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Where Taxpayers and Advisers Meet

Historical transactions how long back can be chacked

honestman
Posts:5
Joined:Fri Jun 11, 2021 3:08 pm
Historical transactions how long back can be chacked

Postby honestman » Fri Jun 11, 2021 3:23 pm

Dear Everyone,

if someone that I know may have his income checked for the last 10 or 20 years and he wants to correct his tax returns submitted -- how long back can he go? The thing is he does not have his bank accounts ( the ones he had were closed 7-11 years ago). Would he still be able to retrieve those historical transactions? If he can not do it ( as he has been told by the bank THE BANKS SAID they may not be able to do that, BUT COULD BE WRONG INFORMATION) then could the HMRC do it? Can they retrieve the historical transactions on his behalf ? Like if the bank account was closed 7 or 11 years ago?

Thanks

honestman
Posts:5
Joined:Fri Jun 11, 2021 3:08 pm

Re: Historical transactions how long back can be checked

Postby honestman » Fri Jun 11, 2021 4:49 pm

Dear Everyone,

if someone that I know may have his income checked for the last 10 or 20 years and he wants to correct his tax returns submitted -- how long back can he go? The thing is he does not have his bank accounts ( the ones he had were closed 7-11 years ago). Would he still be able to retrieve those historical transactions? If he can not do it ( as he has been told by the bank THE BANKS SAID they may not be able to do that, BUT COULD BE WRONG INFORMATION) then could the HMRC do it? Can they retrieve the historical transactions on his behalf ? Like if the bank account was closed 7 or 11 years ago?

Thanks

Jholm
Posts:222
Joined:Mon Mar 11, 2019 4:22 pm

Re: Historical transactions how long back can be chacked

Postby Jholm » Mon Jun 14, 2021 3:33 pm

Why does he need to correct tax returns so far back?

If it is to collect a refund, HMRC will generally only refund for the 4 most recent years.

honestman
Posts:5
Joined:Fri Jun 11, 2021 3:08 pm

Re: Historical transactions how long back can be checked

Postby honestman » Wed Jun 16, 2021 6:49 pm

Basically he may want to get his RETURNS corrected himself. He does not know if can get statements ??
Guys, do you know if that is possible to get statements as far as that? A s banks refuse to cooperate.....

honestman
Posts:5
Joined:Fri Jun 11, 2021 3:08 pm

Re: Historical transactions how long back can be chacked

Postby honestman » Wed Jun 16, 2021 6:50 pm

The banks say its impossible to get transactions if the account was closed 7-11 years ago. They say only for the last 5 years possible. Would HMRC have the same access ^^^?? or different ???

honestman
Posts:5
Joined:Fri Jun 11, 2021 3:08 pm

Hey community , does anyone know at all about those historical things?

Postby honestman » Fri Jun 25, 2021 12:06 am

Dear Sirs, Madams and Madmaseiles,

Does anyone know about those historical transactions?


THANKS
MERCI BOKU

someone
Posts:521
Joined:Mon Feb 13, 2017 10:09 am

Re: Historical transactions how long back can be chacked

Postby someone » Fri Jun 25, 2021 7:33 am

It's almost certainly dependent on the bank but it's almost guaranteed that they won't keep records going back more than seven years.

Keeping data has a cost and, worse, answering things like FOI requests gets more and more complicated the more old data you have to be prepared to search.

I'd guess that in almost all cases banks will delete/destroy old data as soon as they are legally allowed to. It's much easier to say "We don't keep data that old" rather than "sorry, we'll have to send someone down the mine to search through all the old tapes to see if we can find some going back that far, then we'll have to extract them and have someone search through the data for your data and we might not find anything anyway"

(I'm not exaggerating, one place I worked at really did store their older backup tapes at a disused mine, I think it was a salt mine but it was so long ago now that I might be misremembering)

At least one of my banks keeps my entire last five (seven?) years of banking history available online. I'd be surprised if they keep any more offline.

etf
Posts:774
Joined:Mon Nov 02, 2009 5:25 pm

Re: Historical transactions how long back can be chacked

Postby etf » Mon Sep 06, 2021 11:57 am

someone-this article may be of interest.

https://www.accountingweb.co.uk/tax/hmrc-policy/mtd-itsa-your-questions-answered-landlords?utm_medium=email&utm_campaign=AWUKTAX060921%20with%20Expo%20takeover%20template&utm_content=AWUKTAX060921%20with%20Expo%20takeover%20template+CID_53d90eb147daf251918ae853e9f87d16&utm_source=internal_cm&utm_term=Read%20more

etf
Posts:774
Joined:Mon Nov 02, 2009 5:25 pm

Re: Historical transactions how long back can be chacked

Postby etf » Mon Sep 06, 2021 11:58 am

sorry-posted on the wrong thread. I'll repost.


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