Bank demanding that I change mortgage

Claw Hammer

brisan wrote: »

So I go to Kilkenny for a weekend.
I cant use cash ??????
I go into Cassidy travel and book 2 weeks in the canaries and I cant pay cash over a few weeks ?????
i have done both numerous times
As was said Revenue have bigger fish to fry and its easy to hide 400 a week
Christ a meal for 2 and a few pints in a pub is 80-100 euro
The pub will gladly accept cash
I am not talking about laundering hundreds of thousands of drug money every week
Do not forget 14k is tax free anyway

The 14 K is only tax-free if you declare it. There is no suggestion anything is being declared of this €400 week. If you declare 14 K and it turns out that you earned 20 K, the whole 20 K is taxable. If you been to Cassidy Travel and paid with cash, Cassidy travel will have your passport details, name and address and destination recorded. For some reason you turn up and revenue audit have little doubt they will find it.

LawBoy2018

victor8600 wrote: »

Unless the individual needs a Tax Clearance certificate for something, or the Revenue does a random check. Then the Revenue may chose to nitpick on any amount. I had to return something like €50 of the rent tax relief because I stopped renting halfway during one year.

Yes but we're talking about actual cash here, not tax relief actually provided by Revenue.

Bellview

XsApollo wrote: »

I presume the insurances are void also if you are letting instead of living in it?

Just tell insurance company it’s a rental.. then covered. The insurance can be kept separate from bank

Claw Hammer

LawBoy2018 wrote: »

I repeat: I don't condone tax dodging, it's immoral. What I'm saying is that anyone who thinks the revenue have the time/resources to be analysing the amount of money people are spending on fuel/coffee live on another planet.

The revenue have algorithms and large amounts of data so the resources needed to identify something calling for a further check are absolutely minimal. They can access bank accounts and various other pieces of information very easily. Motor vehicles are one of the first things the revenue look at. I was the purchase monies sourced and how are the running costs paid for? In the digital footprint there is often dated that will show something that the tax dodger assumes has been forgotten about.

Astro127

Claw Hammer wrote: »

The 14 K is only tax-free if you declare it. There is no suggestion anything is being declared of this €400 week. If you declare 14 K and it turns out that you earned 20 K, the whole 20 K is taxable. If you been to Cassidy Travel and paid with cash, Cassidy travel will have your passport details, name and address and destination recorded. For some reason you turn up and revenue audit have little doubt they will find it.

True they would be stupid not to declare 14k a year as it is tax free , then again if they are they can declare the 14k and keep the 6k in cash and not declare it .

I would say they are more then likely not renting to Irish people aswell as they would be asking questions about giving them cash and try set up a bank transfer each month.

Astro127

Claw Hammer wrote: »

If you buy petrol with cash, it stands out as relatively few people buy petrol with cash these days. The car has to go for an NCT periodically which will show the mileage done since the last NCT. It will be quite obvious to any tax inspector that petrol has been bought for cash. Going on holidays is going to require bookings and use of debit cards. If someone is out of the country for a period or even in the country and there's no sign of spending, it is a dead giveaway. Whatever chance there is of covering up a few points are cups of coffee €400 a week is a massive amount to cover up.

Do revenue actually look into all that so if you are not spending your weekly wage on things they come after you lol . What if people do nixers most weeks and spend that on petrol and save up for a hoilday.
Or someone gets lucky in the bookies and wins a couple of grand and uses that to book a hoilday and buy other things .

GreeBo

brisan wrote: »

If you have a good job its not very hard to disguise 400 a week .
How much do you spend a week on
Socialising ,petrol ,take aways coffee ,holidays etc .
Its not that difficult

Isnt that exactly the point, if you are using all this cash to pay for things no money will be coming out of your bank account.

Thats when Mr Revenue asks you how you are paying for food.

Claw Hammer

Astro127 wrote: »

Do revenue actually look into all that so if you are not spending your weekly wage on things they come after you lol . What if people do nixers most weeks and spend that on petrol and save up for a hoilday.
Or someone gets lucky in the bookies and wins a couple of grand and uses that to book a hoilday and buy other things .

