To think cash transactions above £250 should be banned

[coconuttella]

Because let’s face it, the vast majority of cash transactions above that level are done to evade tax in one way or another... and those cash transactions that aren’t could easily be done another way.

Its can also be cheeper for the business.
Say you sell crisps and snacks to pubs. The pub has a lot of cash, because lots of their customers buy in cash. If the landlord needs to take all the money to the bank, he gets charged for paying it in. If he pays his snack supplier in cash, he gets rid of some of the cash rather than have to keep it in the safe til he can get to the bank, AND he pays his invoices. He might also pay his staff wholly or partly in cash. If it's all invoiced and reciepted properly, what's the problem?

Nope.

I leave exactly what I need to pay the bills in my account and take the rest out.

That goes into designated funds. I pay everything except household bills in cash. And yes, that includes cars.

It's unreasonable to regulate how people get and spend their money even more, it's already ridiculous that I cannot choose to get my income in cash anymore, which I did until the very last day it was possible.

Your money is much harder to control by anyone else if it's in cash. It's ridiculously easy to control if it's just a number in a bank's programme.

Funds in banks can be frozen. Cash can not.

I have noticed a few shops pop up in my local area beauty and nail salons etc that state on the door cash only! Can't be legit surely, although if you think back to not long ago, not everywhere took card then anyway..

Elegant climb down OP it's always nice when people ask for opinions then listen and recalibrate their own views. Hope you're prepared for the millions of people who won't have read the whole thread though

Was an idea I had while getting up this morning. Perhaps you should have stayed in bed

DH got paid in cash when he was a SE decorator. Big Issue vendors get paid in cash, although ours has bought a card reader.

Crispy my mum couldn't, she doesn't do online banking. Plenty of people don't.

Yabu. What an odd assumption you have made. Do you know lots of tax evaders? I know lots of people who deal in cash but none who do so to evade tax. Maybe you just need to get to know more honest people?

bobsters it can be legit for a business to take cash only. It makes a significant dent in your takings to accept card payments. Nail bars are often a front for money laundering though so juries out on their motivations.

Hope you're prepared for the millions of people who won't have read the whole thread though

Fortunately it's a discussion thread where people can still discuss amongst each other even if the OP has changed her mind, and not one where the issue is moot as soon as the OP's issue is resolved. :)

Pmsl, how would you police it?

Most of our transactions are over £250 and the majority of them are cash.
Every single one, without fail goes through the books. 20% of each transaction is put into a separate account so when the tax man comes calling we aren't caught short.

Not every business person is a crook!!!

YABU - you are obviously in a position where you have good credit, a salary that gets paid into a bank account, a permanent address, credit cards, can pay all bills by direct debit without a care in the world and faith in the banks.

You have not been a victim of on-line banking fraud or an ebay scam or credit card theft - and if you have you have had the skills and confidence to sort it out. You have not had to beg and chase and hassle and threaten to sue to get the wages/salary that you are owed.

You know where you are with cash. Some people have no alternative. Others prefer it.

Your ridiculous assumption that anyone who is not like you is a tax dodger is just horrible, (and very inaccurate)

You do realise you're spouting a load of sanctimonious bollocks, don't you OP?

YABU. As an example from my own life, most private horse sales are still conducted with cash. You'd be an idiot to part with either money or horse at any time other that the actual point of exchange. And you can't rely on an instant faster payment at the time, because many sales will be taking place in the middle of nowhere with no wifi or 4G around. Plus, a lot of older generation horsey types aren't very tech savvy, so wouldn't neccessarily have access to internet banking anyway.

A typical riding horse would cost several thousand, possibly tens of thousands for something decent.

Crispy - so you paid the workman in cash therefore he must be dodgy.
You got paid in cash but that wasn't??

I often get paid in cash. Love it. So easy. Put in the safe, pay my bills through Paypoint sometimes, pay it into the bank sometimes.

All my work is receipted - my clients wouldn't have it any other way - and I pay my tax. But I don't have to wait months and keep re-sending invoices and chasing before I am paid.

I’ve been offered a discount for cash with the person quite open that they can do that because they won’t have to pay VAT/income tax

You do realise that many traders slap a percentage on top then take it off "for cash" because their customers expect and demand it?

It doesn't mean the money isn't going through the books, its a reflection of the customers' desire to avoid tax rather than the trader's.

idont yes I agree that people will still want to discuss the issues raised and that's perfectly reasonable. Piling on to call the OP sanctimonious or an idiot when she's already posted to say she's accepted she's wrong isn't reasonable though.

Haven't RTFT; after these two comments I was already shaking my head and wondering where you live

@coconutella People buy cars with cash? I sniff privilege lurking!

Maybe £250’s too low. £1,000 then If you propose something you should at least have good enough reasoning, and hopefully legitimate answers to queries or arguments.

What about people who get paid in cash?
Didnt know that still happened

Seems like there is a lot you didnt consider before starting the thread op?

Not from a private seller you haven’t A few £100s for an old banger, yes, we were prepared to take the risk and accept that the wheels might fall off on the way home.
Buying a 'young' car for £1000s, I would always go through a dealer as you have some respite if things go wrong, plus a warranty, and paying by card gives you extra security. I'd never risk handing over huge sums of money in cash to a stranger, especially as I'd have little redress if the car turned out to be dodgy.

As to using cash so as not to have your spending recorded, under FCA rules, banks are required to follow money laundering regulations and may well record what you've using the cash for. Cars are exempt from CGT, but things like jewellery are not, so selling for cash could get you into trouble.

Sorry OP - I missed your response saying that you'd thought about it. I still think it is worth discussing - it might be that we'll have no choice about it before too long. And that worries me.

Just because YOU don't do it doesn't mean it should be banned. We take all our cash out (that isn't allocated to direct debits) at the start of every month which we use for our supermarket shops etc and it's usually £300+. YABVVVU

Just thought of another example - I like to visit antiques fairs (eg newark) from time to time, but at these places none of the stalls have card payment facilities, and items costing well over £1k are not uncommon. Cash really is the only option here.

I was just coming on to say what @ProfessionalPirate had said!

I’ve bought and sold a fair number over the years. It’s 99% of the time always cash. For the kids ponies at £500-2000, and the nice 3 year old from the stud at £4000 and the jumper for £7500. The people buying and selling these animals don’t all have online banking, PayPal needs the internet and some people are crooks. I don’t let anyone leave my yard with a horse without the cash in my hand. And I wouldn’t expect to drive off with someone’s horse without handing over the cash value for it.