drag me to share Brookson
Free guide download Contact Us Live Chat Blog
  • New Business 0800 230 0213
  • Customer Services 0845 058 1200

HMRC has claimed that cash payments will prolong the UK's economic difficulties.

30 January 2012

Posted by James Curtis

Taxpayers and contractors working through a limited company are among those to have been warned against issuing and receiving cash payments.

According to HM Revenue & Customs (HMRC),keeping the cash economy going will have a detrimental impact on the UK's finances and ensure that the government's cuts go deeper.

Indeed, Dave Hartnett, permanent secretary for tax at HMRC, told the Daily Telegraph that those paying builders and other service providers in cash have no right to bemoan austerity measures.

"Tax provides the funding to run the country: hospitals, schools and everything else. Every time someone pays cash in order not to pay VAT, the nation gets diddled," he old the news provider.

"Cash has been a problem for a long time. The people who are worried about it should use our whistle-blowing line to tell us. We are getting better and better at finding people who receive cash."
 


By James Roberts

Find out more about 

Brookson's Solutions 

Limited Company Service
Sole Trader Service
Umbrella Company Service