Paying in CASH jobs to bank account

[PowerFlusher2]

hi thanks for the reply, just worried about tax man like shouldnt you put everything you earn into the bank?

You can put the money where you like mate, put it on the horses or buy lottery tickets. It is how you ACCOUNT for it through your books is what matters. You MUST record it as being RECEIVED into the business arising out of business activity and you MUST record it as GOING OUT of the business. What you spend it on allows Mr Taxman to decide if it was an operating cost to the business (reduces profit, reduces tax bill) or personal spending (taking profit, increases tax bill) - in general terms.

 

[kirkgas]

Fairy lights in my bedroom Kirky :smile:

There's just so much that could be said and not enough time to say it

 

[helpsy]

You'll have to beware of burning the future notes with a% of plastic in them...cough...cough!

 

[diamondgas]

I can't remem the last time I withdrew cash since being self employed :/ ......

Me too I record paying myself wages in cash to accomodate any question of why I no longer withdraw cash!

 

[Dotty]

Not comfortable with this in open forum......

 

[Killy Bing]

Not comfortable with this in open forum......

+1!!!!!

 

[helpsy]

HMRC have probably been monitoring sites like these since they became active.

 

[mfgs]

Right now its in private, people can be more honest about there cash transactions haha.

 

[tamz]

Personally i don't take cash and never have. I used to like payment in kind which as far as i know isn't taxable and if it is they were all pysh and not worth a button.
But these days my head is in a different place so i never know what i want :smile:

 

[helpsy]

Having recently got a card payment machine, I really only want to take card now.