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I agree. But if money is going through normal channels and normal currencies, then it's recorded & HMRC can audit it. If it's going through back-channels, alte
by tow21 11y ago
I agree. But if money is going through normal channels and normal currencies, then it's recorded & HMRC can audit it.
If it's going through back-channels, alternative currencies & bitcoins, it's still taxable, but HMRC can't see it so there's a huge temptation to not pay tax.
There's a reason your plumber offers you a discount for cash-in-hand :-) if it doesn't go through his books he's not going to pay tax on it. That happens with GBP already - surely more likely to with Bristol Pounds!
- deleted 11y ago[deleted]
- aries1980 11y agoAs you described, the issue is the nature of the transaction and not the currency. In mainland Europe, some banks offer accounts in alternative currencies. The only caveat is you can't use it outside the region or country, but this is the purpose of the alternative currencies, to keep and circulate the value inside the region.