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Too much cash in the house problem.

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Too much cash in the house problem.

24 replies 2.6K views
Between my mother 90 and myself 58 we seem to have over £15k in cash, before anyone jumps up and down claiming it's must be illegal it isn't.
The problem is I can't easily or possibly prove it, I've never had a credit card and mostly used cash for purchases except for business where I used cheque or debit card. 
I have always lived at home, yes it's sad, no holidays or flash cars.
The Tax office at one point wanted to know why I didn't spend much, I was actually spending even less than they thought hence the cash began to grow.
My parents  didn't want any money from me  for rent or food, I did give my dad a little for beer money but after his death  we found most of it in the wardrobe.
Some of the money was my mothers but I don't remember how much, she had a stroke about 14years ago and can't communicate, so I had to do all the banking.
I've drawn out some money over the years and if I got too much I just added it to the pot.
All the money has at one time gone through our banks and tax paid, I have around 500k in various bank accounts and shares, my mother around 250k.
These days I only work part time for something to do and make almost nothing I'm also caring for my mother since the stroke.
I don't know why my mother had large amount of cash, maybe worried by inheritance tax or banks going belly up.
Obviously with the change in the £20 notes this has become an issue and I don't want to loose it.
I was investigated about 20+ years ago (random inspection) and that cost me over a thousand pounds paying my accountant to deal with it and in the end they found I owed them nothing. I was a real night mare.

I really don't know what to do for the best.
 
 
   

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Replies

  • tacpot12tacpot12 Forumite
    3.3K posts
    1,000 Posts Fourth Anniversary
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    £15k is not actually that much cash in money laundering terms, and although the new £20 notes are starting to be rolled out, it will be a while before you will not be able to deposit the old £20 notes at a bank. 
    You are right to start thinking about this now, as you can drip feed the money into your respective bank accounts.

    If you pay £1500 into the bank every month, and then withdraw a bit of cash in new £20 notes from an ATM you will have this problem sorted before the £20 note change is an issue.


    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always check official information sources before relying on my posts.
  • F2KSelF2KSel Forumite
    27 posts
    Part of the Furniture 10 Posts Combo Breaker
    Thanks but from what I read  they're taking id's and when it gets over 1000 in total it triggers an alert it also looks dodgy.
    I did speak to my accountant he recommender just putting it in in my mothers name but I'm not so sure  as then they'll ask how has she got so much when she may not have taken that much out in the first place.
    Also just changing it for new ones just moves the issue back till the Queen dies and they change them again.

  • Savvy_SueSavvy_Sue Forumite
    41.4K posts
    Part of the Furniture 10,000 Posts Name Dropper I'm a Volunteer Board Guide
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    Well, if that's the case, rather than paying in £1500 each month, pay in £400 a week. 
    Still knitting!
    Completed: TWO adult cardigans, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees, 2 sets of handwarmers, 1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 3 balaclavas, multiple hats and poppies, 3 peony flowers, 4 butterflies ...
    Current projects: pink balaclava (for myself), seaman's hat, about to start another cardigan!
  • PennylanePennylane Forumite
    2.2K posts
    Part of the Furniture 1,000 Posts Combo Breaker
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    F2KSel said:
    Between my mother 90 and myself 58 we seem to have over £15k in cash, before anyone jumps up and down claiming it's must be illegal it isn't.
    The problem is I can't easily or possibly prove it, I've never had a credit card and mostly used cash for purchases except for business where I used cheque or debit card. 
    I have always lived at home, yes it's sad, no holidays or flash cars.
    The Tax office at one point wanted to know why I didn't spend much, I was actually spending even less than they thought hence the cash began to grow.
    My parents  didn't want any money from me  for rent or food, I did give my dad a little for beer money but after his death  we found most of it in the wardrobe.
    Some of the money was my mothers but I don't remember how much, she had a stroke about 14years ago and can't communicate, so I had to do all the banking.
    I've drawn out some money over the years and if I got too much I just added it to the pot.
    All the money has at one time gone through our banks and tax paid, I have around 500k in various bank accounts and shares, my mother around 250k.
    These days I only work part time for something to do and make almost nothing I'm also caring for my mother since the stroke.
    I don't know why my mother had large amount of cash, maybe worried by inheritance tax or banks going belly up.
    Obviously with the change in the £20 notes this has become an issue and I don't want to loose it.
    I was investigated about 20+ years ago (random inspection) and that cost me over a thousand pounds paying my accountant to deal with it and in the end they found I owed them nothing. I was a real night mare.

    I really don't know what to do for the best.
     
     
       

    I really don’t know why we have to explain to anybody why we keep cash in our homes do you?   I have explained  on the “£20 note” thread how my stash is made up and it’s my money and my business.  If I sell something I no longer want like dining chairs and i get paid in cash I am not going to rush to the bank to pay the money in.  I shove it somewhere. I like to pay the window cleaner in cash, the girl who does my nails, the hairdresser, I need cash for car parking, charity collections and items in the local shops.  I couldn’t live without cash personally.
  • F2KSelF2KSel Forumite
    27 posts
    Part of the Furniture 10 Posts Combo Breaker
    I used to think the same but over the last few years I've switched to buying larger things online apart from weekly shop and now some places won't even take cash or cheques so it's even more difficult to spend it.
    Although there are many things we need doing around the house I didn't want the fuss with my mother with the way she is.


