Inland revenue (IR) interest in stoozing?

Bordera

Good luck with the visit to HMRC today Smartsaver.

It may be a little while before you hear anything more, but please update us when you do.

And please try not to worry too much.

smartsaver

Cook_County wrote:

HMRC do not have powers to conduct a fishing expedition; nor can they infer they have evidence (even if they do) without telling you first (in writing) what it is, because otherwise they cannot enforce penalties.

All very exciting. A letter apologising about omitted bank interest accompanied by a cheque for the additional tax lost (20%) should settle this.

Ask in your letter for a notice formally closing the S9A enquiry stating that to the best of your knowledge and belief there are no further items omitted.

Just to update (We have been away on a safari in Kenya - which was great ) We have done exactly as above. Have sent a cheque for the shortfall and will now wait to see what will happen.

smartsaver

Received a letter yesterday from IR advising the information we have provided is insufficient to close the Enquiry. They still want all documents they originally requested. :mad:

I quote 'Furthermore you stated in your letter that you have no other taxable savings accounts or sources of income. I should advise you that information in my possession that appears to suggest otherwise'

We have written back asking for a meeting and have quoted that this should be arranged as per leaflet BS11/04, we were previously denied a meeting. Have also asked for them to reveal what infomation they have so we can provide the relevant documentation to allow the enquiry to be closed.

Watch this space.....

multimillionaire

Any update on your endeavours with the Tax rob you blind squad smartsaver ?

smartsaver

Had another letter today to the tune of Dear Mr SS We can arrange a meeting but not before 26 April and it would be helpful if you would let us have all the documentation requested prior to this.

The meeting will be arranged and we will take all documentation with us.

Still no mention of what the investigation is all about.

Anon

Good luck - seems a little off that they have not told you what they are investigating and will not let you know what they are refferring to. Others with much greater knowledge than me seem to suggest that you have a right to know this.

I have been watching this thread with interest - I know this may seem a daft question, but are you sure that you have checked through all your accounts? I ask as I have set up so many accounts over the years just to take up offers (Smile free wine etc) that I have then not really used and have next to nothing in them. As a result, it is possible that I have not declared them - will have to go and check now.

Anon

smartsaver

Mr SS does have an ING account it has no money in it. If there are any other accounts in his name - we don't know about them.

All will be revealed soon... We have been given the option of taking the documentation with us and will not be handing it over until they can advise us why they want it

Mikeyorks

Bordera wrote:

What does she mean it would "look better"? That sounds like a threat to me. She is saying they know they are not entitled to ask but will bully you for the information anyway. That is illegal. .

No - it's simply the HMRC equivalent of 'do you want any other crimes taken into account'?

Haven't read every post on this thread, but some I have are a bit into conjecture rather than reality. HMRC do not have general access to Bank Accounts. But Banks etc are mandated to supply details of all interest earning accounts (and not necessarily where Int has been paid). And HMRC store that in an electronic data warehouse and which they can search / collate at leisure.

I'm currently sitting on a PAYE code with a specific HR restriction. And I can gross that back to a sizeable sum I had for a while in a Halifax Web saver. But that account (Int is paid annually, on the anniversary) was newly opened specifically to ensure I attracted no interest in that tax year for that particular deposit. Nevertheless the PAYE restriction has been made to force my hand. And is readily dismissed once I get my Int statements for last year.

But it does go to prove that HMRC have more tentacles than an octopus. And not declaring interest can be prejudicial to your wallet.

Bordera

Mikeyorks wrote:

No - it's simply the HMRC equivalent of 'do you want any other crimes taken into account'?

No, there are very specific guidlines in place in respect of what HMRC can legitimately request and what they cannot. In a nutshell, information requests should be specific to the matter under enquiry, which is why a request for non-interest bearing credit card details is such a puzzle.

One thing that has come to light recently is the tendency for bank reported joint accounts to be shown as the property of the first-named on the account and ignore the fact that the account is jointly held, or even that any funds being cleared through a joint current account, for instance, may not be the property of BOTH account holders.

SS if you have used a joint account to transfer stoozing money and the account is named "Mr SS and Mrs SS" this might be worth checking before the meeting. Ensure you have the relevant documentation to prove ownership of the funds with you.

Thank you for keeping us up to date on developments.

smartsaver

Just caught up with this again as Mr SS has the meeting today.

All of the stooze pot was in my name when in savings. It is now in joint names as is offset against the mortgage so we pay no interest. Will report back after the meeting....