Sparky by trade and got part p regs and been doing a few cash hobbles, and got couple grand in cash rom the last few months work.
How much can i safely deposit into my current a/c before thaey ask questions, tax man has interest etc.
Or are they not bothered or is there a certain amount ?
Getting a fair bit of work lately since my mate started doing conservatory bases (bricky) and is picking up even more work.
I believe the figure is £10k before they will start asking the awkward questions lol.
buy a safe m8 ., wot they cant see they cant take
open a savings account and put it in there.
before I got my paypal topupcard i used to transfer about £500 - £800 every 2 weeks to my account...never had a problem with tax...now I transfer it to my topupcard so dont gos through my account....there is a limit of 1k/week and 10k/year.
I actually know the answer to this question lol thats a first.
The amount they get trippy over is anything over 5 grand this is because anybody receiving benefits can not have anything over 6 thousand in savings and receive benefits.
I went to put 14 thousand in the bank and the desk Clark told me I had to fill a form in to say where it come from, why I asked ?
She smiled and said I see you receive benefits at the moment, yeh I said she suggested why don't you put no more then 5 in today and open a savers bond with someone else someone like the co-op,
Then you don't need to fill any forms no tax query's and your not exceeding your savings allowance.
Yer so I took here advice and banked 5 then went on a massive bender instead of going to the co-op
Last edited by Jooooles; 5th February 2010 at 19:45.
Anything over £5.000 and it comes under the scope of the money laundering regs. you could then be asked some awkward questions by customs and excise.
yeah 5k and there obliged to report it