"Here we have a man that would be the Chancellor who is wandering around saying Big Brother is going to watch you carefully that if you do any tax transactions and don't keep receipts, somehow they're going to punish you. I find that absurd," Mr Duncan Smith told BBC Breakfast.

A Downing Street spokesman said that The onus is on the trader who is responsible for paying the taxes that they owe.

Ed Miliband said that Labour was focusing on hedge funds, rather than hedge cutting.

I think were all clear: the hedge funds and hedge funds dealing with these issues is more important than the hedge cutters and I think that has been a clarity of view right across our Shadow Cabinet," he said at a speech on Labours business policies.

The Treasury minister David Gauke has previously said it is "morally wrong" to pay tradesmen such as plumbers, builders and cleaners in cash in the hope of avoiding tax.

It is not illegal to pay tradesman in cash, but Mr Gauke argued the practice came at "a big cost" to the Treasury if the tradesman failed to report the earnings.

In contrast to Mr Balls, Labour's shadow business secretary Chuka Umunna has admitted that he does not collect receipts for every financial transaction.

Mr Umunna said he had to "confess" that he has not kept receipts for "every single thing that I get people to do".

He told BBC Breakfast that keeping tax receipts is a matter of "good housekeeping and admin"

"If youre a small business for example, and you need to put in returns and youre claiming back tax on your VAT for example, you know its a good idea to keep a record of things, said Mr Umunna.

Link:
David Cameron has paid cash, but never helped someone 'evade' tax

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February 16, 2015 at 10:06 am by Mr HomeBuilder
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