Undeclared income - using for House deposit

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Nulla

Guest
Hi,
I have in the past had undeclared income, both here and the UK, which I have saved to use for a deposit for a house. I am currently paying tax on all incomes now. But I am worried that the deposit may raise interest with the revenue as it is apx €60,000 should I be worried ?
 
Anti-money laundering authorities may be notified by banks and/or other parties to the transaction if they suspect that the money may not be above board.
 
Aren't all transactions above c. €12,700 notified as a matter of course and transactions below that too if the institution has cause for suspicion?
 
Nulla said:
Hi,
I have in the past had undeclared income, both here and the UK, which I have saved to use for a deposit for a house. I am currently paying tax on all incomes now. But I am worried that the deposit may raise interest with the revenue as it is apx €60,000 should I be worried ?
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If you're looking for advice on how to defraud the Revenue, i.e. your fellow compliant taxpayers, you've definitely come to the wrong place.
 
ClubMan said:
Aren't all transactions above c. €12,700 notified as a matter of course and transactions below that too if the institution has cause for suspicion?
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Yes-estate agents fall under the relevant legislation.
 
Practically most deposits paid on houses are likely to be over that limit ... as it is a normal, frequently occurring transaction in this country and the money probably built up in his savings account over a long period in small amounts would it look any different to any other house deposit? Am I right in thinking that it being notified doesn't mean it would be investigated just that it might be? Otherwise revenue must spend an awful lot of time tracking down the source of savings for deposits given the active housing market we have had. I don't think that it is right to avoid taxation it is a necessity that it is paid, I am just speculating that although the act of paying a deposit for a house might result in a large one-off transaction and notification it would be readily accepted as normal, particularly if the savings were built up over a long term.
 
If you pay by cheque/draft drawn on an Irish (and possibly EEA?) bank, then the amount won't arise suspicion as the funds would be deemed to be clean.

If you arrive with cash, it would be unusual if someone wasn't asking questions.
 
CCOVICH said:
If you pay by cheque/draft drawn on an Irish (and possibly EEA?) bank, then the amount won't arise suspicion as the funds would be deemed to be clean.

If you arrive with cash, it would be unusual if someone wasn't asking questions.
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Am I the only one who finds discussing ways for the OP to fly under the radar questionable?
 
Sorry, don't get me wrong, most of this money came from redunancy payment and genuine savings of taxed income - however I have had small additional incomes from time to time which were cash in hand and I am worried about them now.
 
I guess CCOVICH is just stating fact and not necessarily encouraging or condoning evasion.
 
Nulla said:
Sorry, don't get me wrong, most of this money came from redunancy payment and genuine savings of taxed income - however I have had small additional incomes from time to time which were cash in hand and I am worried about them now.
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Just a little bit of tax evasion? Ah sure why didn't you say - that's OK then...
 
KalEl said:
Am I the only one who finds discussing ways for the OP to fly under the radar questionable?
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I am pointing out the facts as they stand-I have not discussed any way for the OP to 'fly under the radar'.

And I don't make a habit of doing so-please recognise that.

Should they declare income earned in the UK? Yes.
 
Ok thanks, guess I should just sort out with revenue etc. Don't know how to go about this though as it is going back 4 years and as I say it was cash in hand payments. Thanks for your help
 
Nulla said:
Sorry, don't get me wrong, most of this money came from redunancy payment and genuine savings of taxed income
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If you had said this on your original post, rather than implying there that all the €60k was undeclared income, you might have avoided having other posters waste time making what now turn out to be irrelevant comments.
 
Your conscience will never be clear. The tax man just give me a bill of €500 from 16 years ago and I thought I was clear because I had used an accountant then. You will dread every letter with a harp on it that comes through the door. Pay up now, and they will still find something.
 
roker said:
The tax man just give me a bill of €500 from 16 years ago and I thought I was clear because I had used an accountant then.
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When? Just now, or recently? I would be surprised if it is enforceable given the state of their records & systems in the early 1990s. Have you asked them to write it off, or is it a cut & dried issue?
 
Ok thanks, guess I should just sort out with revenue etc. Don't know how to go about this though as it is going back 4 years and as I say it was cash in hand payments.
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Be very careful how you approach this. I wouldn't recommend dealing with these people directly. Go through someone with experience dealing with them.

Once you are on their radar, they are ruthless. They love easy targets.
 
Nulla said:
Hi,
I have in the past had undeclared income, both here and the UK, which I have saved to use for a deposit for a house. I am currently paying tax on all incomes now. But I am worried that the deposit may raise interest with the revenue as it is apx €60,000 should I be worried ?
Click to expand...


I wouldn't worry about it,I've never heard of anyone been asked to account for their deposit money to the revenue.
 
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