cash from till

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fraggle

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If you own a business, what are the rules regarding using money from the till for personal use?

Can you just take money here and there, or does it all need to be accounted for, as income?

Is there 'the law' and is there common practice? i.e.is it common practice to ignore any law that might be in place, when dealing with small amounts here and there?
 
You must keep proper books of account for tax purposes.

If you take out cash but account for it properly as drawings or net payments to a director of a company, it would be fine.

If you take out cash to defraud the Revenue, it's a criminal offence.

I think that Revenue or courts would not regard "it's common practice to ignore any law" as a defence.

Revenue might overlook some small things e.g. paying a window cleaner in cash and not having a receipt. But small unaccounted for takings from the till would make them very suspicious. It's just a bad idea.
 
Thanks, as I suspected.

It's not me BTW, I am worried for a friend. I'm not sure what amounts are involved.
And perhaps they are accounting for it.....
 
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