- Joined
- May 2019
- Messages
- 6,542
Are we talking physical cash (pound sterling bank notes) or is the 50,000 GBP/year sitting in a bank account?
If it's cash and if you're in no hurry, fly with it to Cambodia and deposit in cash in a bank there, giving your Cambodian passport and UK address. When they ask for source of wealth, show them your 10,000 GBP dividends earning and explain you run a successful business in the UK. Spread it out over a few banks. Let it sit for a while. Gradually pool it together and wire into a broker.
It's not risk free but because your untaxed amount so greatly outweighs your clean, taxed amount, it'll be difficult to do the usual trick of using untaxed cash for day to day spendings and save/invest the rest. Be aware that this money laundering and you're setting yourself up for crimes far, far worse than just failing to pay tax.
The most sensible would be to declare your income to the HMRC, pay taxes owed and some penalties, apologise profusely, and move on with your life.
If the 50,000 GBP/year is sitting in a bank somewhere, you're a ticking time bomb.
BTW, if whoever is paying you the 50,000 GBP/year under the table gets busted, they might also find records of you and go after you that way, in which case having the cash sitting with a bank in Cambodia isn't going to help. In fact, it's going to make things a lot worse.

