best way to put lump sum of cash into bank account?

Nottoobadyet

How would the OP be able to prove that the lump sum was saved from income on which tax had been paid, not additional off the books jobs? It sounds legitimately difficult to me, even if theres nothing to hide.

le_loup

Oh, I suspect HMR&C have some idea from extensive databases, what a lone landscape gardener can earn in a year; match that to declared income and potential savings therefrom and come to a reasonable conclusion.

darkpool

without a doubt the tax man will be informed if you put anywhere near 20k in.

Thrugelmir

pearley1981 wrote: »

my main concern was the bank would contact the inland revenue...hopefully they will just accept it without any questions...

Once deposited there's a record on file. Should your affairs be investigated by the HMRC the transaction will stick out like a sore thumb.

Better to drip feed it in.

darkpool

Thrugelmir wrote: »

Once deposited there's a record on file. Should your affairs be investigated by the HMRC the transaction will stick out like a sore thumb.

Better to drip feed it in.

HMRC aren't that stupid though....

GeorgeHowell

It's often simpler to do it online or via machines or drop points than walking up to a bank branch counter where the temptation to waylay customers sometimes seem to get the better of them.

To be fair to the banks (difficult though that is) they are hamstrung by all sorts of b*lls**t EU money laundering bureaucracy. For ordinary people handling relatively small amounts it's usually academic because you just say that the funds come from personal savings and investments, they accept that and tick the box in order to cover their backsides, and we all move on. It's just a minor hold up and inconvenience.

The banks might also try to waylay people who are paying in substantial amounts to sit down with one of their (tied) financial advisors in order to try to persuade the customer into putting it into one of their own savings accounts or investments. Unless you have already decided objectively to go for one of their products ... don't.

le_loup

Difficult to put pound notes into a bank account ... online.
You have to roll them very small to get down the wire.

GeorgeHowell

bobthedambuilder wrote: »

If this were the case, what you are asking contributors to this forum to do is to advise you on tax evasion and money-laundering.

I'm not sure that openly paying cash into a high street bank could be considered potential money laundering. The tax issue however should be between the customer and HMRC, it's not the banks direct concern. However given the long-standing cosy-cosy relationship between HMG and the financial sector one would not be surprised if there were back-door tip-off arrangements. If so, whether they would be permitted under the Data Protection Act in the absence of some sort of warrant is debatable, but proving it would be another thing, and there may be some obscure small print legislation lurking somewhere such that when tax is at stake the normal rules about data protection somehow don't apply.

Nine_Lives

pearley1981 wrote: »

it would have been pointless putting it a savings account as the interest rates were so low..

I don't know where you were/are storing the cash. I get the impression it's stored under the sofa.

On that basis...

* stored under sofa = £0 interest
* stored in a savings account, even at "so low" interest rates = £some interest.

Even if it just earned you £0.10p interest, it's more than nothing, plus if your house goes up in flames or you get burgled, your money is still in the bank.

Laurencek

Isn't it over £15k cash they report for money laundering?

Why not just put abit in every month?