Paying in Cash?
Headlines over the last week may have left you concerned that the use of cash was an illegal offence – especially if you are a tradesperson!
“This is – of course – rubbish!” says robinson+co’s Tax Partner Victoria Bishop. “The use of cash in business is totally acceptable; what is not acceptable is not declaring the cash takings to the Taxman.”
As long as you record cash takings and cash expenditure in exactly the same way as you do cheques, there is nothing to be worried about. We at robinson+co will pick up the cash transactions when completing your annual accounts – or your quarterly VAT if we prepare your VAT returns – and ensure everything is above board.
If you are unsure how to keep your business records you can always give us a ring and we can advise you on the best method of bookkeeping for you and your business - whether computer based or using pen and paper!
"We are confident that our clients are fully compliant in recording their cash transactions," continues Victoria, "but if anyone does have any concerns, they should contact us immediately, for it is always better to approach H M Revenue & Customs first, and not wait for them to knock - literally or metaphorically - on your door."
Contact Victoria, or your normal contact at robinson+co on 01900 603623 or 01946 693623 or 019467 25808 if you have any further queries.