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Discuss Proposal to ban cash payments? in the Electrical Forum area at ElectrciansForums.co.uk.

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  1. Gavin John Hyde
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    Gavin John Hyde Electrician's Arms

    Location:
    Somerset
    Business Name:
    Sulis Electrical Services Ltd
    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
     
  2. MDJ
    Offline

    MDJ The Muppet Police Trusted Advisor

    Location:
    Gloucester
    It wouldn't bother me to be honest, I was always squeeky clean and never hid anything, but I don't think banning cash payments is the right thing to do at all.
     
    • Like Like x 1
  3. Jay Sparks
    Offline

    Jay Sparks Trusted Advisor

    Location:
    Bratford
    It will be interesting to see how they would Police this! How do they know you have been paid in cash and how much it was? Are they going to stop people going down to the bank and putting money in their account? I just can't see it working.

    Jay
     
    • Agree Agree x 3
    • Like Like x 1
  4. Murdoch
    Offline

    Murdoch Electrician's Arms

    Location:
    Woking
    Can't see how cash payments can be stopped....

    That said there are few actual checks on the 4 million self employed ......
     
  5. Christopher Bernard
    Offline

    Christopher Bernard Regular EF Member

    As someone who has a card reader, was it a difficult process to get one? I speak as someone who's been intrigued by part of your post. The limit from reading the post is £13,000 which to be fair is pretty high.
     
  6. Gavin John Hyde
    Offline

    Gavin John Hyde Electrician's Arms

    Location:
    Somerset
    Business Name:
    Sulis Electrical Services Ltd
    to get a card reader i went on the sum up website paid my £29.99 and it came in post 3 days later, can start taking card payments via chip and pin or contactless for very small little jobs. money goes into bank account within 3 days and fees are around 0.65-0.75%.
     
    • Informative Informative x 1
  7. telectrix
    Offline

    telectrix Scouser and Proud of It Trusted Advisor

    Location:
    cheshire/staffordshire
    Business Name:
    Telectrix
    Cash is King. Long live Cash.
     
    • Agree Agree x 9
    • Like Like x 1
  8. Pete E
    Offline

    Pete E DIY

    Location:
    N Wales
    They have already done it in the scrap metal business to try to make it more difficult to dispose of stolen copper etc...
     
  9. Pete E
    Offline

    Pete E DIY

    Location:
    N Wales
    Have you found using a Card Reader has reduced the number of late payers etc as they can be charged on the spot so to speak?
     
  10. Gavin John Hyde
    Offline

    Gavin John Hyde Electrician's Arms

    Location:
    Somerset
    Business Name:
    Sulis Electrical Services Ltd
    unless it is a regular customer such as a landlord i work for who i invoice on a monthly basis and trust to pay me or other known customers, everybody else is payment on presentation of invoice/job completion. 90% of my work is domestic so customers have been fine paying via chip and pin on job completion so no late payers, I also like the fact it means i dont have to pop into town to the bank and park etc.. the <1% commission is less than the parking fees would be.
     
    • Like Like x 1
  11. Murdoch
    Offline

    Murdoch Electrician's Arms

    Location:
    Woking
    Our window cleaner swapped cash for bacs payments about 5 years ago .........................
     
  12. stevethesparks
    Offline

    stevethesparks Electrician's Arms

    Location:
    Northampton
    I just bank it, whatever the amount, and it goes in my excel accounts page as "paid in cash" not worth the hassle to save a few bob.
     
    • Like Like x 1
    • Agree Agree x 1
  13. SWD
    Offline

    SWD Gender neutral Electrician's Arms

    Location:
    London
    Damn, no more cycling around London with £20k in £50's to pay the builders...........
     
    • Funny Funny x 1
  14. westward10
    Offline

    westward10 In echoed steps I walk across an empty dream. Electrician's Arms

    Location:
    Northamptonshire
    Pat or Johnny.
     
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    • Like Like x 1
  15. Gavin John Hyde
    Offline

    Gavin John Hyde Electrician's Arms

    Location:
    Somerset
    Business Name:
    Sulis Electrical Services Ltd
    £50's... the government are looking into scrapping them.... so spend them whilst you can!
     
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