From UK need advice on how do I avoid getting into trouble from tax office govt?

[very_452001]

I recently overheard from a conversation with a accountant mentioning that opening a brand new bank account and withdraw from it using atm cash machine wont trigger bank's algorithms/red flags. Is this true or a myth?

Problem is having a £300 atm daily withdrawl limit means alot of trips to the cash machine which is tedious and long lol. Any advice?

The bit that gets triggered is when you deposit £50,000,000 out of nowhere into your bank account. And it'll look even fishier if it's a new account. It doesn't matter how you withdraw it.

Automatic flagging for AML checks is triggered when you send or receive an international wire transfer over the value of £10,000. That doesn't mean other conditions will not get an account flagged but in general, it is single large transfers rather than lots of smaller ones. Also, the source of the funds is important, if it comes from a UK private individual or company account it is better than coming from a crypto exchange's account.
Similarly when you withdraw taking out a few hundred a day from an ATM will be fine but if you walk into a branch and withdraw over £10,000 in cash then expect to get noticed.

Ok there was a reply earlier in the thread mentioning the safe amount is £11k. You sure its £10k not £11k?

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[gentlemand]

Ok there was a reply earlier in the thread mentioning the safe amount is £11k. You sure its £10k not £11k?

Are you thinking of the capital gains tax threshold? That's £11,300. There is no safe or unsafe amount. Maybe above ten grand might make them twitch, but if you got paid ten grand by one thousand different bank accounts they'd go loopier than ten and a half from one.

[TheQuin]

Ok there was a reply earlier in the thread mentioning the safe amount is £11k. You sure its £10k not £11k?

Are you thinking of the capital gains tax threshold? That's £11,300. There is no safe or unsafe amount. Maybe above ten grand might make them twitch, but if you got paid ten grand by one thousand different bank accounts they'd go loopier than ten and a half from one.

That's correct CGT £11,300 is nothing to do with what I was on about. The £10,000 limit is an automatic flag for an international wire transfer to be looked at for AML. As I said there are many other things that will cause your account to be looked at so just transferring £9,500 many times isn't going to work. But a single transaction of £10,000 or above means someone at the bank has to click a box to say they're happy it's not illicit money.

[darkangel11]

Ok there was a reply earlier in the thread mentioning the safe amount is £11k. You sure its £10k not £11k?

Are you thinking of the capital gains tax threshold? That's £11,300. There is no safe or unsafe amount. Maybe above ten grand might make them twitch, but if you got paid ten grand by one thousand different bank accounts they'd go loopier than ten and a half from one.

I have suggested that, but it's by no means a number you should rely on.

US transfers of over $10000 get flagged, so like I said it depends on the country. (...) That's why you can never be sure with these things.
(...)  They can get suspicious of even much smaller sums than €15k and could ask where you got it from. (crazy!)

If we're talking about a sum of yearly transfers that add to the amount that is below the tax threshold, usually nobody takes interest or tries to block it.
Think of it like this: there are millions of people with bank accounts living in your country and all of those people have some sort of income. You don't want to get targeted or linked to suspicious activity? Try to remain at or below the level of the majority. What that is? You have to answer yourself by looking at the society around you.

[gentlemand]

You don't want to get targeted or linked to suspicious activity? Try to remain at or below the level of the majority. What that is? You have to answer yourself by looking at the society around you.

No one needs to apologise or grovel for making large amounts of money. Millions of people do it every day. If your paperwork is in order and the bank has suitable forewarnings then there will be no problems.

This terror of it is starting to get on my tits. It's been done fine by many people. It will be in future too.

I've read quite a few tales of Brits depositing six figure sums from crypto sales without one single squeak. The ones who do have bank problems are the people selling 100 times a week on Localbitcoins.

[very_452001]

Ok many thanks for the useful responses. Is there anything else I need to know to stay safe and out of trouble?

[TheQuin]

This terror of it is starting to get on my tits. It's been done fine by many people. It will be in future too.

I've read quite a few tales of Brits depositing six figure sums from crypto sales without one single squeak. The ones who do have bank problems are the people selling 100 times a week on Localbitcoins.

That's a good point. When I said earlier that international transfers over £10k get flagged I should have pointed out that it isn't a big deal. It is something that has happened to me before (I used to work the US). All that happened was the wire didn't go through immediately and there was a few hours delay before someone at the bank approved it.
Unless you are actually funding a drug cartel or terrorist organisation you have nothing to worry about.

[gentlemand]

Ok many thanks for the useful responses. Is there anything else I need to know to stay safe and out of trouble?

Have you kept records? Do you have your old private keys, downloaded trade histories from exchanges, kept bank statements showing transfers? If you haven't then it's worth doing if you still can. That'll prove everything you need to prove in the event they want to see something more.

[very_452001]

International transfers over £10000 GBP or $10000 USD that gets flagged? There is a huge difference between these 2 figures when it comes to exchange rates.