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Cash transfer question

I have a friend outside the UK who is owed money by a former employer and have offered to help out. The employer is willing to pay the money into a UK bank account (my personal account) so that I may then forward him the cash by international transfer with me invoicing the employer and the friend invoicing me. I will make no profit on this.

My only concern is that I may incur tax on this transaction. Is this something I should declare on my next tax return providing the paperwork to show it is not something that has generated income for me?

Jeff Mowatt

Reply to
Jeff Mowatt
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There are no grounds for your concern. No profit - no tax. The dosh will presumably flow through your personal bank account, so there is no need even to mention it anywhere. Just keep evidence showing that what went in also went out, so that, in the unlikely even that you might be investigated by the tax man, you can show that at least this transaction will have been kosher. I can't comment on any other dodgy dealing you might have....

Reply to
Ronald Raygun

Thanks Angela and Ronald,

Not a large amount, about 3000 and it's a one-off thing.

Jeff

Reply to
Jeff Mowatt

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