What to do with coins

Still stihl waters 3

Hi all, I'm self employed, since 07 I've been collecting all my coins in a big bottle, the last time I cleared it out was 07 and there was over 10k in it, my question is when it's ready to empty again can I put this money straight into the bank, it's from already declared income so what are the tax implications of lodging an amount like this, many thanks

SuperBowserWorld

No tax implications. It's your money and you paid tax earning it.

Lodge money. Get receipt to state it was coins. Take a picture of coins.

Party 🤣

Still stihl waters 3

https://www.boards.ie/discussion/comment/120002511#Comment_120002511

Ok thanks, so I can lodge straight into my private account, I thought there was a process with the bank where they notify revenue? about lodgments over a certain amount

black & white

I think you're correct about that, I got a refund from Revenue a few weeks ago and when I went to lodge the cheque (3k) they asked me who it was from - I laughed and pointed where it said Revenue Commissioners on the cheque, the lad apologised and said he had to ask regardless.

Still stihl waters 3

https://www.boards.ie/discussion/comment/120002670#Comment_120002670

Thanks, whilst the money is above board i don't know if I want to be dealing with accountants and Revenue if it'll draw them down on me

black & white

One option is to use one of the machines that give you notes instead of coins (in some supermarkets and they charge about 10% commission) and then you have notes, much easier to use. I did notice recently when clearing my credit card bill in the post office is that they didn't ask any questions about where I got the cash, 'twas 3 or 4 grand but no hassle at all.

Xander10

Some going that.

You can't be doubly taxed on earnings. Just get receipt from bank that it was coin.

It must be some weight.

elperello

The bank will charge you to lodge large sums in coin.

Why not just take some out each day and use it as you go?

28064212

https://www.boards.ie/discussion/comment/120002660#Comment_120002660

They do notify Revenue of unusual lodgements. That doesn't mean you're going to get a knock on the door some day. Revenue know what they're looking for, and two lodgements of ~€10,000 14 years apart are not going to be ringing alarm bells anywhere.

phormium

Have you an Ulster bank account? One of their big advantages is their coin machines but you must lodge the money to a UB account. Don't know if any other banks have them. You just tip in the coins uncounted and it counts them and issues slip showing total which you take to counter and lodge to your account. Great yokes!