How much could some body send me from internationally

Jim_Hadfiled

I have recently been hired by a builder to be a part of a project in paphos (Cyprus). For some reason the builder which hired me was taken off the contract and there is another company doing the contract. They have given me an option to work as a daily wager and they will pay me in Cash each week. I have asked them to rather deposit it in my TSB bank account, Glasgow. Is this a good idea wouldnt my bank ask me questions about why the money is coming from Cyprus and who is paying.
I do not have an active contract and they just note my hours and pay me and give a receipt of hours and payment which does not look very legit as well. Job is good and they pay well it would be there for atleast 6 more months. I guess they will be paying almost 800-1000 every week including boarding and lodging
Pretty stuck here, help people!!!!!!

InsideInsurance

A grand a week is unlikely to trigger any money laundering checks but ultimately you will have your contract to explain what the monies are.

agrinnall

I don't think the bank will be worried, but obviously you'll need to be declaring it to HMRC. And if you trust the company that's paying you it might be beneficial to have them pay less often, say every 4 weeks, to save on fees.

Jim_Hadfiled

But the money is being earned outside the UK do I still have to declare this to HMRC?
And yes I will speak to the company to pay me less often, that a good one, but if that goes to 4 grand a month that will not raise an alarm as well? I understand bit stupid I am here yet just asking.

Archi_Bald

You will have to pay tax based on the laws of the country that considers you a resident for tax purposes. This might mean you might have to pay tax in more than one country.

You might find the information on the internet, e.g. on expat forums, or it might be worth finding paid advice. Did you ask the company you will work for for any help with taxation questions?

Jim_Hadfiled

InsideInsurance wrote: »

A grand a week is unlikely to trigger any money laundering checks but ultimately you will have your contract to explain what the monies are.

In my parent thread, I was trying to explain that the company I had my contract signed was fired off this project. So another local Paphos based contractor was given this project. The new contractor is not willing to employ me and as a favor (apparently) not firing me as well. They are having me in the Daily wager category and wanted to pay in Cash which I dont prefer anyway, as handling cash in a town you don't know is pretty unwanted.

And as far as a contract as evidence is concerned I will hardly have any evidence just a letter acknowledging my service by my line manager.

I left my full time job for this opportunity and came here to paphos, MOney is ofcourse better and I do not want to let this go at least till I have saved some money up to do some thing on my own when I will get back

For now my main concern is if the bank does not consider this Money laundering as the money will stay in my bank and even if spent by my wife will eventually stay in the UK

Jim

InsideInsurance

Banks use a host of metrics to decide which transactions to investigate and which to let through so ultimately any transaction for any amount could be checked however realistically £1,000 a week is a relatively small sum (in banking terms) and is unlikely in itself to trigger any investigations unless you are already high risk due to something else

Jim_Hadfiled

Sethan wrote: »

Cyprus is an EU member.Unless it was changed recently,the "flagging" amount is 10k EUR. Also,you'll have to contact HMRC, but it is very likely that you won't have to pay taxes in the UK,if you already paid them in Cyprus,since they are both members of EU,and also they had an agreement to avoid double taxation since 1974.

Sethan, Thanks for your help. 10K a week, A wish that does not seem to become true. But I am fine thn...great...

Goldiegirl

Even if the bank do ask about the origins of the money, I don't see why it's a problem?

The money is coming from a legitimate source, so if the bank asks, just tell them the truth!

bryanb

Recently sold a yacht in the EU, paid in £5k weekly to HSBC, no questions asked.

Jim_Hadfiled

bryanb wrote: »

Recently sold a yacht in the EU, paid in £5k weekly to HSBC, no questions asked.

Thanks Bryan! For how long did you keep putting 5K?