You are welcome |
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By *osie xWoman
over a year ago
wolverhampton |
When you pay the monies into the bank, the staff will ask you about it if it's a substantial sum.
If they are happy with your answer all good, if not they are obliged to inform HMRC under AML enforcement who will then act on the ticket |
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By (user no longer on site) OP
over a year ago
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"What is the cash for? If it’s for services rendered, it should be included on your tax return whether it’s banked or not. If it’s for something unrelated to a business, like selling your car or a small gift, then no you don’t need to tell them.
I just want it in the bank incase I need it for a car or deposit on a house.
I will try again. What is the money for? How did you get the cash in the first place?"
I saved it and some was gifted to me. Some came from sale of horses. |
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By (user no longer on site)
over a year ago
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"If you put cash into a bank account?
Asking for a friend 
No you don't.
Isn't it classed as money laundering though? "
No. Not automatically. Depends how much it is and if it raises questions it can be looked into Message me if you want. I did 15 years in the fraud dept of a bank. |
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By *AYENCouple
over a year ago
Lincolnshire |
"If you put cash into a bank account?
Asking for a friend
No you don't.
Isn't it classed as money laundering though? "
Putting cash in a bank and not declaring earning are two different things.
|
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"If you put cash into a bank account?
Asking for a friend
No you don't.
Isn't it classed as money laundering though? "
It is only money laundering if the cash was obtained from an illegal activity. Banks are under a legal obligation to report any larger cash deposits to the authorities so, in theory, if they report you and the authorities follow it up, you need to be able to prove where the cash came from in the first place. |
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By (user no longer on site)
over a year ago
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"What is the cash for? If it’s for services rendered, it should be included on your tax return whether it’s banked or not. If it’s for something unrelated to a business, like selling your car or a small gift, then no you don’t need to tell them.
I just want it in the bank incase I need it for a car or deposit on a house.
I will try again. What is the money for? How did you get the cash in the first place?
I saved it and some was gifted to me. Some came from sale of horses. "
Gifted is no, the money you saved still depends on where it came from and whether it has already been taxed.
Horses are a capital asset so looks like you should be completing a self assessment |
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By (user no longer on site) OP
over a year ago
|
"If you put cash into a bank account?
Asking for a friend
No you don't.
Isn't it classed as money laundering though?
No. Not automatically. Depends how much it is and if it raises questions it can be looked into Message me if you want. I did 15 years in the fraud dept of a bank. "
Done |
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By *eah BabyCouple
over a year ago
Cheshire, Windermere ,Cumbria |
Can I suggest you don’t arrange a meet at home until you have banked the money as you have just told everyone your sitting on a nice little number lol
If it’s earnings related then it needs to be declared, not sure on the sale of horses unless they were part of your business then you would have to declare, if not business related then would say not as no different than selling your car or boat for example. |
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By (user no longer on site) OP
over a year ago
|
"If you put cash into a bank account?
Asking for a friend
No you don't.
Isn't it classed as money laundering though?
It is only money laundering if the cash was obtained from an illegal activity. Banks are under a legal obligation to report any larger cash deposits to the authorities so, in theory, if they report you and the authorities follow it up, you need to be able to prove where the cash came from in the first place."
It's not from illegal activity, but I can't prove where it all came from. I don't keep paper work for everthing. |
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By (user no longer on site) OP
over a year ago
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"Can I suggest you don’t arrange a meet at home until you have banked the money as you have just told everyone your sitting on a nice little number lol
If it’s earnings related then it needs to be declared, not sure on the sale of horses unless they were part of your business then you would have to declare, if not business related then would say not as no different than selling your car or boat for example."
 |
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"If you put cash into a bank account?
Asking for a friend
No you don't.
Isn't it classed as money laundering though?
It is only money laundering if the cash was obtained from an illegal activity. Banks are under a legal obligation to report any larger cash deposits to the authorities so, in theory, if they report you and the authorities follow it up, you need to be able to prove where the cash came from in the first place.
It's not from illegal activity, but I can't prove where it all came from. I don't keep paper work for everthing. "
There’s a lesson there for you then. |
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"why wouldn't you?
This is what I've been asking and I get a different answer from everyone who I asked.
I asked a solicitor and she wasn't sure so then I asked an accountant and he couldnt give me a straight answer.. So I phoned hmrc and they said no! But surly this can't be right "
hang on. Let's all get this straight. You consulted the national authority and now you're asking a collection of complete strangers?....
