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HMRC Tax - Bank Accounts

Can HMRC see bank accounts?

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Can HMRC see how much we have in our bank accounts at a touch of a button?

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03rd Dec 2019 18:59

HMRC don't have routine access to bank accounts. Why, is there something you don't want them to know about?

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Replying to JDBENJAMIN:
By Tax Dragon
04th Dec 2019 06:29

Hey, lighten up. Suzi just has a rich friend who wants someone to help them evade tax. Suzi's not doing anything wrong, unless it's some sort of crime to agree to hold someone else's money as trustee?

Obviously doing a runner with the money if the friendship turns sour would be an offence - though one that would come with an unusual quantity of schadenfreude.

Possibly if the trust is not bare, Suzi will need to file trust tax returns.

And I guess Suzi could be guilty of conspiracy to defraud or something - though as you know I'm no legal expert. It would be hard to prove that, I should imagine.

It's quite refreshing to have the question asked by the would-be trustee. We've seen similar a few times from the point of view of the would-be evader.

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By Slim
03rd Dec 2019 20:19

You seem paranoid, might be worth coming clean and sleeping easy.

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By SXGuy
04th Dec 2019 07:21

The two questions you have posted suggest your worried about something. My advise would be to speak to an accountant. If your worried that you have done something wrong I'm sure it can be fixed with minimal effort.

Banks do report to hmrc regarding accounts which have a certain level of bank balance. I'm not sure on exact figure I think it may be anything over 10k in a 12 month period. Whether this gets cross checked is anyones guess. But I'd say it was unlikely.

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Hitch photo
By Kevin Kavanagh
04th Dec 2019 11:12

This isn't linked to your 'friend's' query of a couple of months ago by any chance?

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By 356B
04th Dec 2019 11:44

Suzi23 has blocked her "Questions" section, so I can't see how many times she's asked similar questions (at least two yesterday).
I suspect she suffers sleepless nights "Sifting" through AW posts.
HMRC have access to all bank accounts/savings schemes/shareholdings lists/property schedules/tailors' measurements and web searches, so be very afraid.
(HMRC is an acronym for Have Many Research Centres)

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By David Heaton
04th Dec 2019 11:47

The answer is "No". The banks automatically send to HMRC annual returns of interest paid on UK accounts, and foreign fiscal authorities in all reputable jurisdictions send a notification of the existence of an account held by a UK account holder as reported to them by their own banks.

However, if HMRC wants details of a taxpayer's bank transactions, it has to serve a formal information notice on the taxpayer.

If it suspects tax fraud, it can apply to the tribunal for a third party information notice to be served on the bank without the account holder knowing about it, so if your client is dodgy, you won't know whether HMRC has information about bank transactions. Until the letter arrives inviting the client to an interview.

If you have reasonable grounds to suspect there are proceeds of crime (including tax/VAT fraud), get your Suspicious Activity Report in before that letter, to protect yourself. You don't want to lose your career because a client is dishonest.

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By penelope pitstop
06th Dec 2019 19:07

Yes. Of course they can, silly!

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By SteveHa
07th Dec 2019 11:04

Having seen several of Suzi's posts, is it unreasonable for me to believe that (s)he is seeking to evade tax, and asking us how?

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