Results 1 to 9 of 9

Thread: Putting cash from stripping in the bank? - UK

  1. #1
    Newbie
    Joined
    Sep 2012
    Posts
    5
    Thanks
    0
    Thanked 2 Times in 2 Posts

    Default Putting cash from stripping in the bank? - UK

    So I've heard that if you're frequently putting large amounts of cash into the bank, as you would as a stripper, can cause all kinds of hassle?
    But if you can't put the money you've made from stripping in the bank...how do you pay taxes on it?
    This is probably a really stupid question and I'm sorry.
    I'm just wondering what you guys do with your money and how you put it into the bank without your bank making a massive fuss.

    I'm in England by the way.
    Sorry this might be stupid, I'm 17 so I don't know huge amounts about bank account stuff, and I'm just wondering because I'm considering stripping when I turn 18 and go to University. And I want to know everything I should before I start, if I decide to, so I can be prepared.

  2. #2
    God/dess shanna dior's Avatar
    Joined
    May 2008
    Location
    Canada
    Posts
    4,980
    Thanks
    621
    Thanked 6,894 Times in 2,672 Posts

    Default Re: Putting cash from stripping in the bank? - UK

    If you're paying taxes on your stripping income, there shouldn't be any problems in depositing the cash into your account. Your bank shouldn't make an issue (ie. asking where the money came from) unless you're depositing £5000+ or maybe a bit less if you seem "suspicious." An 18 year old depositing large amounts of cash on a regular basis may fall under "suspicious", so it's very likely you'll be asked at some point by a teller where you get all your money.

    Also, the money doesn't have to be in your bank account to pay taxes on it. Find yourself an accountant to help with that though.

  3. #3
    Newbie
    Joined
    Sep 2012
    Posts
    5
    Thanks
    0
    Thanked 2 Times in 2 Posts

    Default Re: Putting cash from stripping in the bank? - UK

    I think I'd rather put it in the bank than keep large amounts of cash in University accommodation.
    If they asked, and I said from dancing/stripping, would they be fine with that or would it cause any problems? Would it be better to tell them before hand to avoid being asked in the first place?

  4. The Following User Says Thank You to kittyhubbard For This Useful Post:


  5. #4
    God/dess shanna dior's Avatar
    Joined
    May 2008
    Location
    Canada
    Posts
    4,980
    Thanks
    621
    Thanked 6,894 Times in 2,672 Posts

    Default Re: Putting cash from stripping in the bank? - UK

    Quote Originally Posted by kittyhubbard View Post
    I think I'd rather put it in the bank than keep large amounts of cash in University accommodation.
    If they asked, and I said from dancing/stripping, would they be fine with that or would it cause any problems? Would it be better to tell them before hand to avoid being asked in the first place?
    That's very wise as it'd be too easy for someone else to get their hands on your cash in a dorm. Personally, I wouldn't bring up where the money came from unless asked. It's a legitimate job though, and by depositing the money, you're being even more legitimate about it, so the worst that I could see happening is a judgmental look from the bank teller.

  6. #5
    Newbie
    Joined
    Sep 2012
    Posts
    5
    Thanks
    0
    Thanked 2 Times in 2 Posts

    Default Re: Putting cash from stripping in the bank? - UK

    Awesome, thanks for your help
    I suppose a lot of jobs get paid in cash so they can't really stop people depositing large amounts.

    Also I was thinking about putting 50% into a normal account and having 50% put in some sort of saving account (not exactly sure of the exact terminology or way of doing this yet, I'd talk to someone at the bank about my options obviously). The savings would be money put aside for taxes, national insurance and saving a little. Does that sound plausible to you?

