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HELP!!banks won't take my money
Comments
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I don't know to be honest, never been asked that before or even thought of it to be honest. I should imagine my bank updates HMRC as its all in there.
Besides as far as I know HMRC have no right to collect the tax on it anyway, it's all processed through a foreign country and then gets transferred to my bank account in the UK having already been taxed by the foreign government.
As a UK resident, you are liable for tax on your worldwide income. It is your responsibility to report this to HMRC, not your bank's.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
As a UK resident, you are liable for tax on your worldwide income. It is your responsibility to report this to HMRC, not your bank's.
Yes, my wife has quite a few royalty streams coming from overseas and it's a right pain to even know how to report it all.
For those who think that a young person can't legitimately make a load of money, I'm afraid that you're wrong. I wrote a computer game at school that made me twice as much as my teachers earned in a year, and I made jolly sure that they knew it! Nowadays with app stores, and even simple games able to rake in a fortune very quickly, it's not really much of a stretch of the imagination.
That's just one area that I know about, but there are dozens if not hundreds of other ways to generate a lot of money irrespective of age.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
My wife, many friends, and most of my colleagues are non-natives, and never, ever would one of them us "of" instead of "have".
They of course sometimes get a little tangled over our lack of regular verbs, but that's very different from our OP's appalling abuse of our language.
I think the OP's Engligh is actually well above average for an internet forum. Yes the 'Savings and Investments' Forum has brighter than average people on it, par for the course with people who have plenty of money to save, but I still think the OP's English is better than average for the MSE Forum in general.
And I know plenty of otherwise bright people who slip in 'of' instead of 'have'.0 -
Besides as far as I know HMRC have no right to collect the tax on it anyway, it's all processed through a foreign country and then gets transferred to my bank account in the UK having already been taxed by the foreign government.
So why are you holding cash and the money isn't already in a bank account?
If the money comes from a taxable source you'll have no problem in proving its origination then. To comply with money laundering regulations.
In fact to receive that amount in 2 years into an account you would have triggered the alarm bells.
The problem you face is that business standards in the UK are far higher than many others. So treating people as being stupid simply doesn't wash.0 -
Thrugelmir wrote: ».. So treating people as being stupid simply doesn't wash.
Seems to work well for MSM news.'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB0 -
The OP's source of income intrigues me now. I agree with gadgetmind that it's quite possible for somebody of this age to make quite a lot of money. Whether such a person would realistically be asking for help on this forum, though, I wonder. Still, there are absolutely people out there of this age who do find themselves earning what seems like a lot of money.
OP, if you are genuine, from what you say it sounds quite possible your tax situation is a mess which will one day come back to bite you in the posterior. As has been said, the UK government is typically the government to whom you should be paying tax and the government which has the right to tax your worldwide income. Following on from that, most foreign governments would not be collecting tax on your income - which may notionally be earnt in their country - under those circumstances. Your tax situation looks to be screwed up in two countries and that will surely have ramifications at some point.
If all this is true, it starts to make sense why banks might be reluctant to have you as a customer. Money coming in from abroad - to a personal account, presumably - to a person about whom HMRC have no record of earnings. That screams trouble to me. It would be a wonder for that not to have piqued some authority's interest.This is everybody's fault but mine.0 -
I agree with gadgetmind that it's quite possible for somebody of this age to make quite a lot of money. Whether such a person would realistically be asking for help on this forum, though, I wonder.
And why not?
Lots of people make lots of money at lots of ages. Do they always know how to invest/save/spend this money at those ages? I certainly didn't!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Thank you all for such positive responses, I must say the British public never ceases to amaze me!!!
It’s not really relevant where my funds come from as I was only seeking advice on storing them, but if you must know I make all my money from gambling. I make on average around £20k a month and that’s why my money has grown so quickly, this year alone I have made just over £60K (that’s why I gave up my job recently) I've only just come to realise how much I had and thought to myself that I really need to store it better.
HMRC can’t touch my money because gambling winnings are not subject to any tax whatsoever. In fact I spoke to HMRC only last month. I received a nice cheque from them last week!!
Oh to all the grammar Nazi’s on this forum, I couldn't care less what you think of my spelling.0 -
I don't think that was aimed at you, but a spammer posting to this thread. Gadget is one of the few giving you the benefit of the doubt.Gadetmind you can report me all you want just one problem, HMRC can’t touch my money because gambling winnings are not subject to any tax whatsoever. In fact I spoke to HMRC only last month. I received a nice cheque from them last week!!0
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