Proposal to ban cash payments?

[Gavin John Hyde]

On radio last night they were discussing the idea that the tax man might ban cash payments for tradesmen/women.
The idea is that for jobs over a certain amount you would have to take card/cheque or bacs transfer. It will also stop cash in hand for a lower fee
They are supposedly going to be doing this in some continental countries and the UK are considering it.
Personally, I now use a card reader (£30 cost )and take chip and pin, it saves going to the bank and links in well with quickbooks. I pay a o.75% transaction fee.
What do people think about possibly going to cashless system? If you are not fiddling the books i guess you got no complaints but if you do the odd job on the side it could impact you.
Cash-in-hand payments could be banned in the Spring Statement | Daily Mail Online - http://www.dailymail.co.uk/news/article-5497783/Cash-hand-payments-banned-Spring-Statement.html

 

[telectrix]

Na sparks burnout,no chance of that,too many years spent cuddling wads of them,that is until they reside nice and comfortable in my home

There is no chance of them wandering into other peoples clutches,if someone decided to try and rob me,they had better be prepared for the stakes to be the winner lives

agree. a kop end kiss or a Rhondda rumble soon deters scroats.

 

[Des 56]

what's my uncle drac got to do with the thread?

View attachment 41362

Didn't know you are Ray Reardons nephew Tel

 

[telectrix]

not by blood, but he lived 3 miles from me in Stoke when he was at the top of the game.

 

[Des 56]

Great player was Ray in his time,dominated the opposition for quite a few years
Seemed to be a nice type of guy ?

 

[sparksburnout]

Great player was Ray in his time,dominated the opposition for quite a few years
Seemed to be a nice type of guy ?

What's this got to do with getting a bit of Pie and Mash?

 

[PEG]

not by blood, but he lived 3 miles from me in Stoke when he was at the top of the game.

I bet he tells 3 people a week,that story...

 

[the pict]

Wonder if there is a similar proposal for shady council contracts paid via brown envelops at the local asda car park, doesn't happen these days .... yeah right

 

[EalingBadger]

They’d have to ban cash. Simples!

And that is precisely what their end game is - to ban cash altogether.

 

[MDJ]

who says you going to pay a grand into the bank? keep it in house. beer and smokes for the next 3 months.

3 Months? a month uppp North surely.

 

[sparksburnout]

The idea behind all this "cashless society", is so that you have to have all your money in a bank account. Then, all our bank friends will get their heads together and make sure they all start to charge negative interest rates. They have already muted this. As long as they all do it, it won't matter if you threaten to go elsewhere, because, basically, you won't be able to. It's just a money making scheme driven by the banks, and it has to be opposed at every opportunity. It is obviously attractive to the likes of HMRC as then they won't have to try and chase up traders undertaking cash transactions. Fortunately, I can't really see it ever happening in the real world.

 

[Octopus]

And that is precisely what their end game is - to ban cash altogether.

No Government would try this ................ just a few years the bank tried to call "time" on cheques then back tracked.

There's no doubt that the amount of actual "cash" in circulation is reducing .......................... but it will never go away.

I can see a time when HMRC says that everybody has to have a business account and that XX% must pass through said account will be implemented......................

 

[sparksburnout]

No Government would try this ................ just a few years the bank tried to call "time" on cheques then back tracked.

There's no doubt that the amount of actual "cash" in circulation is reducing .......................... but it will never go away.

I can see a time when HMRC says that everybody has to have a business account and that XX% must pass through said account will be implemented......................

I thought they did anyway? Surely anyone working self employed, even on a part time basis, would have a separate business account? It would be a nightmare otherwise??

 

[buzzlightyear]

when they stop paying cash , bitt coins will come handy.
I will set up a off shore account for them .

 

[Dave OCD]

I'll accept payment in motorbikes.

 

[Octopus]

I thought they did anyway? Surely anyone working self employed, even on a part time basis, would have a separate business account? It would be a nightmare otherwise??

I don't think its mandated at all .............. willing to be proved wrong.

 

[Gavin John Hyde]

I can see a time when HMRC says that everybody has to have a business account and that XX% must pass through said account will be implemented......................

HMRC are already suggesting with the digital tax system they are developing and real time info now when you are paid, they now the moment the employer presses send!
they have suggested an app that tradespeople carry and issue invoices through the app, hmrc get a copy, you keep a copy and so does the customer. being digital it will feed into your accounts software and be used in the new open banking stuff coming on stream, you no longer need paperwork and they will know immediately what you have invoiced for. will stop people fiddling books they reckon! its coming its just a case of when!

 

[Octopus]

This is HMRC's latest comment on the situation

Making Tax Digital for Business - GOV.UK - https://www.gov.uk/government/publications/making-tax-digital-changing-the-scope-and-pace-technical-note/making-tax-digital-for-business

 

[Judd]

If cash payments are banned I imagine it being replaced by some other form of undetectable payment. Bitcoin or some other cryptocurrency?

 

[123]

This is HMRC's latest comment on the situation

Making Tax Digital for Business - GOV.UK - https://www.gov.uk/government/publications/making-tax-digital-changing-the-scope-and-pace-technical-note/making-tax-digital-for-business

So for a sole trader, under the VAT threshold, this doesn't apply?

 

[Octopus]

So for a sole trader, under the VAT threshold, this doesn't apply?

Yes, that's how I read it, but only until they've ironed out the issues

 

[EalingBadger]

If cash payments are banned I imagine it being replaced by some other form of undetectable payment. Bitcoin or some other cryptocurrency?

Bitcoin is not undetectable / untraceable.

 

[Judd]

Bitcoin is not undetectable / untraceable.

Other cryptocurrencies are though.

 

[EalingBadger]

Other cryptocurrencies are though.

And they are different from bitcoin in this respect because...?

 

[Judd]

And they are different from bitcoin in this respect because...?

XVG, XMR and PIVX to name a few can all be used anonymously.

 

[telectrix]

confused.