HMRC analyses business credit card records

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HMRC has received the first data on credit and debit-card transactions of UK businesses, under new powers to reduce tax fraud.

After legislation in 2013, HMRC can access information from the UK’s eight merchant acquirers – the companies that process card payment transactions – to find out the number and value of transactions completed by a trader.

HMRC matches the data from merchant acquirers against taxpayer records to identify people who fail to report, or deliberately under-report, their business income.

No personal data identifying the card owners or card numbers will be obtained, but this data will be used to ensure that traders have correctly accounted for all taxes due, HMRC has said...

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Nick Huber
Freelance journalist
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11th May 2014 19:54

ebay and pay pal business
If you ain't got an accountant get one now

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By JC
12th May 2014 08:45

Or move to bitcoin ...

Especially if you are in the dark web or trading in porn, arms etc.

Then no-one can follow the money!

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12th May 2014 10:41

.

You wonder

a) there is actually anyone to look at it

b) if they do look at it they have any understanding of it

c) if they can understand the answers given in any investigations made as a result. 

For example one of my clients is a hosting company receiving 90% of income via debit card. They take 1-5 years income in advance, and therefore have a massive prepayment on the balance sheet. As they are growing year on year the sums booked via the cards will be much less than turnover....

 

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12th May 2014 11:34

NOPE

ireallyshouldknowthisbut wrote:

You wonder

a) there is actually anyone to look at it

b) if they do look at it they have any understanding of it

c) if they can understand the answers given in any investigations made as a result. 

For example one of my clients is a hosting company receiving 90% of income via debit card. They take 1-5 years income in advance, and therefore have a massive prepayment on the balance sheet. As they are growing year on year the sums booked via the cards will be much less than turnover....

 

Nope.

and while they are concentrating on this credit card report with No Names? how does that work?

they seem to miss the bleeding obvious.

like drug dealer on dole but driving the latest Audi

or

Accounts and tax so bad they may have as well stamped TAX EVasion all over them and they still would have ignored.

or

low profits but top of the range Range Rover

or the local builder on his 20th PPR

or the company director on his 20th company of non filling and striking off. Nice house though.

there are so many holes in their net it defies belief.

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