A cash business & what about Amazon, Starbucks and Facebook & Co.

I remember earlier this year walking into a pub and approaching the bar in the usual way. I then stood and witnessed the bar manager pay his colleague for the days shift in cash, straight from the till!

To be clear a cash business is one that takes cash on a regular basis and these can include market traders to restaurants and in this case pubs; they can also pay their employees and suppliers in cash too. This is all fine and perfectly legal but it is illegal if you don’t report all your transactions, with a view to avoid paying your taxes.

The big question is not whether this is illegal or not. We all know the answer. But we know that the so called “black economy” is costing the British taxpayer several billions of pounds. So what is the difference between the various schemes used by some international conglomerates?

In my book it is pretty much the same; avoiding paying your taxes is unnecessary. If you run a business properly and if you get good advice you will be able to minimise your tax payments without all this nonsense. And if you run a cash business just make sure you keep good records and document everything – it is as simple as that

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AIMS Accountants for Business are the largest independent association of professionally qualified accountants in the UK specialising in accountancy for small, local and independent businesses.

AIMS are no ordinary accountants and we are more than just number crunchers!


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