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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4973
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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, My bulgarian friend asked me to use my bank account

Resolved Question:

Hello,
My bulgarian friend asked me to use my bank account to transfer money abroad. So I put £5000 cash in my account and transferred them the same day.
Do I have to pay taxes on that money?
I am self employed and I get paid via cheques
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

Please clarify for me.

Did you put your own money into your bank account or was the money given to you by your Bulgarian friend?

Do you know the source of money being transferred?

Many thanks
Customer: replied 2 years ago.

my friend's money to his account in bulgaria

Expert:  taxadvisor.uk replied 2 years ago.
Diana, thank you for your prompt reply and for the information.

Your question was "do I have to pay taxes on that money".

The short answer is NO.

But to safeguard yourself from any likely enquiry from the tax office...you should get a statement from your friend to confirm you have sent money to Bulgaria given to you by your friend. Your bank account was used for ease of convenience only. The reason I say this because you are self employed and you receive payments by cheque.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 2 years ago.
I thank you for accepting my answer.

Best wishes.

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