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Rocket21

Deleted Post.

[Deleted User]

Why can't you just pay the banking fees like any other business would?

ariba10

I know someone who’s relative runs a business and has the same problem.

The relative gives him cash and he transfers the same amount into the relatives account. No problem.

(Been doing it for some time)

molerat

No problem unless of course you are trying to divert your taxable business income through your relatives into your personal account.

PRAISETHESUN

Could you not just write yourself a cheque payable to your business and cut out the middle man? But otherwise as above, you'd probably want to be careful - it's generally not a good idea mixing business and personal banking as it can get very messy if it ever gets looked into in any great detail by HMRC, etc.

Davy_Jones_II

Legal, yes, but really inadvisable in terms of how you’ll explain this if questioned for taxes.

18cc

Perfectly legal and very sensible - just make sure you keep records in case your business is ever audited. If you have an accountant for your business, notify them of what you propose to do.

It is exactly the same as if you walked into your local corner shop and said if I write you a cheque can I have some money out of th till.

Major shops do it all the time - when you pay for your shopping you often get asked if you want cashback with the payment. It is good for them as they get rid of cash and don't have to bank it.

Rocket21

!!! wrote: »

Why can't you just pay the banking fees like any other business would?

Why would I pay the extra banking fee's of £250 - £300 a month if I don't have to. I'm not trying to pull anything shady here so It make's perfect business sense as long as it's legal.

Rocket21

Davy_Jones_II wrote: »

Legal, yes, but really inadvisable in terms of how you’ll explain this if questioned for taxes.

I'm not trying to hide money, everything is accounted for. I'm banking the exact same amount's as always just without the cash.

JimmyTheWig

If it's all above board then it's an obvious "yes".
What makes you think you wouldn't be able to? That might suggest where it might go wrong...

Herbalus

Where I am the cost for depositing cash for a business account is 0.7%. That’s £7 for every £1000.

I can’t help but wonder if your friends and relatives’ cash needs is enough to make it worthwhile. It’d take me years to spend £1000 in cash.