declare

TAKING CASH PAYMENTS | AVOIDING TAX



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hi guys and welcome to my channel today

we are going to talk about being paid by

cash now I was talking to a guy the

other day he's a carpenter and he set up

on his own I think six months ago

something like that and he's primarily

domestic he has done a little bit of a

commercial lot for you know one off

shops that kind of thing and he said to

me that he's been taking cash payments

and he's been he's finally consulted a

an accountant and they've told him that

he shouldn't really be doing that now

guys what we're talking about here is

taking a cash payment and not declaring

it just do not do it end of . don't ever

fall into the trap it just isn't worth

it . end of don't do it

i've been telling people this for

absolute years it's not worth anything

at all so basically it's quite simple if

you take a cash payment thank you me

wrong you can take a cash payment and

you can declare that and pay the tax on

it but what we're talking about is not

declaring it it's illegal your go to

prison it is that simple it will catch

up with you the taxman will not walk

away from this one they will go after

you it is a requirement to pay taxes a

legal obligation to pay tax in this

country just don't even think about not

doing it it is what it is a lot of

people have said that the to inevitable

things that happen in life are death and

paying taxes now i don't really like the

statement but it is true you got a paid

tax end of these taxes go to it's not

like you don't get anything out of it

they go towards things that benefit you

so yeah you've got a paying full stop if

you are thinking it up starting on your

own now i never fall into the trap of

customers of spit this is very specific

to domestic jobs simply because long

stories show

that customers seemed to think that if

they pay your cash it goes onto the

radar then they'll be getting a bit of a

deal because you won't be paying tax on

it so effectively you'll be 20% cheap or

whatever whatever it is right and that's

the theory behind it now I've been asked

by you know fair few customers you know

we do it cheaper for cash no it doesn't

benefit me in the past we consider

taking cash payments obviously declaring

it however is so much aggravation having

to pay into the bank is easier methods

being paid you know online backs

transfer we've got a card machine set up

you can call the office pay by card nice

and easy

we used to accept cheques we don't like

checks anymore because again it costs us

to pay checks in so we don't tend to do

that that is another method yeah I just

highly recommend stay away from it one

of the main reasons for it is because if

you're not paying tax on something and

it's going under the radar as it were

because you do it you're breaking the

law and it's illegal and if you ever

come to want it alone want to buy a

house or anything like that that money

doesn't exist it doesn't exist because

you don't pay tax on it so therefore in

the system you know you haven't got the

credit rating because you not being paid

it is ridiculous that people think that

is the way forward and anybody

absolutely anybody who takes cash

payment and does this illegally what is

ruin in the industry it allows customers

to kind of have this whole room people

well you know I'm not going to pay you

know the extra 20 percent whoever it is

because you know John down the road he

will do it for cash and you do it for

cheaper now on the flip side here for

the customer if they're paying cash

right and this thing's going under the

radar as it were then they've got no

warranty they've got mine come back if

anything ever goes wrong or anything

like that it's unprofessional stay away

from it it has a customer stay away from

it as you know a contractor stay away

from taking payments just don't do it

it's illegal . so you know that is

completely my view on it and i do hear

or for your company here and there who

you know who are doing that it's just

it's wrong on so many levels

because ultimately you want money to

come into your bank it you know you pay

taxes it's all part of it it goes

towards basically your your credit

rating you can't buy materials on

account and things like that if you

haven't got a good credit rating so

you're always going to be into this trap

so guys just absolutely stay away from

it and again anybody who's starting up

wants to start up and themselves or even

do a bit of private work on their own

again stay away from by all means be

paid cash but declare it how you're

supposed to it's a legal obligation now

and you what you can do you can go into

the WWE UK website and there's so much

stuff online so much stuff to go through

and if you need to look into this you

can consult an accountant or somebody

that you know who know you know is a bit

more clued up on it you can do that but

everything is online it's free it's made

there so you can pay tax because you got

to it's simple

so by all means one weekend evening or

whatever spend a bit of time researching

it taking notes down and if you then

want to go to an accountant or whoever

speak to them and ask what you're you

know your obligation I mean in the

beginning if you started up I do

recommend that you do consult with

accountant just so you get into the

flirting's and you might find that you

don't need an accountant to do as much

so therefore it costs you less but in

the beginning is really important it

will catch up with people I have known

people in a past to be done by customs

and revenues you know it happens and

there's a reason for it and anybody who

isn't paying tax isn't contributing to

the tax system and which affects other

people who are paying tax so yeah stay

away guys don't even bother they don't

even think that it's a good idea there's

no positive other than you thinking that

you get work but again what I find is

that with customers and the customers

that I've always worked for and you know

my returning customers they will do

things aboveboard as well so therefore

there's no problem there's no issue so

they they can

lately expect to pay the v80 you know

even v80 on things that we're not even

talking about tax as such but they

expect to pay it all and you know

they're the people that you want to look

for people who want to do things

properly surely so yeah that's my voice

and thank you for watching this video I

hope it's been of some use I know it

sounded like a bit of a rant going on at

you about don't take cash but the truth

is is it's illegal don't do it if you

haven't already subscribed to my channel

please do so and I'll see you on the

next video goodbye