Employed paying in cheques?!

variosso

Hi,

I was just wondering. I work for highways company and I am full time employed person. I wanted to pay in a £900 cheque into my bank account. Will I have to deduct a TAX from it? Will it affect me in any way? Will Inland Revenue ask me any questions about it, like: Where do I have it from? or Will they tax me? Just wanted to make sure that it is safe to do it. Thanks a lot.:)

variosso

Forgot to mention that I am getting paid on monthly basis by BACS. That £900 cheque is from other source. Thanks.

Owain_Moneysaver

You are supposed to inform HMRC of any income that isn't taxed at source. Whether it's income depends on where the money came from. If you're claiming any income-related benefits you also have to tell the Benefits Agency.

The bank won't inform HMRC or deduct any tax, but HMRC do have access to all bank account information.

dzug1

Depends what that 'other source' is as to whether you do anything more than bank the cheque and forget it.

slbhill

HMRC don't make a habit of checking your account. I occasionally put big cheques (reimbursement of expenses from voluntary work I do, once or twice a gift from family members or the balance from a savings account I was closing) into my account, never been queried by tax office or anyone. As others have said, if it's income then it should be taxed but just paying money into your account doesn't necessarily make it income.