Mark Mason
Well-known member
Britain Proposes a Ban on Cash-in-Hand Payments
The Spring Statement presentation by the Chancellor of the Exchequer to the UK parliament argues to ban cash-in-hand payments including all those ranging from large tradesmen to babysitters.
Officials fear that citizens are using cash-in-hand payments to avoid taxes and criminals are operating in hiding facilitated by cash. The would-be newly generated revenues are estimated to be around £3.5 Billion GBP from the underground economy. The plan proposes that all workers maintain a written record of all work done in exchange for cash so they may be taxed at their respective individual rate. This policy reiterates the 2015 thoughts of former shadow chancellor, Ed Balls, who pontificated that he always maintains a written record because ‘it is the right thing to do’.
The statement considers countries that have similar policies such as France, Belgium and Spain that impose cash movement limits up to £13,000 GBP. Ministers and business leaders were quick to point out that these regulations could have the opposite effect and actually hurt innocent people more than they help. Chas Roy-Chowdhury, head of taxation at accountancy trade body ACCA even said that “we must be cognizant that we don’t want to [sic] things to become unnecessarily bureaucratic”.
Read more: https://www.dashforcenews.com/britain-proposes-a-ban-on-cash-in-hand-payments/
The Spring Statement presentation by the Chancellor of the Exchequer to the UK parliament argues to ban cash-in-hand payments including all those ranging from large tradesmen to babysitters.
Officials fear that citizens are using cash-in-hand payments to avoid taxes and criminals are operating in hiding facilitated by cash. The would-be newly generated revenues are estimated to be around £3.5 Billion GBP from the underground economy. The plan proposes that all workers maintain a written record of all work done in exchange for cash so they may be taxed at their respective individual rate. This policy reiterates the 2015 thoughts of former shadow chancellor, Ed Balls, who pontificated that he always maintains a written record because ‘it is the right thing to do’.
The statement considers countries that have similar policies such as France, Belgium and Spain that impose cash movement limits up to £13,000 GBP. Ministers and business leaders were quick to point out that these regulations could have the opposite effect and actually hurt innocent people more than they help. Chas Roy-Chowdhury, head of taxation at accountancy trade body ACCA even said that “we must be cognizant that we don’t want to [sic] things to become unnecessarily bureaucratic”.
Read more: https://www.dashforcenews.com/britain-proposes-a-ban-on-cash-in-hand-payments/