Too much cash in the house problem.

Pollycat · 27 February 2020 at 5:15PM

Pennylane said:

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.

But you did go on on this thread to say:

Pennylane said:

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.

If you feel it's your money and your business, why explain to posters on "the £20 note" thread in the first place?

Pennylane · 27 February 2020 at 8:56PM

Pollycat said:

Pennylane said:

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.

But you did go on on this thread to say:

Pennylane said:

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.

If you feel it's your money and your business, why explain to posters on "the £20 note" thread in the first place?

Because I started that thread. On THIS thread I was replying to the OP. The point I am trying to make (but which you seem to want to make an argument of) is that we should all be able to save our own money how we want. There was a time when cash was king but no more! I don’t think any of us should have to stand in a queue at a bank and tell a bank worker that the money we wish to deposit in our own account is made up from car boot sales, bingo winnings and unspent cash birthday and Xmas gifts.

Savvy_Sue · 28 February 2020 at 12:50AM

Pennylane said:

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.

Because while it may be your own money, you may still have to account for where it came from. Money laundering and drug dealing are both run on a cash basis. You have an explanation for how the cash has built up: use it!

Pollycat · 28 February 2020 at 9:12AM

Pennylane said:

Pollycat said:

Pennylane said:

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.

But you did go on on this thread to say:

Pennylane said:

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.

If you feel it's your money and your business, why explain to posters on "the £20 note" thread in the first place?

Pollycat said:

Pennylane said:

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.

But you did go on on this thread to say:

Pennylane said:

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.

If you feel it's your money and your business, why explain to posters on "the £20 note" thread in the first place?

Because I started that thread. On THIS thread I was replying to the OP. The point I am trying to make (but which you seem to want to make an argument of) is that we should all be able to save our own money how we want. There was a time when cash was king but no more! I don’t think any of us should have to stand in a queue at a bank and tell a bank worker that the money we wish to deposit in our own account is made up from car boot sales, bingo winnings and unspent cash birthday and Xmas gifts.

Then I regret your point on THIS thread wasn't clear to me.

It sounded to me like you were saying you shouldn't have to explain to posters on here what you do with your money.

I don't care what you (or anyone else) do with your money.

But as Savvy_Sue says - it may be your money but a financial institution may want to know where it came from.

But I doubt you would need to in these circumstances:

I don’t think any of us should have to stand in a queue at a bank and tell a bank worker that the money we wish to deposit in our own account is made up from car boot sales, bingo winnings and unspent cash birthday and Xmas gifts.

Blame it on the drug dealers etc.

MoneySeeker1 · 28 February 2020 at 9:29AM

I admit to just thinking "Just have a confident - OF COURSE it's all my rightful money and I'm using it/stashing it as I see fit" attitude. It wouldnt cross my mind literally that anyone might have any questions about how I obtain/use/stash my money - because it's only a low-level income anyway (all legitimately obtained - in pensions in my case). There will (well darn well better be....) a point where, if people did wonder why I have seemed to actually have a bit of money the explanation would be simple enough = no money needed for mortgage or rent, no student loan or service charges for my house, no children/grandchildren/pets, no car, no smoking. In other words my tiny bit of money (and obviously it's tiny - as it only about equates to National Minimum Wage) is my business and I literally don't expect anyone to even think questions/criticism about where I have it and what I spend it on. So any money I have at this level of income is down to extremely modest way of life and not any "funny business" of any description and so I'm surprised that anyone in this position would think anything other than confident expectations that no-one would even think to question it. £15,000 is not very much in actual fact (even if it's more than some people have).

If I had a good income (ie £40,000 pa upwards) then they might start wondering - but down at this low level - then "Why would it even cross anyone's mind to wonder, as I'm obviously such a respectable etc person?" is how I feel personally.

General_Grant · 28 February 2020 at 1:18PM

F2KSel said:

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.
. . .
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.

How many accounts do you have? If you are self-employed, you need a "business" current account and, as you have an accountant, that person needs to see them. But surely you have another current account for your personal, non-business use.
Do you not have a savings account into which you can pay cash directly? If not get one and use it.
Paying it all into your mother's account increases her estate at death. If you are not sure whose money it is, just pay it into one of yours as the chances of your mother predeceasing you are quite high.

Savvy_Sue · 28 February 2020 at 3:30PM

MoneySeeker1 said:
If I had a good income (ie £40,000 pa upwards) then they might start wondering - but down at this low level - then "Why would it even cross anyone's mind to wonder, as I'm obviously such a respectable etc person?" is how I feel personally.

Drugs gangs use children to run errands, including delivering cash and drugs. They're only children, how could they possibly be doing anything illegal?

Respectable older citizens have been convicted of drug offences and money laundering.

And actually, my mind would be going "how can she have so much cash when all she's got coming in is pensions?" far more on a low income than if you were earning £40,000.

I'd either stop hoarding cash now, or work on an explanation for where it's all come from before you DO need to pay it into a bank.

pickledonionspaceraider · 28 February 2020 at 3:43PM

I would just pay it all in to the bank in one go, bosh. Any questions, you have just sold an antique / car *insert other valuable item here - and got paid in cash

Problem solved.

Let them have an alert. I would kinda enjoy the high drama.

Take a flask of tea with you, in case it all kicks off

F2KSel · 29 February 2020 at 2:30AM

General_Grant said:

F2KSel said:

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.
. . .
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.

How many accounts do you have? If you are self-employed, you need a "business" current account and, as you have an accountant, that person needs to see them. But surely you have another current account for your personal, non-business use.
Do you not have a savings account into which you can pay cash directly? If not get one and use it.
Paying it all into your mother's account increases her estate at death. If you are not sure whose money it is, just pay it into one of yours as the chances of your mother predeceasing you are quite high.

I do have a business account, and current account with another bank I also have a two or three accounts where I just parked money.

I've got bonds and shares and ISA's, I've given up trying to move stuff around trying to get higher interest rates.

I don't think my mother will exceed the inheritance tax limit but I stand to be corrected.

I think you can now combine hers and my dads and that would be around 600,000, maybe with the house she has around £460,000

probably less now the stockmarket is down.

She also gave me half the house about 15 years back although there was some issues if that was legal or not.

Trallallero · 29 February 2020 at 5:19PM

Have you actually counted how many 20 £ you have?

What I would do is: instead of doing a big food shopping, I would buy 1 thing every day (possibly from different supermarkets) and always pay with a 20£, even if it’s 50p . Same with other expenses like oil for the car: split and pay with a 20£. Meanwhile, do a few trips to the bank (if you have accounts with different banks even better) to get rid of the remaining 20 notes.

Too much cash in the house problem.

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