How much different from a 'normal price' should a wink wink cash discount be?
Jim K
- posted
9 years ago
cash discount
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- posted
9 years ago
Probably varies if it's no taxman wink-wink, or back of a lorry wink-wink ...
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- posted
9 years ago
If by wink wink you mean the illegal lack of vat as its not on the books mate, then it would be the vat I'd suspect. Brian
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- posted
9 years ago
Half the VAT I reckon - the trader is not doing it entirely for the customer's benefit :)
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- posted
9 years ago
If anything, more than the VAT, since the trader is benefitting by the payment not going through the books by more than the VAT amount - no other tax is going to get paid on it...
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- posted
9 years ago
Depends on what you are buying and from who...
Cash for a legit sale of a product from a retailer, rather than credit card? Couple of % saved in card fees.
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- posted
9 years ago
25-40% or so I reckon - it's not just VAT if it's cash in hand, it's income tax and NI.
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- posted
9 years ago
Unless its the business owner you are probably just buying stolen stuff.
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- posted
9 years ago
Depends on what the seller thinks of the buyer. If he considers him an idiot, he may have inflated the asking price in the first case.
Bit like those furniture etc advertisers on TV who have permanent sales ending next week. Have it on sale for the 'full' price at one branch in the middle of nowhere for a short time to comply with the law.
So if it's just goods, compare prices elsewhere. If it's more for services difficult to calculate. Hence getting estimates first.
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- posted
9 years ago
This sort of thing works best for services rather than goods - the latter involves a paper trail at some point.
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- posted
9 years ago
Processing cash isn't free if it has to be paid into a bank rather than just being placed in to back pocket.
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- posted
9 years ago
Just the VAT. That way you both win.
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- posted
9 years ago
Unless they catch up with the VAT registered seller. As happened to a pal of mine.
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- posted
9 years ago
This is also true - one of the reasons the supermarkets offer cashback on debit card transactions, it gets cash off the site for the small fixed fee of a debit card.
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- posted
9 years ago
That depends on lots of things, like did heget the stuff on the wink wink as well.
I'd not touch such things as if there is a garantee its not worth the paper it won't be printed on. Brian
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- posted
9 years ago
Even more so if claiming benifits. And for anyone to think it's worth the risk a 20% discount isn't normally enough.