{"id":3328,"date":"2018-03-20T12:57:54","date_gmt":"2018-03-20T12:57:54","guid":{"rendered":"https:\/\/www.holmesmedia.co.uk\/?p=3328"},"modified":"2021-01-07T10:29:08","modified_gmt":"2021-01-07T10:29:08","slug":"spring-statement-2018","status":"publish","type":"post","link":"https:\/\/www.boilerguide.co.uk\/trade\/blog\/spring-statement-2018\/","title":{"rendered":"Spring Statement 2018 Targets Cash-in-hand Business"},"content":{"rendered":"<p>On 13th March the Chancellor of the Exchequer delivered his annual Spring Statement. The statement is essentially a progress report on the changes made in the previous Autumn with forecasts and proposals for the future.<br \/>\nThis year\u2019s statement addressed a few areas of relevance to UK businesses, but one of the most significant proposals is a crackdown on the so-called \u2018black economy\u2019. The government estimates that approximately \u00a33.5billion is missing from the UK\u2019s economy; they believe this due to traders making cash-in-hand deals with customers in order to avoid paying tax on their earnings.<br \/>\nTo tackle the problem they\u2019re proposing two possible solutions:<\/p>\n<ul>\n<li>To introduce a cap on the size of payments which can be received in cash<\/li>\n<li>To make receipts compulsory for everything.<\/li>\n<\/ul>\n<p>Some business experts have expressed concerns about the proposals believing they could unfairly cripple businesses which are operating within the law but sometimes need to deal in cash.<br \/>\nHead of taxation at accountancy trade body ACCA, Chas Roy-Chowdhury, said: \u2018The Government should have no truck with tax avoiders but we must be cognizant that we don\u2019t want to things to become unnecessarily bureaucratic, for instance having to issue receipts for everything.\u2019<br \/>\nThe Spring Statement also outlined plans to make the next revaluation of business rates earlier by one year, taking place in 2021 rather than 2022 and then every 3 years from that point. This means that business rates will be recalculated more regularly and should be in closer alignment with property rental values.<br \/>\nThe government are also inviting the public and businesses to comment on some proposed future changes to the tax system including:<\/p>\n<ul>\n<li>Encourage less single-use plastic waste through the tax system with the money being used to create greener products and services<\/li>\n<li>Ensuring multinational digital businesses pay a fair share of tax<\/li>\n<li>Seeking new ways to support people and businesses who use digital payments while ensuring that those who need to are able to pay with cash and preventing the use of cash to evade tax and launder money<\/li>\n<li>Supporting people to get the skills they need by upskilling and retraining.<\/li>\n<\/ul>\n<div class=\"row cta-banner text-center \"><div class=\"col-12\"><h4 class=\"font-bold\">Does your business need more sales?<br \/>\nTry our lead buying platform today<\/h4><p class=\"pt-3 mt-4\"><a class=\"btn btn-success btn-fixed text-decoration-none font-bold py-2\" href=\"https:\/\/dashboard.boilerguide.co.uk\/register\"  target=\"_self\" >Try Us Today<\/a><\/p><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>On 13th March the Chancellor of the Exchequer delivered his annual Spring Statement. The statement is essentially a progress report on the changes made in the previous Autumn with forecasts and proposals for the future. This year\u2019s statement addressed a few areas of relevance to UK businesses, but one of the most significant proposals is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4964,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Spring Statement 2018 Targets Cash-in-hand Business - Boiler Guide Trade<\/title>\n<meta name=\"description\" content=\"The government&#039;s Spring Statement 2018 outlines proposed changes for cash-in-hand. 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