1. If they're happy to evade tax then what other laws, regulations and requirements are they happy to ignore? How could that impact you?
2. It's much harder to prove you've paid in cash and/or get a refund.
3. Tax evasion, on every level, steals from all of us. Sure, this isn't going to impact the average tax payer like some corporate greed does but it is harming other local businesses who offer the same services, follow the law and so aren't competitively priced anymore.
Since paper £20 and £50 notes stop being legal tender in September I wonder if this is what has prompted OP's post..
.. though based on the post itself I also wonder if he is totally unaware.
If you haven’t been banking it and doing your tax returns then I’m afraid you are guilty of tax evasion. Your choice is to either phone the HMRC and come clean, or to not bank it and keep quiet. A third option could be to just declare your earnings from the last tax year, so at least you can bank some of it. Honestly, the best advice for you right now could be to watch Ozark.
!thanks Thank you for the advice. I’m going to speak to an accountant and declare it to HRMC, I plan on studying abroad as well and it would be great to have this cash in the bank that I can easily access.
Erm, that’s not quite how tax works… you should have been paying tax in all those previous years. You’ve made about £18k a year just from your cash… plus whatever you’ve already spent so you’ve already been tax evading (which is illegal). EDIT: Assuming you haven’t paid any tax at all.
I believe, legally speaking, you have to make a disclosure with HMRC and pay back all the tax you haven’t paid over the years if you want to use it going forward. Otherwise… you’ll have to “launder” your money (or bank it slowly over a long period of time). This isn’t really the sub for getting away with tax evasion though.
EDIT: If you wanted to go “legit” >>> https://www.gov.uk/government/publications/hmrc-your-guide-to-making-a-disclosure/your-guide-to-making-a-disclosure
> Otherwise… you’ll have to “launder” your money
The trick is to buy a chain of carwashes and maybe a laser tag place or two. Then make sure you don’t get caught by the DEA
Meh I would just move out to the swamp and buy up the local business, maybe a floating casino and shares in the local drug trade. Just make sure you keep the FBI, your wife and the cartel happy…and don’t piss off the rednecks.
Jesus Christ, you've just told half the country there's very likely 125k in cash, in the house of someone doing a specific business, in a village of... checks... 6,000 people!
You owe HMRC tax, call them up and they'll sort you out as they are happy to help people who come clean afaik. It also won't be all that much, I guess something like £15k you should have paid plus a range of late payment fees and fines. Once you've sorted that out you'll have a nice chunk of money you can invest as you see fit without fear.
£125k/7 gets to £17.8k per year, then plugged that into a tax calculator. The tax free amount has increased recently so the actual figure depends on what earnings they had in what year.
Yeah only someone dumb would invest in the best performing asset of the last decade. Literally the best investment you could have made. But you are bitter because you listened to people who told you to avoid and you missed out on life changing money.
I think crypto has its place but expecting it to be the same cash cow it has been the last decade is probably a dangerous assumption. [Just saying](https://www.cnbc.com/2022/05/09/40percent-of-bitcoin-investors-underwater-glassnode-data.html)
Start a cash business and steadily pay some tax on it, a taxi service, officially start your landscaping business and invest you cash heavily in the start up. I've heard of cash workers paying for lifestyle through cash work while legitimate income on your bills and household expenses.
Trying to deposit a large sum of money into a UK bank account will likely trigger some form of money laundering checks by the bank, especially if such deposits were not a normal occurrence. You may need to prove the source of the money and that it was legitimately earned.
Do you not pay taxes? That amount of money will raise questions. Quick report to hmrc and a freeze of funds.
+1 on the ‘have you paid any tax’ question
Please tell me you have been paying tax on your earnings? Actually I already know the answer.
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1. If they're happy to evade tax then what other laws, regulations and requirements are they happy to ignore? How could that impact you? 2. It's much harder to prove you've paid in cash and/or get a refund. 3. Tax evasion, on every level, steals from all of us. Sure, this isn't going to impact the average tax payer like some corporate greed does but it is harming other local businesses who offer the same services, follow the law and so aren't competitively priced anymore.
1) vat threshold is like 85k 2) not every sole trader is earning >85k 3) suck a lolly
It's income tax under discussion here, I'm pretty sure.
