A bit of collaboration between Inland revenue and Banks

The_Fox_3

Does anyone know of any cases where the inland revenue has cross referenced information given to banks/lenders, and vis versa.

Just recently heard some bragging from a guy who pays hardly any tax, and thinks all of us that do(self employed) are mugs.
The same guys that took out countless self cert mortgages pre 2007 where the cheapest property was £200k and the most expensive £450k, how is this possibe unless he is lying to at least one of these partys.

Does anyone know of any examples where this has happened, and if it's not why is it not happening.

Fox

dori2o

The_Fox wrote: »

Does anyone know of any cases where the inland revenue has cross referenced information given to banks/lenders, and vis versa.

Just recently heard some bragging from a guy who pays hardly any tax, and thinks all of us that do(self employed) are mugs.
The same guys that took out countless self cert mortgages pre 2007 where the cheapest property was £200k and the most expensive £450k, how is this possibe unless he is lying to at least one of these partys.

Does anyone know of any examples where this has happened, and if it's not why is it not happening.

Fox

http://www.legislation.gov.uk/ukpga/1998/29/contents

WHITEVANMAN

The_Fox wrote: »

Does anyone know of any cases where the inland revenue has cross referenced information given to banks/lenders, and vis versa.

Just recently heard some bragging from a guy who pays hardly any tax, and thinks all of us that do(self employed) are mugs.
The same guys that took out countless self cert mortgages pre 2007 where the cheapest property was £200k and the most expensive £450k, how is this possibe unless he is lying to at least one of these partys.

Does anyone know of any examples where this has happened, and if it's not why is it not happening.

Fox

How about having a little word in the shell of your local tax officer. :mad:

Thrugelmir

The_Fox wrote: »

Just recently heard some bragging from a guy who pays hardly any tax,

Does he keep his savings under the mattress?

Loughton_Monkey

HMRC has access to so much Financial Transaction data it's unbelievable.

I can imagine that the Self Employed are one of their key pieces of 'Easy Meat'. For each self-employed in any small geographical area, add up the mortgage payments, ISA contributions, net increase in savings balance. Now cross reference against all the returns showing up to £8,000 'Profit' and give the list to a little man in a little car to drive around.....

OK. These guys don't work very hard [civil servants, you know]. But once they have you 'flagged', they will have you 'nailed' and banged up in Belmont before you can say "My wife does the books. Maybe she made a mistake."

ILW

they just need to pull up any black cab driver.

DervProf

I'm self employed, and often get offered cash/no reciept, and often it's not the customer wanting discount, it's the customer saying "you don't want to tell the tax man about that". I reply "here's your reciept, I have business expenses to pay, and the tax man isn't stupid".

Whenever I hear (as I sometimes do) people boasting about how much tax they don't pay, I simply smile and say "good for you" and then I think "for now".

When I hear people complain about a large tax bill, I think "you must have earned a fair bit then - stop complaining".

Joe_Bloggs

Anything intelligent would be a revolution given the present 'Tax Gap'

http://www.publications.parliament.uk/pa/cm201011/cmselect/cmtreasy/memo/479/m01.htm

1984ReturnsForReal_2

Some Government departments do have access to personal/financial records/details via equifax or experian I believe.

If not, they are soon to have access to them.

dori2o

1984ReturnsForReal wrote: »

Some Government departments do have access to personal/financial records/details via equifax or experian I believe.

If not, they are soon to have access to them.

The only 2 things they can do is trace people using Experian. they cannot access any other details.

Tax Credits use Experian to get through the security process, but they are not looking at the experian file they just get given questions to ask the claimants and the answer.

1984ReturnsForReal_2

dori2o wrote: »

The only 2 things they can do is trace people using Experian. they cannot access any other details.

Tax Credits use Experian to get through the security process, but they are not looking at the experian file they just get given questions to ask the claimants and the answer.

I know they have checked ownership of property before.

Perhaps if you are under investigation they can do what the heck they like.