Tax Payment On My Cash Business

New businesses must register with the IR within 3 months. Don't forget Class 2 NI, if relevant.

Assuming your business started after 5 April 2003, any tax will be due by

There is no legal requirement to deposit cash receipts in a bank account. However, you need to maintain sufficient financial records to complete your Tax Return.

Thankyou very much for the reply. The problem of course is that when I recieve my cash payment I tend to spend my dosh. Its a hard job that I do, and I make alot of cash, but I tend to spend it fast as well. Its a fast life I live.

I thought whatever I do just keep a record of the money I get and stash enough to cover whatever tax I'm likely to have to pay.

You need to keep a record of your expenses, otherwise you will pay more tax & NI than you need. If you were to reserve 30% of your income for tax & NI, you should not be too far out - but this reserve may be better in a bank/building society to avoid the temptation of any spending impulses.

My initial thought was "troll". :)

Nonetheless, the questions had some general application.

Take no notice of that Saxton Geezer, he talks out of his Royal Arse, I'm not a troll and I appreciated your advice

True.

Peter Saxton from London snipped-for-privacy@petersaxton.co.uk

Are you really from time to time a geniune Gob S**te , if the moneys right.?

And does your breath stink?