Tax and new bank

markharriers123

Hi everyone, i am hoping someone can put my mind at rest, i am self employed in my spare time as i am in full-time employment during the week, my question is i have recently switched bank accounts and i am worried encase the tax man would ever want to see my transactions from my previous account as its closed and i dont have any statements ect from it , i have my spend and income on a spreadsheet just wondered if this would be a problem as regards bank account closure?

BoGoF

In the unlikely event you are asked to provide bank statements then you would need to ask your old bank for copies.

Pennywise

Banks provide copies when requested, so you'll be fine if they're ever needed.

markharriers123

Thank you for your help! So when closing a bank the records never dissapears?

agrinnall

markharriers123 wrote: »

Thank you for your help! So when closing a bank the records never dissapears?

They would need to keep them for a minimum period, probably at least 6 years. But they are also very likely to charge you for every statement page that they provide. You might be able to submit a SAR at no cost, but the data received may not be in a user friendly format, and it's unclear whether you were a business customer, if you were then I don't know whether the same SAR rules apply.

Funkyfreddy

agrinnall wrote: »

They would need to keep them for a minimum period, probably at least 6 years. But they are also very likely to charge you for every statement page that they provide. You might be able to submit a SAR at no cost, but the data received may not be in a user friendly format, and it's unclear whether you were a business customer, if you were then I don't know whether the same SAR rules apply.

NatWest will provide the previous 5 Years from a closed account from the date of application as far as I know - ie ask for the last 5 years 4 years after closing and you will get the last year the account was open.

markharriers123 wrote:

i am worried encase the tax man would ever want to see my transactions from my previous account as its closed and i dont have any statements ect from it , i have my spend and income on a spreadsheet just wondered if this would be a problem as regards bank account closure?

If you never kept any paper statements or saved online pdf's you might be best to ask for as far back as you can now.

If you're running a business/Self employed you would probably be best advised to up your level of keeping financial transactions and records to avoid potential issues.