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Sending money from one company to and other compan

Sending money from one company to and other company

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Hi, I hope it's ok to ask this question on this forum. I have 2 companies. One company is a crypto mining company and the other one is not crypto related.

The company that is not related to cryptos is looking to hire a video editor. The overseas video editor has asked to be paid in Ethereum.

Is there an issue if I send GBP from the non crypto company to the crypto company and then the crypto company send the Ethereum on to the video editor?

The non crypto company will not have access to any cryptos.

Would I be breaching my banks terms of service which says I can't be linked with currency exchange (including virtual currencies) or money transfers

 

Replies (12)

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By Kevin Kavanagh
20th Mar 2019 15:52

Surely you should be speaking to your bank?

Thanks (2)
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By vmail
20th Mar 2019 16:37

Ignoring the bank for now. I'm just checking if what I plan to do is legal. I tried asking HMRC but they are clueless, they even gave me the HRMCs secret phone number which should only be used internally by HMRC. I'm not sure who I should be asking as I'm new to this.

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Replying to vmail:
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By Tax Dragon
20th Mar 2019 16:57

vmail wrote:

I tried asking HMRC but they are clueless.

Your question is:

vmail wrote:

Would I be breaching my banks terms of service?

How would HMRC know any more than we do? As KK says, ask the bank. Else take the bank's terms of service to a solicitor and ask them.

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By andy.partridge
20th Mar 2019 16:55

The worst pitch for a super-hero movie I've ever seen.

Thanks (1)
Replying to andy.partridge:
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By Tax Dragon
20th Mar 2019 17:00

Bring back The Crypto Factor!

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By atleastisoundknowledgable...
20th Mar 2019 17:30

vmail wrote:

...asked to be paid in Etherium.

 

WTF? Isn’t that on the periodic table?
Yeah, I’m down with the kids & their lingo.

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Replying to atleastisoundknowledgable...:
By ireallyshouldknowthisbut
21st Mar 2019 13:00

Its a cryptocurrency. There are gazillions of them out there.

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Stepurhan
By stepurhan
21st Mar 2019 08:48

Tell them that you only pay in recognised national currencies. Unless they are an astonishingly good video editor, there is no reason to accede to such a request. If they won't bend, find someone with more sensible business practices.

Thanks (1)
By ireallyshouldknowthisbut
21st Mar 2019 12:59

Can you do it? Yes, if you book it right (ask your accountant), but I would be wary you are not unwittingly taking part in money laundering or tax fraud.

As for the bank, what they said above.

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Replying to ireallyshouldknowthisbut:
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By vmail
21st Mar 2019 13:35

Hi, there's no money laundering or tax fraud. The ETH has been mined by myself. I've listed a video editing job online. They requested the payment in ETH (He also mines coins). A UK video editor wants £30/hr, a 10 minute video would take 10 hours to edit (If it takes me 1 hour to edit each minute of video then a professional editor should be quicker), If I want a video a day it would cost me £9000 a month. Another editor from the Philippines will edit a video for $5 (£3.81) which would cost me $150 (£114.30) per month.
PayPal friends and family fees are £8.19 (including the hidden foreign conversion fees). However, PayPal has told me that I should use the more expensive goods and service transfer.
To send ETH it costs 0.01 ETH (£1.05). There are ways to cut the ETH fees futher but I will have to look into GAS and GWEI

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Replying to vmail:
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By WhichTyler
21st Mar 2019 17:58

vmail wrote:

Another editor from the Philippines will edit a video for $5 (£3.81) which would cost me $150 (£114.30) per month.
PayPal friends and family fees are £8.19 (including the hidden foreign conversion fees). However, PayPal has told me that I should use the more expensive goods and service transfer.

Hard to believe that you have got some one to do professional video editing for 50c/hour and you are quibbling about transfer charges! How much do you pay your accountant?

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By Haseeb Khan
01st Jun 2019 21:21

I Personally used Transferwise for money transfer from my company to another company. It was very quick and low-cost transfer.

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