A business has an outstanding debt for £20k. The debtor has offered payment in cash, can the business accept this?
It looks as if they will have to register with HMRC for AML supervision since the value exceeds 10,000 Euros.
This is the only offer and an HMRC audit was mentioned by the debtor.
The business has processed the VAT etc correctly and just wants to be paid now but is concerned that if they say No to the cash they will lose £20k.
I am not involved, this is a local bookkeeper's client and a prospect.
Does anyone have any experience of a client registering for AML supervision and could this cash be recovered if there were insolvency procedures in place?
Lastly, assuming the client registers and submits an NCA report then does the bookkeeper or my firm also have to submit one?