  • PollycatPollycat Forumite
    28.2K posts
    Part of the Furniture 10,000 Posts Name Dropper Savvy Shopper!
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    Pennylane said:
    F2KSel said:
    Between my mother 90 and myself 58 we seem to have over £15k in cash, before anyone jumps up and down claiming it's must be illegal it isn't.
    The problem is I can't easily or possibly prove it, I've never had a credit card and mostly used cash for purchases except for business where I used cheque or debit card. 
    I have always lived at home, yes it's sad, no holidays or flash cars.
    The Tax office at one point wanted to know why I didn't spend much, I was actually spending even less than they thought hence the cash began to grow.
    My parents  didn't want any money from me  for rent or food, I did give my dad a little for beer money but after his death  we found most of it in the wardrobe.
    Some of the money was my mothers but I don't remember how much, she had a stroke about 14years ago and can't communicate, so I had to do all the banking.
    I've drawn out some money over the years and if I got too much I just added it to the pot.
    All the money has at one time gone through our banks and tax paid, I have around 500k in various bank accounts and shares, my mother around 250k.
    These days I only work part time for something to do and make almost nothing I'm also caring for my mother since the stroke.
    I don't know why my mother had large amount of cash, maybe worried by inheritance tax or banks going belly up.
    Obviously with the change in the £20 notes this has become an issue and I don't want to loose it.
    I was investigated about 20+ years ago (random inspection) and that cost me over a thousand pounds paying my accountant to deal with it and in the end they found I owed them nothing. I was a real night mare.

    I really don't know what to do for the best.
     
     
       

    I really don’t know why we have to explain to anybody why we keep cash in our homes do you?   I have explained  on the “£20 note” thread how my stash is made up and it’s my money and my business.  If I sell something I no longer want like dining chairs and i get paid in cash I am not going to rush to the bank to pay the money in.  I shove it somewhere. I like to pay the window cleaner in cash, the girl who does my nails, the hairdresser, I need cash for car parking, charity collections and items in the local shops.  I couldn’t live without cash personally.

    As far as I can see, nobody on this thread has asked the OP to explain why he/she keeps cash in his/her home.
  • Rabbit24Rabbit24 Forumite
    46 posts
    10 Posts
    Why not pay some of it into the bank each week as suggested by other posters (maybe even open a couple of new accounts), and use the rest for general living expenses, until you run the money down? It should only take a few months, especially if you are in the habit of paying all your household bills in cash.
    Personally I wouldn't keep that much cash in the house as it really isn't safe, especially as your mum is elderly and vulnerable. My mum had her cash savings stolen, several thousand pounds, although she would never tell me exactly how much she lost. After that I made her promise to use her savings account, but when she died there was still over 2K in cash in the house. I'd never keep more than £200.00 - £300.00 in cash myself and most of the time i don't have anything near that amount.
  • GersGers Forumite
    8.1K posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    When the father of a friend died late last year a large amount of cash was found stashed in various places around his home.  It was just paid into the bank without a problem as the staff knew him.  You may be asked where it came from but that's about it.  Bank staff know that the very elderly (as well as others) like to keep cash.  Worry not!
  • PennylanePennylane Forumite
    2.2K posts
    Part of the Furniture 1,000 Posts Combo Breaker
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    Pollycat said:
    Pennylane said:
    F2KSel said:
    Between my mother 90 and myself 58 we seem to have over £15k in cash, before anyone jumps up and down claiming it's must be illegal it isn't.
    The problem is I can't easily or possibly prove it, I've never had a credit card and mostly used cash for purchases except for business where I used cheque or debit card. 
    I have always lived at home, yes it's sad, no holidays or flash cars.
    The Tax office at one point wanted to know why I didn't spend much, I was actually spending even less than they thought hence the cash began to grow.
    My parents  didn't want any money from me  for rent or food, I did give my dad a little for beer money but after his death  we found most of it in the wardrobe.
    Some of the money was my mothers but I don't remember how much, she had a stroke about 14years ago and can't communicate, so I had to do all the banking.
    I've drawn out some money over the years and if I got too much I just added it to the pot.
    All the money has at one time gone through our banks and tax paid, I have around 500k in various bank accounts and shares, my mother around 250k.
    These days I only work part time for something to do and make almost nothing I'm also caring for my mother since the stroke.
    I don't know why my mother had large amount of cash, maybe worried by inheritance tax or banks going belly up.
    Obviously with the change in the £20 notes this has become an issue and I don't want to loose it.
    I was investigated about 20+ years ago (random inspection) and that cost me over a thousand pounds paying my accountant to deal with it and in the end they found I owed them nothing. I was a real night mare.

    I really don't know what to do for the best.
     
     
       

    I really don’t know why we have to explain to anybody why we keep cash in our homes do you?   I have explained  on the “£20 note” thread how my stash is made up and it’s my money and my business.  If I sell something I no longer want like dining chairs and i get paid in cash I am not going to rush to the bank to pay the money in.  I shove it somewhere. I like to pay the window cleaner in cash, the girl who does my nails, the hairdresser, I need cash for car parking, charity collections and items in the local shops.  I couldn’t live without cash personally.

    As far as I can see, nobody on this thread has asked the OP to explain why he/she keeps cash in his/her home.
    I didn’t say it was anybody on this thread Pollycat. I meant we shouldn’t have to explain to banks etc why we are paying our own money in.  
  • F2KSelF2KSel Forumite
    27 posts
    Part of the Furniture 10 Posts Combo Breaker
    Thanks for all the replies, but being self employed if I pay cash into my account it needs to be accounted for at the end of the year.
    You have to show all bank statements.
    If it's regular deposits then that looks like a steady undeclared income and I read where you can only pay £20 notes into your account not just exchange them  and as soon as the cumulative deposits go over a thousand pounds it sets off the  alarms so drip feeding it won't work
    They probably will allow more than a thousand  with just a simple explanation but that still leaves me with a load cash still to get rid of.
    Even stopping the cash growing is difficult as I haven't taken much in the way of living expenses this year from my accounts.

    The only real options I see is splitting it and both putting half in each account.
    Put it all in my mothers account.
    Or wait till she passes away and say I found it.










     


     
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