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Banking Cash...


swinny
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It takes literally seconds to transfer money between accounts, you can add the invoice reference  to keep the accountant happy.

 

Sometimes I have to use my personal account to buy stuff for various reasons, I just move it over with a reference like ‘filters €25.98’ plus supply the receipt, everyone’s happy.

 

I know what you’re saying, but the OP asked about banking cash, and Lampy gave a great suggestion to save money.

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1 hour ago, eggsarascal said:

The idea someone would get paid cash and start shuffling about bank accounts to get taxed on that cash.

Eggs it makes F all difference.... the job is quoted for and invoiced. Payment in cash still needs to go in against the invoice. 

 

Problem in nowadays lot of older folks are still cash is king bollox. 10-15 years ago yes. Nowadays you need to put money through your account to draw it out. You need to earn enough to borrow money for house, equipment and all sorts. 

 

Some people may only get paid cash so have to bank it... or how do they pay their bills?

 

Time of life dictates things also. Have a young family, house and wife etc.... can't pay all bills with cash or hmrc want to know how you live.

 

50 odd year old working 3-4 days a week on the books and a day cash is different.

 

Depends how much ambition you have in life I suppose

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1 hour ago, Mick Dempsey said:

It takes literally seconds to transfer money between accounts, you can add the invoice reference  to keep the accountant happy.

 

Sometimes I have to use my personal account to buy stuff for various reasons, I just move it over with a reference like ‘filters €25.98’ plus supply the receipt, everyone’s happy.

 

I know what you’re saying, but the OP asked about banking cash, and Lampy gave a great suggestion to save money.

In fairness Mick, thats what i currently do, current account then to business account.... moneys hard earnt enough without giving the bank a chunk of it. Banks a pain to get to thus wondering if people use a building society etc or have other ways to kerb the inconvenience of getting it in the business

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55 minutes ago, swinny said:

Eggs it makes F all difference.... the job is quoted for and invoiced. Payment in cash still needs to go in against the invoice. 

 

Problem in nowadays lot of older folks are still cash is king bollox. 10-15 years ago yes. Nowadays you need to put money through your account to draw it out. You need to earn enough to borrow money for house, equipment and all sorts. 

 

Some people may only get paid cash so have to bank it... or how do they pay their bills?

 

Time of life dictates things also. Have a young family, house and wife etc.... can't pay all bills with cash or hmrc want to know how you live.

 

50 odd year old working 3-4 days a week on the books and a day cash is different.

 

Depends how much ambition you have in life I suppose

Nothing to do with ambition, you put through enough to make it legit, if you can get away with a bit extra so be it, Pound notes win every day, shame I couldn't get more work paid in cash.

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On 08/01/2020 at 21:15, donnk said:

are you crackers?

 

Why are you banking cash ?

 

You may as well ring up HMRC and tell them youve dropped your pants and are ready to be mounted.

 

Grow a pair and take the mrs away on it.

I would suggest that if HMRC decide to audit the books thoroughly (which they can do at random) they will get suspicious if they feel there are not enough cash payments being banked.

I sleep well at night regarding this. Not playing holier than thou here, just like to have no worries.?

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18 hours ago, maybelateron said:

I would suggest that if HMRC decide to audit the books thoroughly (which they can do at random) they will get suspicious if they feel there are not enough cash payments being banked.

I sleep well at night regarding this. Not playing holier than thou here, just like to have no worries.?

What gives you this assumption?, the last cash job I had was months ago, 95 quid for a domestic drain block, most everyone I work for pay me by transfer.I wish it was your way.

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3 hours ago, eggsarascal said:

What gives you this assumption?, the last cash job I had was months ago, 95 quid for a domestic drain block, most everyone I work for pay me by transfer.I wish it was your way.

That's interesting. I have often been surprised by how many of my customers want to pay with cash, even for jobs costing several hundred, and I had assumed this would probably be the case for most of us. I wonder if it perhaps varies from one part of the country to another.

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