Bank Acct frozen...bank not explaining
A friend of mine [honestly] went into bank to take out a large amt of cash that he had ordered [his business deals in a lot of cash purchases].
The bank wouldn't give him the money [the money was in the acct] and would only say 'we currently can't process your transaction'; when he pushed them they gave him a letter saying exactly the same thing. Basically his acct has been frozen and he can't find out why.
His solicitor seems to think that if it was the police they would have had to serve a notice on himabout it??
Is there something whereby the bank has reported him as potential money laundering and there is a 48 period for HMRC to make an assessment??? Or is it more likely that he has actually been on HMRC radar and they have frozen it??
He's a legitimate trader with about 25 Eastern European workers all about to go home tomorrow for xmas and he can't pay them!!! Similarly he has a lot of local suppliers that he can't pay??
His solicitor has faxed a letter to the bank expalining the effects...but is there a way he can find out for definite why it has been frozen????
- RBS asking client to switch accountant 38 3
- Increasing the personal allowance: A top priority? 602 26
- Excel formula 435 9
- Limited company 43 1
- Administrative restoration 114 2
- Flat Rate VAT and EU sales (Non VAT) 160 4
- Directors Remuneration 2014/15 and NIC Allowance and Excel Spreadsheet 63 2
- Companies House incorporation service 386 13
- Is Accountancy Becoming like an Insurance Policy 300 2
- P35 and Service Company questions 189 4
- VAT, vans, sole traders and business use. 1,616 13
- Bereavment payment 153 3
- Double tax treaty Italy and UK 116 1
- Anyone Heard of This Outfit? 1,167 7
- Can anyone advise on the best VAT Scheme to change to? 294 4
- Apologies for reposting this but first post was on Friday afternoon! 378 2
- CT600 Computations - Company Tax Return help 1,311 14
- Sage Bank Reconciliation 169 2
- Factors affecting tax charge FRS 19 (marginal rate) 91 1
- VAT chargeable to conference attendees 205 6
- Xtuple 550
- Qtac payroll for bureau 377
- Confused - Professional Association a Mutual trader, or not? 322
- Industrial & Provident Societies 315
- Why would HMRC offer to close an investigation by contract settlement 300
- CIS schemes 225
- Domain name sale and limited company 206
- Director legal fees in loose connection to the company 192
- Investment 189
- Italian friend wants to set up a UK company to reduce taxes 182