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Spring Statement Presents New Challenge to Cash-In Hand Payments

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How often do you accept payment in cash?

The cashless economy could be in serious trouble as new a proposal has suggested that receipts could be made completely compulsory in the UK.

Yesterday’s Spring Statement put forward the idea in order to tax cashless payments, potentially claiming £3.5bn a year.

This could mean trouble for the tradies who offer lower quotes in exchange for getting paid cash-in hand. Though some do it just to avoid paying tax, others simply need money more quickly.

This is hardly the first time that this kind of thing has been suggested. Ed Balls, Labour’s former shadow chancellor, brought it up in 2015. He claimed that he always asked for receipts, calling it the ‘right thing to do’.

Granted, paying your taxes is typically the smarter thing to do, but many businesses have warned that the impact of this could be disastrous for some.

Thank goodness wealthier people don’t do dodgy stuff to avoid paying tax. Otherwise this whole thing might sound hypocritical!

Written by WiseTradesmen

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