Do you bank everything you earn?

[Cazz]

I don't have a business account - I was under the impression that it's not necessary due to the low income/nature of our business?

One of my parents pays by childcare vouchers so that goes straight into my ISA account (try to leave it there for Christmas, in event of tax bill etc).

Three others pay me by cheque which I just pay into my main everyday current account and the other parent pays me in cash - sometimes I pay all or some of it into my account but often I keep it to use for shopping etc.

Am I doing wrong as it's occured to me that if the Inland Revenue wanted to inspect me I can't actually prove the amounts I've been paid.

I do give parents receipts and I fill in the section at the back of the NCMA accounts book which details each child's monthly fees but I don't get the parents to sign this.

[sarah707]

As long as you can show your income / expenses clearly in the event of an investigation you will be fine :D

[Cazz]

As long as you can show your income / expenses clearly in the event of an investigation you will be fine :D

So it doesn't have to be physically banked?

I suppose I was just a bit concerned if they didn't believe that the amount I put in my accounts book is the same as I was actually paid (it is by the way - to the penny!) - no doubt there are people who 'fiddle' their accounts.

[sarah707]

I get cash from a couple of parents and just spend it.

My accounts / incomings / invoices etc are right ... I always think it's up to me what I do with the money :D

[BucksCM]

Most of my parents pay by vouchers or bamk transfer, but one pays cash weekly. It doesn't go into my bank account but it does go through my books, so if checked, everything would be ok.
It's when people turn round and say "yeah I get paid cash and I don't bank it or put it through the books" .That's wrong!