Caporegime
That was last year, rules changed.
Just open a business account, it is much easier when doing tax return anyway.
£20,000 cash deposit limit from 1 July 2024?
- Thread starter Tech_Boss
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That was last year, rules changed.
Just open a business account, it is much easier when doing tax return anyway.
Not really sure how it tackles money laundering as paying drug cash directly into your personal account is hardly "laundering" it.
You would introduce it into a cash business as revenue and pay it in that way.
Sounds like the banks just want more of a slice of the laundering pie by charging business banking rates on the cash
True. I can't imagine walking down to see Dodgy Dave at number 345 fraudster road with 30k in a brown paper bag to buy his old rusty VW golf
Soldato
Im going to moan about this post
Soldato
I presume Barclays were expecting payments via card payments / bank transfer, not untraceable cash more than £20k a year
Soldato
@Tech_Boss Get your clients to pay by cheque.
Soldato
Because if he was a drug dealer and then pretends he is supplying "IT support" taking cash jobs, isnt that laundering?
Caporegime
Why? You would still need to put that cash into the bank to be able to convert to crypto. This is nothing more than sensible changes to prevent people dealing in a lot of cash and using the banking system. In this day and age, anyone handling large amounts of cash is almost certainly dodgy/avoiding tax.
Yes I await the people coming to tell me about honest Dave who just accepts cash because of his honest clients and definitely pays all his tax.
I’m not doing anything illegal or dodgy. I give my customers an invoice and deposit the cash. Then submit a tax return every year.
Card / bank transfer may be common place in London / other big cities. But in rural parts of Norfolk (especially coastal areas) people haven’t even seen a card machine let alone use one.
Card / bank transfer may be common place in London / other big cities. But in rural parts of Norfolk (especially coastal areas) people haven’t even seen a card machine let alone use one.
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You deposit your crypto on an exchange, you change that crypto into whatever currency you want, and use the banking system to transfer it to your bank account. Your not depositing cash, your doing an electronic funds transfer which doesn't have the £20,000 restriction I would assume.
I know plenty of self employed people that take cash in hand and don't declare it, are they breaking the law? yep? do they care? Nope. The numbers are too small to really even worry about, 100 self employed people taking £100 a week cash in hand, pales in comparison to the large scale money laundering taking place by big business.
And as said about by @Tech_Boss rural areas almost entirely rely on cash, banking services are few and far between, with more and more closing down every day. My nearest location for depositing cash is 3 miles away.
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Guess I don’t have much choice. Thanks for the advice.
Surely with no banking services locally available would be the incentive to not use cash.
I live in as rural an area you can get and deter customers from paying with cash as much as possible for that reason.
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Depends on your business and the facilities available to you, you may not have internet access or a reliable connection for taking card payments. Plenty of rural locations without phone signal or broadband services still.
Soldato
Blimey, sole traders will have to start paying their taxes soon if this carries on.
Soldato
Surely the real story in this thread is how does the OP post so many times and yet still shows as having 1 post count?
Yeah in some areas it’s a struggle to make a phone call on gprs / edge. My card reader needs at least a 3G connection.
Spot someone who either didn't read the OP correctly, or didn't understand it.
I'm glad they're making this change, hopefully more banks follow. If you're running a business and getting paid in cash then you should have a business account. I thought people would have learned that by now after the covid loans fiasco when banks were refusing to offer loans to businesses operating with a personal account.