If you're still in doubt then write to HMRC with as much true detail as you can give and then ask them to reply to you also in writing. Keep their letter safe for three years and you're good as gold.  |
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By (user no longer on site)
over a year ago
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It depends on how much cash. And then again, it won't be the HMRC asking questions, it will be the bank which will then refer to HMRC if they believe that there's any money laundering implications...
N x |
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By (user no longer on site)
over a year ago
|
"why wouldn't you?
This is what I've been asking and I get a different answer from everyone who I asked.
I asked a solicitor and she wasn't sure so then I asked an accountant and he couldnt give me a straight answer.. So I phoned hmrc and they said no! But surly this can't be right
hang on. Let's all get this straight. You consulted the national authority and now you're asking a collection of complete strangers?....
If you're still in doubt then write to HMRC with as much true detail as you can give and then ask them to reply to you also in writing. Keep their letter safe for three years and you're good as gold. "
Apparently you need to keep records for 6 years actually!
n x |
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By (user no longer on site)
over a year ago
|
"If you put cash into a bank account?
Asking for a friend
No you don't.
Isn't it classed as money laundering though?
It is only money laundering if the cash was obtained from an illegal activity. Banks are under a legal obligation to report any larger cash deposits to the authorities so, in theory, if they report you and the authorities follow it up, you need to be able to prove where the cash came from in the first place.
It's not from illegal activity, but I can't prove where it all came from. I don't keep paper work for everthing. "
Under the mattress then  |
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By (user no longer on site)
over a year ago
|
"Always be wary what you put as a reference when putting money into accounts.
I used to put stuff like “all anal audition” when I sent the mrs money for bills etc. I found it hilarious when she had to show statements to the bank when we applied for a mortgage. "
Top tip!!  |
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By (user no longer on site) OP
over a year ago
|
"why wouldn't you?
This is what I've been asking and I get a different answer from everyone who I asked.
I asked a solicitor and she wasn't sure so then I asked an accountant and he couldnt give me a straight answer.. So I phoned hmrc and they said no! But surly this can't be right
hang on. Let's all get this straight. You consulted the national authority and now you're asking a collection of complete strangers?....
If you're still in doubt then write to HMRC with as much true detail as you can give and then ask them to reply to you also in writing. Keep their letter safe for three years and you're good as gold. "
Yes correct. Depending on who I talk to, each one told me a different story. I chatted with two people in hmrc and both sounded like they didn't have a clue.
Today I went to open an account to put some cash in and after sorting it out.. I then gave the guy some cash and he said "oh, no we don't take cash" wtf! I couldn't put cash into the account!
Wasted my day. Anyways I thought I would get more sense on here.
|
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By (user no longer on site) OP
over a year ago
|
"If you put cash into a bank account?
Asking for a friend
No you don't.
Isn't it classed as money laundering though?
It is only money laundering if the cash was obtained from an illegal activity. Banks are under a legal obligation to report any larger cash deposits to the authorities so, in theory, if they report you and the authorities follow it up, you need to be able to prove where the cash came from in the first place.
It's not from illegal activity, but I can't prove where it all came from. I don't keep paper work for everthing.
Under the mattress then "
Biscuit tin |
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By (user no longer on site) OP
over a year ago
|
"There’s this new on line account called the bank of Nora. Great for saving. You pay in and can’t get it out for 10 years. Great interest rates though "
I'm so thick I actually thought you were being genuine for awhile lol |
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By (user no longer on site) OP
over a year ago
|
"I can take a bit off your hands for you, less of it to worry about then lol
How nice of you
I am a very nice person, just have lots of bad luck "
Yeah
Your
An
 sure lol |
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"There’s this new on line account called the bank of Nora. Great for saving. You pay in and can’t get it out for 10 years. Great interest rates though "
I’d love to put something in and not take it out for 10 years.  |
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By (user no longer on site)
over a year ago
|
"There’s this new on line account called the bank of Nora. Great for saving. You pay in and can’t get it out for 10 years. Great interest rates though
I’d love to put something in and not take it out for 10 years. "
|
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"What is the cash for? If it’s for services rendered, it should be included on your tax return whether it’s banked or not. If it’s for something unrelated to a business, like selling your car or a small gift, then no you don’t need to tell them.
I just want it in the bank incase I need it for a car or deposit on a house.
I will try again. What is the money for? How did you get the cash in the first place?
I saved it and some was gifted to me. Some came from sale of horses. "
If you are applying for a mortgage, they can/may ask you to prove where the money came from for the deposit. |
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By (user no longer on site)
over a year ago
|
"why wouldn't you?
This is what I've been asking and I get a different answer from everyone who I asked.
