Doing a favour

Stanleyboy

Sorry if this is the wrong place to post this but I couldn't see a tax forum. About 18 months ago I did a favour for an old boy I know. He sold a camper a couple of years before and he's old school - kept the money at home in a draw because he didn't have a bank account. Didn't trust them Bit daft I know, it was 8 grand in fifties, but it's up to him. He was living on it. Anyway, when they said they were changing to the new fifties, he got worried that they'd become worthless, so I offered to take them to the Bank of England and change them for the new ones for him. He gave me £50 for my trouble, too. I was happy to do it. I had to fill in a sheet while I was there and show ID, so it was easier to do all my own details. There wasn't a problem with it. I got the new notes back to him and that was that.
The other day I was talking at work with someone abotu bank accounts and told them this story. They've now got me worried. They said that sheet gets passed to the tax authorities and they could be on to me to ask about why I hadn't declared the money. I said it wasn't mine, but he said I'd done the transaction in my name, so it would come back to me.
Is that true? I didn't even give it a thought. I just wanted to do him a favour. I've not heard anything from anyone anyway, and it was well over a year ago anyway.
Is he just winding me up?

Bloomberg

Stanleyboy wrote: »

Sorry if this is the wrong place to post this but I couldn't see a tax forum. About 18 months ago I did a favour for an old boy I know. He sold a camper a couple of years before and he's old school - kept the money at home in a draw because he didn't have a bank account. Didn't trust them Bit daft I know, it was 8 grand in fifties, but it's up to him. He was living on it. Anyway, when they said they were changing to the new fifties, he got worried that they'd become worthless, so I offered to take them to the Bank of England and change them for the new ones for him. He gave me £50 for my trouble, too. I was happy to do it. I had to fill in a sheet while I was there and show ID, so it was easier to do all my own details. There wasn't a problem with it. I got the new notes back to him and that was that.
The other day I was talking at work with someone abotu bank accounts and told them this story. They've now got me worried. They said that sheet gets passed to the tax authorities and they could be on to me to ask about why I hadn't declared the money. I said it wasn't mine, but he said I'd done the transaction in my name, so it would come back to me.
Is that true? I didn't even give it a thought. I just wanted to do him a favour. I've not heard anything from anyone anyway, and it was well over a year ago anyway.
Is he just winding me up?

I wouldn't worry, you have done nothing illegal. People sell cars and are sometimes paid in cash. I doubt you will hear anything from HMRC, a year has elapsed which should put your mind at rest.


One other thing, it is best not to discuss your finances with people. Keep your financial affairs to yourself. Money brings out the worst in people even loved ones on occasions.

Stanleyboy

Thanks mate. I thought it was a wind-up. I don't usually discuss stuff like this with people, but I didn't give any details to the guy at work. I jsut said I'd done this favour for someone once, and he got me worried. I thought it was just typical that I'd done someone a favour and could wind up getting some stick for it from the tax people. Thanks anyway.

innovate

Learn from it - never handle anyone else's cash again. Stop bragging about helping out a mate with an unusual cash transaction. And be careful with your own cash.