moving money to and from your own accounts

telecat

Ive just joined this forum because I have a worry about moving money around
To and from all my current accounts each month to fulfil the conditions for
earning the 3 to 5% interest as im sure a lot of people do the same.

at the moment im using 8 accounts which means around £6000 is being paid
into the accounts in total each and every month even though its just my own
money moving around. Now I was just wondering could this be wrongly seen as
Undeclared taxable income even though it isnt and find yourself getting some
questions from the inland revenue as its not clear from my statements
where this money is coming from .also im registered with the banks as a non
taxpayer, which I am at the moment.so even my own banks could be
suspiscious and ask questions.
hell, 6000 quid a month would be a lot of tax!
has anyone experienced any problems or am I worrying about nothing?

Thanks for any replies

MABLE

telecat wrote: »

Ive just joined this forum because I have a worry about moving money around
To and from all my current accounts each month to fulfil the conditions for
earning the 3 to 5% interest as im sure a lot of people do the same.

at the moment im using 8 accounts which means around £6000 is being paid
into the accounts in total each and every month even though its just my own
money moving around. Now I was just wondering could this be wrongly seen as
Undeclared taxable income even though it isnt and find yourself getting some
questions from the inland revenue as its not clear from my statements
where this money is coming from .also im registered with the banks as a non
taxpayer, which I am at the moment.so even my own banks could be
suspiscious and ask questions.
hell, 6000 quid a month would be a lot of tax!
has anyone experienced any problems or am I worrying about nothing?

Thanks for any replies

Thats has crossed my mind many times.

colsten

Stop worrying, there are no laws that say you can't transfer money between your own bank accounts, or that make such transfers taxable income. As and if you will be investigated by the HMRC, you simply show them your bank statements.

thenudeone

Of course it's not income.

Kendall80

telecat wrote: »

has anyone experienced any problems or am I worrying about nothing?

Thanks for any replies

No and yes

mgdavid

telecat wrote: »

...... as its not clear from my statements
where this money is coming from ........

don't understand this at all. If you use useful/meaningful References when you set the SOs up it will be perfectly clear from the statements.

polymaff

telecat wrote: »

has anyone experienced any problems or am I worrying about nothing?

Not me - and you certainly are.

As others have said, keep bank statements - that's good housekeeping, anyway - and give the payments meaningful references e.g. HX67369 if it is a payment coming from Halifax account xxx67369.

Atidi

MABLE wrote: »

telecat wrote: »

Ive just joined this forum because I have a worry about moving money around
To and from all my current accounts each month to fulfil the conditions for
earning the 3 to 5% interest as im sure a lot of people do the same.

at the moment im using 8 accounts which means around £6000 is being paid
into the accounts in total each and every month even though its just my own
money moving around. Now I was just wondering could this be wrongly seen as
Undeclared taxable income even though it isnt and find yourself getting some
questions from the inland revenue as its not clear from my statements
where this money is coming from .also im registered with the banks as a non
taxpayer, which I am at the moment.so even my own banks could be
suspiscious and ask questions.
hell, 6000 quid a month would be a lot of tax!
has anyone experienced any problems or am I worrying about nothing?

Thanks for any replies

Thats has crossed my mind many times.

It's never crossed my mind even once.

Transferring funds from one of your current accounts to another is not income, so it's not subject to income tax

(interest earned on each account is income however, and so is subject to income tax - usually the tax is deducted at source for basic rate tax payers)

Atidi

telecat wrote: »

Ive just joined this forum because I have a worry about moving money around
To and from all my current accounts each month to fulfil the conditions for
earning the 3 to 5% interest as im sure a lot of people do the same.

at the moment im using 8 accounts which means around £6000 is being paid
into the accounts in total each and every month even though its just my own
money moving around. Now I was just wondering could this be wrongly seen as
Undeclared taxable income even though it isnt and find yourself getting some
questions from the inland revenue as its not clear from my statements
where this money is coming from .also im registered with the banks as a non
taxpayer, which I am at the moment.so even my own banks could be
suspiscious and ask questions.
hell, 6000 quid a month would be a lot of tax!
has anyone experienced any problems or am I worrying about nothing?

Thanks for any replies

:huh:

I don't know how you are transferring the funds, but it's pretty clear from my statements where money in comes from and where money out is going to

Even if you were manually doing it all in cash (unlikely), you'd have pretty convincing evidence of cash out of one account and the same cash amount into another. Same for cheques (again, I don't think you are doing it this way)

zerog

I have £100000 a month going in and out and have had no problems.

telecat

Ok thanks for all replies , ill stop worrying then.
cheers.