What if clients ask: 'do you take cash?'

CASH IN HAND

clock

What would your response be to a client who wanted to pay you cash in hand, asks Mark Lisle, compliance manager of Rowanmoor.

Times change, as do sentiments. In the 80s, comedian Ken Dodd was acquitted of tax evasion, after £336,000 was found in cash in his attic, said to be the proceeds of a cash-based approach to his working life, in which he was accused of having avoided paying tax in a career that, at that point, spanned 35 years in show business. Jockey Lester Piggott was jailed for tax fraud and stripped of his OBE, and served over a year in prison. Take the recent matter of Jimmy Carr and the K2 tax mitigation scheme. This clearly was not Jimmy Carr's idea; he has been advised to use the structure in the...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Adviser tips

Editor's View: Looking back at the week that was PA360

Editor's View: Looking back at the week that was PA360

The editor's Friday Night Takeaway from 26 April

Hope Coumbe
clock 26 April 2024 • 1 min read
Editor's View: The consolidation news keeps on coming

Editor's View: The consolidation news keeps on coming

The editor's Friday Night Takeaway from 19 April

Hope Coumbe
clock 19 April 2024 • 1 min read
IFAs must grasp gender differences to grow female client base

IFAs must grasp gender differences to grow female client base

IFAs must communicate differently to build trust with female clients

Jenna Brown
clock 17 April 2024 • 2 min read