I asked a solicitor and she wasn't sure so then I asked an accountant and he couldnt give me a straight answer.. So I phoned hmrc and they said no! But surly this can't be right "
It is right
Hmrc dont tax cash, they tax earnings
Earnings are reported through paye scheme or declared on self assessment
If it was for sale of an asset you would also have to declare the profit for capital gains tax |
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By (user no longer on site)
over a year ago
|
"why wouldn't you?
This is what I've been asking and I get a different answer from everyone who I asked.
I asked a solicitor and she wasn't sure so then I asked an accountant and he couldnt give me a straight answer.. So I phoned hmrc and they said no! But surly this can't be right
It is right
Hmrc dont tax cash, they tax earnings
Earnings are reported through paye scheme or declared on self assessment
If it was for sale of an asset you would also have to declare the profit for capital gains tax "
Ps i think race horses may count as capital assets |
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"There’s this new on line account called the bank of Nora. Great for saving. You pay in and can’t get it out for 10 years. Great interest rates though
I’d love to put something in and not take it out for 10 years.
"
I’d be greatly interested if it was on offer. |
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"Depends how you got the cash
So depends on what I tell them?
Basically... if I sold a BMX for example, I could put that money in the bank without informing HMRC "
If you sell something that's yours you would only be expected to pay tax if it had increased in value. That's capital gains tax.
If you earn money by working for it you would put that in a tax return at the end of the year. You can say what it's for and they can tell you whether it's taxable or not.
If you are uncertain call the HMRC "help" line. They are generally quite helpful if (and I do mean IF) they answer the phone before your funeral. |
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By *abrina59TV/TS
over a year ago
moved to cuckold land |
Not sure why you asking the question here as you say you have spoken to HRMC and they have said no!!!!
I assume you told them everything you said here so you already have the defined answer no |
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By (user no longer on site)
over a year ago
|
"Not sure why you asking the question here as you say you have spoken to HRMC and they have said no!!!!
I assume you told them everything you said here so you already have the defined answer no"
I agree. Ask your accountant |
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By (user no longer on site) OP
over a year ago
|
"Not sure why you asking the question here as you say you have spoken to HRMC and they have said no!!!!
I assume you told them everything you said here so you already have the defined answer no"
One of them said I had to work out where it all came from. Like I said everyone seems to have a different answer. |
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By (user no longer on site) OP
over a year ago
|
"Not sure why you asking the question here as you say you have spoken to HRMC and they have said no!!!!
I assume you told them everything you said here so you already have the defined answer no
I agree. Ask your accountant "
I did and he wasn't sure either. I'm going to ask another one. |
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By (user no longer on site)
over a year ago
|
"Not sure why you asking the question here as you say you have spoken to HRMC and they have said no!!!!
I assume you told them everything you said here so you already have the defined answer no
I agree. Ask your accountant
I did and he wasn't sure either. I'm going to ask another one. "
Dont look for an accountant ... look for a tax advisor... not all accountants specialise in tax and the rules change so often that what they learned when qualifying will be out of date |
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By (user no longer on site)
over a year ago
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"Not sure why you asking the question here as you say you have spoken to HRMC and they have said no!!!!
I assume you told them everything you said here so you already have the defined answer no
I agree. Ask your accountant
I did and he wasn't sure either. I'm going to ask another one.
Dont look for an accountant ... look for a tax advisor... not all accountants specialise in tax and the rules change so often that what they learned when qualifying will be out of date "
Any accountant will know this. |
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By (user no longer on site)
over a year ago
|
"Not sure why you asking the question here as you say you have spoken to HRMC and they have said no!!!!
I assume you told them everything you said here so you already have the defined answer no
I agree. Ask your accountant
I did and he wasn't sure either. I'm going to ask another one.
Dont look for an accountant ... look for a tax advisor... not all accountants specialise in tax and the rules change so often that what they learned when qualifying will be out of date
Any accountant will know this. "
Chartered account here have given basic advice above but don’t actively keep up to date with any tax rules in my field so no you are wrong any accountant will not know this |
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By (user no longer on site)
over a year ago
|
"Not sure why you asking the question here as you say you have spoken to HRMC and they have said no!!!!
I assume you told them everything you said here so you already have the defined answer no
I agree. Ask your accountant
I did and he wasn't sure either. I'm going to ask another one.
Dont look for an accountant ... look for a tax advisor... not all accountants specialise in tax and the rules change so often that what they learned when qualifying will be out of date
Any accountant will know this.
