Working my way around Monzo’s cash deposit limit?

It’s not necessarily to avoid tax - they could have the same problem with the deposit limit as you or may just want to avoid the hassle and cost of going to the bank. You need to choose between being accomodating to them and moving to an account with a larger deposit limit and saving yourself hassle by saying you don’t accept cash.

1 Like

Isn’t the whole point of doing cash work that it never has to see your bank account, and you can avoid the tax?

How well did that work out for people who found themselves out of work because of the pandemic, unable to claim SEISS/CJRS based on income they’d never declared?

4 Likes

Swings and roundabouts Dan. If your cash work is only comprising 10-15% of your overall, then happy days. More than that and cash just becomes a problem.

None of my business… But there were a lot of people using different percentages who have had a pretty bad time on minimum Universal Credit… wonder how many will start doing things properly now?

On an unrelated note, I see you’re new here - please post the first 5 and last 4 digits of your NI number so your account can be fully verified :smiley:

Thanks for your replies everyone! Like I’ve said earlier, what any of my clients do with their money is their business, whether hiding it from the tax man or just being old fashioned and preferring cash, it’s none of my business. I will accept BACS, Cash or Cheque and whichever that is, if it’s part of my business it will go into my books.

With regards to Starling Bank, I don’t know why I didn’t think of applying as before I went LTD I had a personal account with them where I deposited any business related income. I closed this down when opening proper business banking :man_facepalming:t2:
Unfortunately I’m unable to open another personal account with them as it’s been less than 12 months. And I signed up for a business account, filled everything in about my business and for some reason was rejected despite providing all information required. No real explanation as to why, all I can think of is they asked for my last three months company statements and business has been a little slow for three months so my income might not look too great for them. Though I have a few projects due soon and also plans to expand the business starting within a few weeks but extending greatly into 2022.

I’ve just re-applied giving them more information and company plans than before but I have a feeling I’ll still get rejected.

Any other recommendations if so? Anywhere where I can deposit at the Post Office will be ideal.
Or, would this be appropriate to deposit money into my personal account and then transfer into my business account? How does this work with accounting?

You could look at mettle. Apparently you can pay in at paypoint or post office