I do not think the Government has given this a thought
Do the HMRC really think that each and every small traders has a business bank account, have they even thought of the taxi drivers, market traders, takeaways,plumbers, builders etc who still do their business on cash basis mostly to save the ugly bank charges. How do the HMRC think the bank will cope with that, welcome to massive underpayments of taxes. Most of small traders do not understand or have the time to do basic bookkeeping so how on earth is this going to work. All HMRC have done has kept everyone guessing how this is going to work and yet they themselves have not thought about it in debt.
My answers
I do not think the Government has given this a thought
Do the HMRC really think that each and every small traders has a business bank account, have they even thought of the taxi drivers, market traders, takeaways,plumbers, builders etc who still do their business on cash basis mostly to save the ugly bank charges. How do the HMRC think the bank will cope with that, welcome to massive underpayments of taxes. Most of small traders do not understand or have the time to do basic bookkeeping so how on earth is this going to work. All HMRC have done has kept everyone guessing how this is going to work and yet they themselves have not thought about it in debt.