Chartered account here have given basic advice above but don’t actively keep up to date with any tax rules in my field so no you are wrong any accountant will not know this "
We could go research and find out but thats not the same thing |
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By (user no longer on site) OP
over a year ago
|
"Not sure why you asking the question here as you say you have spoken to HRMC and they have said no!!!!
I assume you told them everything you said here so you already have the defined answer no
I agree. Ask your accountant
I did and he wasn't sure either. I'm going to ask another one.
Dont look for an accountant ... look for a tax advisor... not all accountants specialise in tax and the rules change so often that what they learned when qualifying will be out of date "
Gotcha |
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By (user no longer on site)
over a year ago
|
"Not sure why you asking the question here as you say you have spoken to HRMC and they have said no!!!!
I assume you told them everything you said here so you already have the defined answer no
I agree. Ask your accountant
I did and he wasn't sure either. I'm going to ask another one.
Dont look for an accountant ... look for a tax advisor... not all accountants specialise in tax and the rules change so often that what they learned when qualifying will be out of date
Any accountant will know this.
Chartered account here have given basic advice above but don’t actively keep up to date with any tax rules in my field so no you are wrong any accountant will not know this "
Ok maybe I’m wrong my ex was chartered but also a financial adviser. |
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"Always be wary what you put as a reference when putting money into accounts.
I used to put stuff like “all anal audition” when I sent the mrs money for bills etc. I found it hilarious when she had to show statements to the bank when we applied for a mortgage. "
Ha ha. That sent me off to bed with a smile on my face. |
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By *eah BabyCouple
over a year ago
Cheshire, Windermere ,Cumbria |
"What is the cash for? If it’s for services rendered, it should be included on your tax return whether it’s banked or not. If it’s for something unrelated to a business, like selling your car or a small gift, then no you don’t need to tell them.
I just want it in the bank incase I need it for a car or deposit on a house.
I will try again. What is the money for? How did you get the cash in the first place?
I saved it and some was gifted to me. Some came from sale of horses.
If you are applying for a mortgage, they can/may ask you to prove where the money came from for the deposit. "
Not just a mortgage if your buying a house cash you have to show where you got the pennies from, the solicitor will need to see proof of where every last one came from. |
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By (user no longer on site)
over a year ago
|
"If you put cash into a bank account?
Asking for a friend
No you don't.
Isn't it classed as money laundering though?
No. Not automatically. Depends how much it is and if it raises questions it can be looked into Message me if you want. I did 15 years in the fraud dept of a bank. "
That's funny, I did 15 years for defrauding a bank................................
Just kidding, I worked for a year in a fraud dept of a bank. We should exchange information. ....... |
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By (user no longer on site) OP
over a year ago
|
"What is the cash for? If it’s for services rendered, it should be included on your tax return whether it’s banked or not. If it’s for something unrelated to a business, like selling your car or a small gift, then no you don’t need to tell them.
I just want it in the bank incase I need it for a car or deposit on a house.
I will try again. What is the money for? How did you get the cash in the first place?
I saved it and some was gifted to me. Some came from sale of horses.
If you are applying for a mortgage, they can/may ask you to prove where the money came from for the deposit.
Not just a mortgage if your buying a house cash you have to show where you got the pennies from, the solicitor will need to see proof of where every last one came from."
It's impossible for me to prove where every penny came from without paper work for everthing |
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By (user no longer on site) OP
over a year ago
|
"OP you already had a thread asking if you can buy a house with cash
My houses was brought with cash and no mortgages"
I guess you mean bank transfer |
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By (user no longer on site) OP
over a year ago
|
"When you put over £500 in cash into a bank acc they have to by law inform HMRC of the transaction
It may be more now but thats how it was 5 years ago "
Apparently that's not the case now |
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By (user no longer on site)
over a year ago
|
"If you put cash into a bank account?
Asking for a friend
No you don't.
Isn't it classed as money laundering though?
No. Not automatically. Depends how much it is and if it raises questions it can be looked into Message me if you want. I did 15 years in the fraud dept of a bank.
That's funny, I did 15 years for defrauding a bank................................
Just kidding, I worked for a year in a fraud dept of a bank. We should exchange information. ....... "
Haha that’s funny |
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By (user no longer on site)
over a year ago
|
"When you put over £500 in cash into a bank acc they have to by law inform HMRC of the transaction
It may be more now but thats how it was 5 years ago "
What??? That’s not true at all! |
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By (user no longer on site)
over a year ago
|
"When you put over £500 in cash into a bank acc they have to by law inform HMRC of the transaction
It may be more now but thats how it was 5 years ago
What??? That’s not true at all! "
Unless you’ve left a couple of noughts off that! |
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By (user no longer on site) OP
over a year ago
|
"If you put cash into a bank account?
