Proposal to ban cash payments?

[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.