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Cashing up
Key points
- The use of electronic cash registers or electronic point of sale systems is not mandated by HMRC for retail businesses.
- Organisation for Economic Co-operation and Development research discussed the benefits of electronic systems.
- Electronic sales suppression devices enable businesses to alter or wipe the records in a cash register memory.
- HMRC’s use of best judgment to determine tax due when a business has not recorded all its sales.
- Cash remains hugely important for large numbers of people in the UK and the move to a cashless society is perhaps still many years away.
Aficionados of the 1970s sitcom Open All Hours will recall the unpredictable and often violent nature of the manual cash register operated by Ronnie Barker’s Arkwright and David Jason’s Granville.
Forty years on readers may be surprised to learn the use of electronic cash registers (ECR) or electronic point of sale (EPOS) systems is...
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