Asking for a friend
No you don't.
Isn't it classed as money laundering though?
No. Not automatically. Depends how much it is and if it raises questions it can be looked into Message me if you want. I did 15 years in the fraud dept of a bank.
That's funny, I did 15 years for defrauding a bank................................
Just kidding, I worked for a year in a fraud dept of a bank. We should exchange information. ....... "
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By (user no longer on site) OP
over a year ago
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"
Apparently that's not the case now
If you know it's not the case now then why are you asking for advice when you already know the answer ?"
Making sure of everything |
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By (user no longer on site)
over a year ago
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"When you put over £500 in cash into a bank acc they have to by law inform HMRC of the transaction
It may be more now but thats how it was 5 years ago
Apparently that's not the case now "
Yeah thats rubbish ... if you make large cash deposits you may flag a money laundering investigation but banks dont even report your interest to hmrc anymore
They do report balances of us citizens to the irs though |
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"
Apparently that's not the case now
If you know it's not the case now then why are you asking for advice when you already know the answer ?
Making sure of everything "
With this and your previous thread about buying a house with cash it just seems you want to make sure everyone knows you have loads of money. |
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By (user no longer on site) OP
over a year ago
|
"
Apparently that's not the case now
If you know it's not the case now then why are you asking for advice when you already know the answer ?
Making sure of everything
With this and your previous thread about buying a house with cash it just seems you want to make sure everyone knows you have loads of money. "
No not at all. Just asking for advice.. I haven't got loads of money, I'm sure there are many fab users who have much more than I will ever have. |
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By (user no longer on site) OP
over a year ago
|
"When you put over £500 in cash into a bank acc they have to by law inform HMRC of the transaction
It may be more now but thats how it was 5 years ago
Apparently that's not the case now
Yeah thats rubbish ... if you make large cash deposits you may flag a money laundering investigation but banks dont even report your interest to hmrc anymore
They do report balances of us citizens to the irs though"
I thought IRS was the American version of HMRC lol |
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"When you put over £500 in cash into a bank acc they have to by law inform HMRC of the transaction
It may be more now but thats how it was 5 years ago
Apparently that's not the case now
Yeah thats rubbish ... if you make large cash deposits you may flag a money laundering investigation but banks dont even report your interest to hmrc anymore
They do report balances of us citizens to the irs though"
Who or what is the IRS? |
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By (user no longer on site)
over a year ago
|
"When you put over £500 in cash into a bank acc they have to by law inform HMRC of the transaction
It may be more now but thats how it was 5 years ago
Apparently that's not the case now
Yeah thats rubbish ... if you make large cash deposits you may flag a money laundering investigation but banks dont even report your interest to hmrc anymore
They do report balances of us citizens to the irs though
I thought IRS was the American version of HMRC lol "
It is |
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By (user no longer on site)
over a year ago
|
"When you put over £500 in cash into a bank acc they have to by law inform HMRC of the transaction
It may be more now but thats how it was 5 years ago
Apparently that's not the case now
Yeah thats rubbish ... if you make large cash deposits you may flag a money laundering investigation but banks dont even report your interest to hmrc anymore
They do report balances of us citizens to the irs though
I thought IRS was the American version of HMRC lol
It is "
We should start a fab hide your dosh service. For a modest non disclosable fee of course... |
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"When you put over £500 in cash into a bank acc they have to by law inform HMRC of the transaction
It may be more now but thats how it was 5 years ago
Apparently that's not the case now
Yeah thats rubbish ... if you make large cash deposits you may flag a money laundering investigation but banks dont even report your interest to hmrc anymore
They do report balances of us citizens to the irs though
I thought IRS was the American version of HMRC lol
It is
We should start a fab hide your dosh service. For a modest non disclosable fee of course..."
Paid in cash or cheque? |
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By (user no longer on site)
over a year ago
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"If you put cash into a bank account?
Asking for a friend "
Just ask an accountant or the tax office to get a definitive answer surely? I'm supposing you are self employed? |
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By *hechapMan
over a year ago
Derry |
"If you put cash into a bank account?
Asking for a friend
No you don't.
Isn't it classed as money laundering though?
No. Not automatically. Depends how much it is and if it raises questions it can be looked into Message me if you want. I did 15 years in the fraud dept of a bank. "
Fraud dept in the bank??
lol
You must have seen some amount of bankers fraud in 15yrs or was it only poor mens fraud you were concerned with and turn a blind eye to the real criminals with the pin striped suits. |
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