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UK groups advocate caution in tackling cash-related evasion

The UK government is mindful of the need to avoid unintended consequences for compliant businesses if any new proposals to tackle cash-related tax evasion are adopted, HM Treasury said …

In a summary of responses to consultation, Treasury reiterated its view that Making Tax Digital will result in more accurate and timely record-keeping and said organisations have indicated support for the reform. But it acknowledged that some respondents expect action to tackle tax risks associated with cash to have a limited impact on compliance because “the dishonest minority would continue to evade tax by other means”. My story for Tax Notes (paywall), May 7:

U.K. Groups Advocate Caution in Tackling Cash-Related Evasion