Sold my motorbike, am i ok to put the cash in the bank (tax)

[armyash]

Ok I sold my motorbike this weekend and these questions might seem stupid but I don't know

The lad gave me cash.

Do I have to pay tax on this?

I want to put the money in the bank but don't want it to look like I'm getting cash from jobs and not paying tax.

I'm thinking that it should be ok but you never know. The fact that I have the log book signed by the new owner with dates etc should prove that the money came from the bike sale?

Thanks

 

[townfanjon]

Yep no probs, just keep the receipt in case anybody ever asks

 

[rpm]

You shouldn`t have a problem but if it gives you peace of mind then photocopy the logbook before you send it off and keep with the receipt for the bike sale then you can prove it wasn`t business related.

 

[newcastle phill]

Id be careful.
If you want I can keep it for you.
Just post it here

 

[Simon F]

was you claiming anything against tax for the use of the bike?
for example using to call round for supplying quotes, and then putting some cost to the business?

If it was just for personal use then use the cash as you like.

 

[plumben]

as long as you can prove where you got the cash from then you can do as you like with it, I wouldn't worry

 

[armyash]

Just personal use and I can prove where the money came from.

Before I registered self employed I wouldn't have given it a second thought but now I feel the need to double check all this type of info.

Thanks for all the replies.

 

[AWheating]

just put it in your private account and not your business and you will not have to account for it when your books are done.