how can utilise this money

smiles345

i have a personnal bank account . i'm getting some money as recrutment commission from the candidate [all cheques] this will be added up lot of money in the future. do i needto open a business account? or i can simply put those cheques to my personnal account? do you thunk bank will be suspecious about this money? please reply

00ec25

this forum is about helping people save money. It is NOT about advising people how to illegally evade paying tax or business rate bank charges which is what you seem to be requesting. either you have a source of salaried income from a job or you are operating a business and are trying to hide that fact

John_Pierpoint

I think that is a bit "strong". Especially for a first time poster.

Surely the answer is "you would be well advised to put your business receipts into a separate bank account, even if these are casual earnings".
When you come to report them on you tax return in a year or so's time the last thing you want is an investigation from HMRC querying every item on your statement. That would be a recipe for sleepless nights and paying a lot of excess tax/penalties.
Depending on your regular job (if any) and the nature of these (casual?) earnings you could be employed and self employed at the same time in which case you should flag up your self employment by by contacting the National Insurance help line.

PlutoinCapricorn

Having a separate business bank account is not always essential: it may depend what sort of work you do and how much you earn this way, and whether or not you have a Limited Company.

If you get a bit here and a bit there on top of a PAYE job and are not actually buying selling items then you could use your personal account. You would need to be able to prove where all the income came from, so scanning the cheques would be advisable. I think that banks only get suspicious when huge amounts are involved, HMRC are the ones who may take an interest.

You say that the money comes from recruitment commission: this sounds strange to me considering that people and employers can get in touch with each other directly - see postings on this site re recruitment agencies.

smiles345

thanks for all your valuable info. i'm not trying to evade the tax or anything here. i just dont know what to do .

as for commission, i'm sub agent of a recruitment company where i give them people and the employee pay me a negligible amount of commission [ i rather call it adinistrative cost] well, i'm a full time worker too. i'm not trying to do anything illegally here . i want some advise where its wise to accept cheques withot opening a company myself. thanks for your time. please dont misunderstand

fengirl_2

You are technically self employed and it is fine to receive such payments without being a limited company. The bank will not be suspicious - lots of people deposit lots of money in their accounts daily! If there are a lot of transactions however, they might query whether you are using the account for business and require you to open a business bank account.
I'm sure you know that you need to register as self employed with HMRC as soon as possible.

TM1976

From what you say here it is not clear whether is money is already taxed at source or not (as it appears it may come from your employer).

If not you can make £2,500 in sundry income a year without having to do a self assessment return, you still have to pay tax on it but you can declare it to your tax office at the end of the year and they will work out the additional tax. There may also be some costs you can set off against this income to reduce your additional tax.

You don't need a separate account and it's not worth opening one. Your bank shouldn't be suspicious if you are paying in a cheque.

smiles345

many thanks for your valuable suggessions. will be going to register as self employed. thanks