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Where Taxpayers and Advisers Meet

Private Bank Statemtents

Posts: 5
Joined: Wed Aug 06, 2008 3:01 pm

Postby clifftopcharlie@hotm » Wed Mar 26, 2003 11:01 am

Unfortunately l have been the subject of an in-depth tax inspection, although l have declared my private bank accounts and the amount of interest paid on these accounts, l have now been asked to produce bank statements. The inspector already has all the statements relating to the business. Am l legally bound to produce these private statements and if l fail to do so what action could they take.

Huw Williams
Posts: 285
Joined: Wed Aug 06, 2008 2:18 pm

Postby Huw Williams » Wed Mar 26, 2003 2:31 pm

This is a really tricky question.

Technically, the Revenue can ask for any documents supporting the information in the return and so you could argue that all they need on your private accounts is the interest certificates.

But disclosure might mean that the enquiry can be closed much quicker. And if you have used private accounts for business transactions then the Revenue could be entitled to see them as part of the business records anyway.

If in doubt find a specialist to help you through the maze.

Huw Williams

Posts: 1
Joined: Wed Aug 06, 2008 3:06 pm

Postby tibbyterrier » Tue Nov 04, 2003 6:29 am

A tax investigation has been going on into my partners accounts for the last 15months and even though for the year in question (99/2000) we had been living together for under a year the tax people still had all my personal bank statements off of me, this was my personal account, nothing to do with my partner or his business. They have been through everything and even though nothing specific has been found the inspector has said she has come to the conclusion that my partner actually earnt £15000 more in the year in question, this has no foundation or evidence behind it, but they have now charged interest and surcharges on not only the year investigated but another 5 years without even looking at the accounts. I think it's best to give them anything they ask for but the do seem to make up things for their own satisfaction anyway if they can't find anything. We've now got to go to a commissioners hearing as they have now totted everything up to over £21,000 even though nothing has shown up!!!!!!!!

Posts: 5
Joined: Wed Aug 06, 2008 3:10 pm

Postby butterflywings » Fri May 21, 2004 1:06 pm

I am in a similar situation. since Dec 2004, my return for 2001/2002 has been under enquiry, although I have a tax advisor, they are now asking for my boyfriend'S bank statements. He is a married man who has gifted me cash payments in the region of £3,300 throughtout the course of that year in small gifts of £50 sums. I now have to get 2 or so bank statements from him. Can the IR insist on bank statements in this situation?

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