  7. The Following User Says Thank You to kittyhubbard For This Useful Post:


  8. #6
    God/dess shanna dior's Avatar
    Joined
    May 2008
    Location
    Canada
    Posts
    4,980
    Thanks
    621
    Thanked 6,894 Times in 2,672 Posts

    Default Re: Putting cash from stripping in the bank? - UK

    It's definitely a good idea to put aside money for savings, and putting half of it away would probably be enough to cover taxes, insurance, and leave a bit of extra for savings. Just to put things into perspective: 20% of your earnings will go towards taxes (if you earn more than £34,370, 40% of what you earn after that will go towards taxes), £2.65/week will go towards Class 2 National Insurance, and 9% of your earnings between £7,605 and £42,475 will go towards Class 4 National Insurance. If you earn more than that, it'll be 2% on those earnings. I could be off with the National Insurance contributions, so maybe someone else from the UK will be able to chime in.

    You should peruse http://www.hmrc.gov.uk/working/intro/selfemployed.htm to learn more about paying taxes while self-employed (dancers are independent contractors), but I really do recommend getting an accountant (at least for your first year) to help you make sense of it all and ensure you're doing it right.

  9. The Following User Says Thank You to shanna dior For This Useful Post:


  10. #7
    Newbie
    Joined
    Sep 2012
    Posts
    5
    Thanks
    0
    Thanked 2 Times in 2 Posts

    Default Re: Putting cash from stripping in the bank? - UK

    Thanks so much for the help
    I've already read that link, but thanks for it I've done lots of research on taxes and stuff like that, but wanted a confirmation from someone who probably has a better idea about them than I do. I figure even if I miss something out, saving 50% will leave me with savings that will probably cover it. So at the end of the year I can just get an accountant and have them sort it out

  11. #8
    God/dess
    Joined
    Sep 2006
    Posts
    7,964
    Thanks
    6,155
    Thanked 10,183 Times in 4,602 Posts

    Default Re: Putting cash from stripping in the bank? - UK

    Quote Originally Posted by kittyhubbard View Post
    I think I'd rather put it in the bank than keep large amounts of cash in University accommodation.
    If they asked, and I said from dancing/stripping, would they be fine with that or would it cause any problems? Would it be better to tell them before hand to avoid being asked in the first place?
    I agree it's better to put your money in the bank than keeping large amounts of cash around. You would be taking a big risk and possibly endangering yourself by keeping lots of cash around. You never know who could find out.

    I'm not familiar with the law in Britain, but I doubt the bank would ask where you're getting your money. I've never been asked that when I deposited money in the bank. As long as you pay your taxes, you shouldn't have anything to worry about. I also suggest, for your own safety, that you don't let many people know you have a high cash income.

  12. The Following User Says Thank You to eagle2 For This Useful Post:


  13. #9
    Featured Member smeca's Avatar
    Joined
    Jan 2011
    Location
    UK
    Posts
    1,150
    Thanks
    474
    Thanked 1,338 Times in 566 Posts
    My Mood
    Shocked

    Default Re: Putting cash from stripping in the bank? - UK

    Yes, definitely save some! Putting 50% away is great, I tried to put 20% aside specifically or taxes but i forgot about the NI and then I had to blow loads on moving house so I am kinda paying my tax bill out of my personal savings now

    There is no problem depositing cash. I've never been asked about it. If you're putting in thousands in one chunk regularly, maybe that would look suspicious, (but if you're making that much who cares! ). Just make sure to pay it in after every weekend you work (or however often you work) so it's not such a big amount- gets it safe straight away too.

Similar Threads

  1. No bank account- can I cash my checks?
    By Fallenangel2904 in forum Camming Connection
    Replies: 12
    Last Post: 10-04-2011, 12:54 AM
  2. Replies: 45
    Last Post: 04-20-2008, 04:11 AM
  3. Idea for how to stash your cash in the bank...
    By BrodieLux in forum Dollar Den
    Replies: 15
    Last Post: 03-29-2008, 05:24 AM
  4. Cash to Bank
    By quietstorm in forum Dollar Den
    Replies: 2
    Last Post: 02-23-2008, 11:47 AM
  5. Replies: 4
    Last Post: 08-20-2007, 09:44 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •