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Where Taxpayers and Advisers Meet

Do HMRC know what bank accounts & credit cards i have?

funnybunny
Posts: 1
Joined: Fri Apr 18, 2014 4:19 pm

Do HMRC know what bank accounts & credit cards i have?

Postby funnybunny » Fri Apr 18, 2014 4:25 pm

Hi, iam new here, so firstly i would like to say hi to everyone.
Unfortunatly, i have recently received a compliance letter asking for expenditure of the last 12 months & certificate of bank accounts operated in the last 6 years (Including credit cards?)

I was wondering if HMRC knows already what bank accounts & credit cards i have & how many?

Do i need to give them my private bank account & credit card details?

What can happen if i just ignore the letter?

Hope you can help.

wamstax
Posts: 1863
Joined: Wed Aug 06, 2008 3:39 pm
Location: Operate Nationally but based in Aberdeen
Contact:

Re: Do HMRC know what bank accounts & credit cards i have?

Postby wamstax » Sat Apr 19, 2014 9:07 am

Yes if they decide to get credit report in respect of you and are undertaking an enquiry into your tax liabilities.
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact can be obtained from website

wamstax
Posts: 1863
Joined: Wed Aug 06, 2008 3:39 pm
Location: Operate Nationally but based in Aberdeen
Contact:

Re: Do HMRC know what bank accounts & credit cards i have?

Postby wamstax » Sat Apr 19, 2014 9:11 am

and of course they have full details of all UK bank accounts where interest has been credited to you since roughly 2005-06 as a result of returns from the banks under S17 Taxes management Act 70.

Of course now they also have details of bank accounts held by UK residents in such far off places like the Cayman Islands, Switzerland, Lichtenstein, Jersey, Guernsey, Alderney, Sark, Isle of Man etc etc . Quickly becoming that nowhere is safe

They are even getting rents collected by agents on others behalf under S16 TMA70 so that they can start their next round of enquiries - bound to be prosecutions eventually
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact can be obtained from website

AvocadoK
Posts: 1232
Joined: Wed Aug 06, 2008 3:46 pm
Location: Lancashire

Re: Do HMRC know what bank accounts & credit cards i have?

Postby AvocadoK » Sat Apr 19, 2014 9:43 am


What can happen if i just ignore the letter?
They will issue a formal notice requiring the information, which will result in a penalty if you do not provide it within the required timescale, unless you have a valid basis to appeal against the notice. They will also raise tax assessments if they think tax is owed.

wamstax
Posts: 1863
Joined: Wed Aug 06, 2008 3:39 pm
Location: Operate Nationally but based in Aberdeen
Contact:

Re: Do HMRC know what bank accounts & credit cards i have?

Postby wamstax » Sat Apr 19, 2014 1:13 pm

Can I also say that sometimes HMRCs recent requsts for 6 years information is not reasonable. It all depends what they are after and just watch that they are not on a fishing expedition which is not allowed.
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact can be obtained from website

Feedback
Posts: 336
Joined: Thu Feb 23, 2012 10:26 am

Re: Do HMRC know what bank accounts & credit cards i have?

Postby Feedback » Sat Apr 26, 2014 3:54 pm

HMRC have a lot of weapons in their arsenal and will have a good idea of what accounts you have. be open with them and make their life easy, after all, to them it is a job and not personal. you'll be better off in the long run

wamstax
Posts: 1863
Joined: Wed Aug 06, 2008 3:39 pm
Location: Operate Nationally but based in Aberdeen
Contact:

Re: Do HMRC know what bank accounts & credit cards i have?

Postby wamstax » Sat Apr 26, 2014 6:20 pm

There have been a number of instances recently from personal experience where HMRC have not really been tailoring their requests to the specifics of each case and a blanket request for income and expenditure for the last 12 months and details of all bank accounts of the last 6 years smacks of a fishing expedition unless you know exactly what HMRC are after and you have failed to make correct and complete tax returns. In other words if you know what you have done wrong and need to disclose matters to HMRC get on and do it (without playing guess the answer) but if you have not done anything wrong then at least speak to someone that knows what they are doing in this context and then respond as will get you the best results.
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact can be obtained from website


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