Putting unexplained cash in bank

Discussion in 'Legal' started by Gmehat, Jun 23, 2016.

Thread Status:
Not open for further replies.
  1. japancool

    japancool UKBF Big Shot Full Member

    3,404 649
    I used to pay in large amounts of cash in £50 notes into my bank account. I used to be rather good at blackjack. Not once was I ever asked where it came from.

    Equally, OP, are you asking for advice on how to hide your income from HMRC?
     
    Posted: Apr 12, 2017 By: japancool Member since: Jul 11, 2013
    #21
  2. Lawyer

    Lawyer UKBF Regular Free Member

    157 27
    My bank once asked what I earned. They said they needed to know in order for me to have the personal relationship manager (which I didn't want). I said I wouldn't tell them and it was private. None of their business. Of course they only wanted to sell me pointless products I did not want.

    Just say it's from various sources. You can pay in in the machines you know. I pay in all cheques without speaking to a single bank person. I am not sure I'd want to put a lot of cash in that way but I've certainly paid in £500 cash before now when in a rush in the automatic deposit. So if you are really concerned about nosy bank staff just go into 4 branches and pay it in in 4 lots that way or whatever. £5k is not a particularly large sum. We get local shop owners in our bank branch all the time with loads of cash to pay in.

    This has nothing to do with tax however. You need to pay tax when it's due.
     
    Posted: Apr 12, 2017 By: Lawyer Member since: Feb 28, 2008
    #22
  3. Nord20

    Nord20 UKBF Regular Free Member

    510 116
    Every week I pay circa £5K in cash into the machines in the bank. This is cash taking for our business, which I use to "repay some of my director's loan", thus depositing it into my personal account to avoid the exorbitant cash deposit charges on business accounts. Then I go home, go onto my internet banking and make a fresh loan to the company, transferring it into the business account.

    In over five years of doing this not once has the bank raised an eyebrow, other than the time I managed to drop the cash on the pavement just outside the bank and it started flying down the high street. That was a fun day.
     
    Posted: Apr 13, 2017 By: Nord20 Member since: Mar 8, 2011
    #23
  4. dave archer

    dave archer UKBF Regular Free Member

    790 165
    If I had a spare £ 5000 floating around .....
    I wouldn't be giving it to the bank.

    I would be off to the Maldives for a month :D:D:D:cool:
     
    Posted: Apr 13, 2017 By: dave archer Member since: Mar 8, 2014
    #24
  5. Nord20

    Nord20 UKBF Regular Free Member

    510 116
    Sadly it's not spare (always bills to pay), otherwise I'd be living in the Maldives!
     
    Posted: Apr 13, 2017 By: Nord20 Member since: Mar 8, 2011
    #25
Thread Status:
Not open for further replies.