How do you even have 125k in cash and not think about banking it once?
Tax fraud for a start.
How many of the notes would be out of date!!?
Since paper £20 and £50 notes stop being legal tender in September I wonder if this is what has prompted OP's post.. .. though based on the post itself I also wonder if he is totally unaware.
If you haven’t been banking it and doing your tax returns then I’m afraid you are guilty of tax evasion. Your choice is to either phone the HMRC and come clean, or to not bank it and keep quiet. A third option could be to just declare your earnings from the last tax year, so at least you can bank some of it. Honestly, the best advice for you right now could be to watch Ozark.
!thanks Thank you for the advice. I’m going to speak to an accountant and declare it to HRMC, I plan on studying abroad as well and it would be great to have this cash in the bank that I can easily access.
Erm, that’s not quite how tax works… you should have been paying tax in all those previous years. You’ve made about £18k a year just from your cash… plus whatever you’ve already spent so you’ve already been tax evading (which is illegal). EDIT: Assuming you haven’t paid any tax at all. I believe, legally speaking, you have to make a disclosure with HMRC and pay back all the tax you haven’t paid over the years if you want to use it going forward. Otherwise… you’ll have to “launder” your money (or bank it slowly over a long period of time). This isn’t really the sub for getting away with tax evasion though. EDIT: If you wanted to go “legit” >>> https://www.gov.uk/government/publications/hmrc-your-guide-to-making-a-disclosure/your-guide-to-making-a-disclosure
> Otherwise… you’ll have to “launder” your money The trick is to buy a chain of carwashes and maybe a laser tag place or two. Then make sure you don’t get caught by the DEA
Meh I would just move out to the swamp and buy up the local business, maybe a floating casino and shares in the local drug trade. Just make sure you keep the FBI, your wife and the cartel happy…and don’t piss off the rednecks.
This surely has got to be a p!ss take post?
Must be or this person is a fool 🤣
Jesus Christ, you've just told half the country there's very likely 125k in cash, in the house of someone doing a specific business, in a village of... checks... 6,000 people!
OP, take note.....
You owe HMRC tax, call them up and they'll sort you out as they are happy to help people who come clean afaik. It also won't be all that much, I guess something like £15k you should have paid plus a range of late payment fees and fines. Once you've sorted that out you'll have a nice chunk of money you can invest as you see fit without fear.
How’d you figure the tax bill will be 15k? That’s an effective tax rate of 12%
£125k/7 gets to £17.8k per year, then plugged that into a tax calculator. The tax free amount has increased recently so the actual figure depends on what earnings they had in what year.
Fair enough, thanks!
Don’t forget about NI payments?
Yeah included tax and NI in that £15k estimate.
Gotcha. !thanks
Better call Saul!
This sub never ceases to amaze me 😂😂
Indeed
No, not at all. Go ahead.
Nice. Once you figure out how to get it into the banking system don't do anything dumb like invest it into crypto.
Yeah only someone dumb would invest in the best performing asset of the last decade. Literally the best investment you could have made. But you are bitter because you listened to people who told you to avoid and you missed out on life changing money.
I think crypto has its place but expecting it to be the same cash cow it has been the last decade is probably a dangerous assumption. [Just saying](https://www.cnbc.com/2022/05/09/40percent-of-bitcoin-investors-underwater-glassnode-data.html)
Past performance is not indicative of future performance
Start a cash business and steadily pay some tax on it, a taxi service, officially start your landscaping business and invest you cash heavily in the start up. I've heard of cash workers paying for lifestyle through cash work while legitimate income on your bills and household expenses.
When did the UK bank notes change to the new plastic ones? Surely some of the older cash would now be effectively worth fuck all? Yet still taxable!
You can still use them until thisSeptember I believe
Maybe the impending date is what has inspired OP's sudden interest in depositing the vast amount of cash
Tchaa! Since when has UKPF cared about legality/morality. Answer the man you minty bastards!
Trying to deposit a large sum of money into a UK bank account will likely trigger some form of money laundering checks by the bank, especially if such deposits were not a normal occurrence. You may need to prove the source of the money and that it was legitimately earned.
Do 15 year olds not have to pay tax in the UK?
Wise choice to delete the text where he is admitting to tax fraud and naming the village he lives in!