Cash no longer king - how Britain makes a mint from cards
One of the surprise findings of the recent UK Budget was that the country's increasing removal of cash has given the Treasury a boost of £12 billion. That is because it is becoming harder for smaller organisations and businesses to avoid paying Value Added Tax (VAT). For example, a tradesperson such as a builder, plumber or electrician would traditionally submit a price for their work with VAT added on, as the government requires. Sometimes, there might be a negotiation between trader and buyer which meant the job could be done for "cash in hand" thus leaving out the additional 20% VAT, which ...