Buying stock for cash is not a problem except for privacy

05 October, 2007

Q I prefer to pay cash when I buy stock from the warehouse. Recently one of my regular suppliers has started giving Customs details of cash transactions, including mine. They argue they are legally bound to do this. Is this true?

A In a bid to help fight duty fraud, warehouse keepers are now obliged by law to notify Revenue & Customs of any cash transaction of more than £9,000. They are also required to report any refused cash sales of £9,000 or more, and also have a duty to flag up any transactions where they suspect the buyer is trying to get around the law by splitting a large transaction into a series of smaller ones.

If you are not money laundering and paying duty, you have little to worry about, even though you might be a little uneasy about your loss of privacy.




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Rosé tinted glasses

I was asked recently what I thought the biggest change had been in wine fashion in the past five years. My answer was unequivocal: sales of pink wines. From being a niche that expanded and contracted with the sunshine, rosé has subtly but steadily become a stalwart of many merchants’ ranges, with Provence firmly at the top and asked for by name.

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