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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Going through tax investigation, closed some accounts recently,

Customer Question

going through tax investigation, closed some accounts recently, hmrc asked for all account statement, given only available accounts, can HMRC get my closed account statement from Bank
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi.
In an investigation the taxpayer should provide HMRC with pretty much whatever they ask for within reason and bank statements are fundamental to all the investigations I've been involved with.
Normally, HMRC will only go back six years but they may be able to go back further if they have reason to believe a criminal offence of tax evasion has taken place. I have known HMRC to approach banks if a taxpayer says he or she cannot get the statements and frankly in these days of computerisation it beggars belief if a bank says the statements aren't available.
It's in the taxpayers interest to be as cooperative as possible and old bank statements may help the taxpayer more than they do HMRC. HMRC believe people are creatures of habit and if they find discrepancies in one tax year, they tend to believe that similar discrepancies will show up in earlier tax years.
In the absence of information such as bank statements and adequate explanations, HMRC will invariably issue estimates of tax liabilities based on what they do have which may be wildly excessive.
I hope this helps but let me know if you have any further questions.
Customer: replied 1 year ago.
account closed 3 months ago, if i tell them i have closed account. can they get statement from bank, or ask me to get from closed account statement
Customer: replied 1 year ago.
ask me to get from bank closed account statement
Expert:  TonyTax replied 1 year ago.
They will ask you for the statements initially and if you say you cannot get them, they probably won't believe you as the account was only closed three months ago and those statements will be available. As I said in my answer, HMRC can and do approach banks directly.
Customer: replied 1 year ago.
they have written to me if i don't give statement voluntarily, the will get it under schedule 36. is that mean they will contact the bank or they will come to me
Expert:  TonyTax replied 1 year ago.
Can you tell me if you are self-employed, a company director, an employee or a pensioner please. Would you also let me know hat has happened so far in the investigation.
Customer: replied 1 year ago.
self employed
Expert:  TonyTax replied 1 year ago.
Thanks.
What has happened so far in the investigation. Which tax year or tax years are HMRC interested in?
Customer: replied 1 year ago.
13/14
Expert:  TonyTax replied 1 year ago.
Thanks.
Take a look at the links below for information on Schedule 36:
http://www.hmrc.gov.uk/manuals/chmanual/ch20150.htm#IDA3UJKB
http://www.taxjournal.com/tj/articles/fa-2008-sch-36-information-powers-48161
http://economia.icaew.com/opinion/january-2014/keep-calm-and-read-schedule-36
HMRC will issue a Schedule 36 notice to you before they issue one to a third party such as a bank.

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