When the revenue do in order to look at all bank statements and they will look at lifestyle generally. They will ask for money has come from to pay for things they know about. They will ask questions such as where have you been on holidays in the X period of time? Look at bank statements often shows as much by what is not in it as by what is in it. If it is known that some items have been paid for and there is nothing in the bank statement then there must be a source of cash.

LawBoy2018

GreeBo wrote: »

Isnt that exactly the point, if you are using all this cash to pay for things no money will be coming out of your bank account.

Thats when Mr Revenue asks you how you are paying for food.

The point is, Revenue aren't going to know whether you're living off beans on toast 7 days a week, or if you're spending €100 per day on food in nice restaurants unless you pay for everything with your card.

Claw Hammer

LawBoy2018 wrote: »

The point is, Revenue aren't going to know whether you're living off beans on toast 7 days a week, or if you're spending €100 per day on food in nice restaurants unless you pay for everything with your card.

You have obviously never tried it. Paying €100 cash in nice restaurants on a daily basis will make you stand out. There will also be records of your bookings and your mobile phone will give away your location. How do explain your in an ice restaurant every day of the week and you been telling the revenue that you have been living on beans on toast?

KaneToad

awec wrote: »

What part?

You think Joe Bloggs in the bank can open up Witcher's accounts whenever he wants and see what you're spending your money on?

My mate got an entry level job with one of the pillar banks. He used to delight in telling us how much money so and so had in their current a/c. This was a good few years ago...I assume things have changed now.

LawBoy2018

Claw Hammer wrote: »

You have obviously never tried it. Paying €100 cash in nice restaurants on a daily basis will make you stand out. There will also be records of your bookings and your mobile phone will give away your location. How do explain your in an ice restaurant every day of the week and you been telling the revenue that you have been living on beans on toast?

In theory, I agree with you wholeheartedly. In practice, to whom would it stand out to? Nobody cares. Reverting back to my original post, the Revenue will have no idea as to how/where said person spends his cash unless he has been reported to the Revenue. Even then, without receipts, it would be very difficult for them to account for where the/how much money was spent.

Bandana boy

We all agree he should pay his taxes , but ye are now arguing that assuming he is ambivalent he should still pay as he will get caught.
I personally think the chances of getting caught are small but the maths on it would be

pay your taxes , Cost ~ 3K a year
Do not pay and get caught , then taxes and fines will amount to ~ 13K a year payable within 30 days or incur more penalties

I think on likely-hood of being caught then the odds would say to gamble but the cost of getting caught could be more than our unlawful gambler can afford to pay.

h2005

Claw Hammer wrote: »

You have obviously never tried it. Paying €100 cash in nice restaurants on a daily basis will make you stand out. There will also be records of your bookings and your mobile phone will give away your location. How do explain your in an ice restaurant every day of the week and you been telling the revenue that you have been living on beans on toast?

I think you're going a bit OTT now. Recordings of bookings and mobile phone locations? It's the revenue investiagting a tax liability of less than 6k not a murder investigation!

L1011

Detailed tax discussions are not really relevant here

Graham

Mod Note

off topics posts deleted. Please take the tax discussion to the appropriate forum or start a separate thread.

Claw Hammer

h2005 wrote: »

I think you're going a bit OTT now. Recordings of bookings and mobile phone locations? It's the revenue investiagting a tax liability of less than 6k not a murder investigation!

Where are you getting 6k from? It is 20k a year over a few years with interest and penalties added on. Could easily reach 100k in 3 or 4 years.You have obviously never had a tax inspector asking about your lifestyle.

Pkiernan

Claw Hammer wrote: »

You have obviously never tried it. Paying €100 cash in nice restaurants on a daily basis will make you stand out. There will also be records of your bookings and your mobile phone will give away your location. How do explain your in an ice restaurant every day of the week and you been telling the revenue that you have been living on beans on toast?

Here we go.
Thread has now jumped the shark.