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Deleted Title .
Rocket21
Posts: 4 Newbie
Deleted Post.
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Comments
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Why can't you just pay the banking fees like any other business would?0
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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)I used to be indecisive but now I am not sure.0 -
No problem unless of course you are trying to divert your taxable business income through your relatives into your personal account.
Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.
Being hated by idiots is the price you pay for not being one of them.
Jean Cocteau 1889-1963
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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.0
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Legal, yes, but really inadvisable in terms of how you’ll explain this if questioned for taxes.0
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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.0 -
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.Davy_Jones_II wrote: »Legal, yes, but really inadvisable in terms of how you’ll explain this if questioned for taxes.0 -
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...0 -
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.0
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