Does OR use credit agencies

SyncMaster_3

Does the offical reciever obtain information from credit agencies in order to build up a profile about you?

The reason I ask. I have a current account which has regulry deposits in it, from the past, but I cant account for these monies, as yet. The truth is that I have been getting money from work that I have done abroad, which was credited to this UK account and upto date I have not declared it to HMRC. So I am concerened that if I go BR and not provide details about this account, does the OR use credit agencies (or other means) as my account is within my credit file? I could just decalre the account and tell him about the source of income with intent to put it onto my self assesment as foreign income. I would then have a large tax bill, that would be a burden for many years.

I assume if I provide the OR with all the information concerning the accounts I declare he would be satisfied and not use any other means to investigate, as on the face of it there would not be anything to investigate?

Any advice, experience of this?

wherediditallgo

The OR works very closely with the Inland Revenue, & they have ways of finding out info about you & your finances that aren't available to the general public. Your petition for bankruptcy requires you to declare all accounts even if they're not being used, all money you have in whatever form you have it or expect to get in whatever form you expect to get it, & all sources of income. Once you declare the account, the OR has the authority to get statements direct from the organisation holding it for you for as far back as he chooses. It may well be that, in checking your accounts & other info, the HMRC/Inland Revenue also become aware of your additional income & savings. However, if you don't declare this account, you'll not only be hiding the account but also the money in it, which would be seen as hiding assets. If the amount is large enough for you to be concerned about a tax bill, it's going to be large enough for the OR to be very annoyed that you didn't declare it. The OR can impose penalties for that of a BRU/BRO which would extend the terms of your BR by up to 15 years.

You would be well advised to make whatever declarations necessary to HMRC/Inland Revenue now & find out what you owe, put all accounts, savings & sources of income on your BR petition & deal with whatever the outcome is. You'd have had to pay some tax anyway, it's just that you may have to pay more & pay it sooner than expected. Call the advisory services in my sig - you may find all/part of your tax bill can be included in your BR petition. It's really not worth trying to hide the existence of the account or the money from them. Going BR is supposed to give you a fresh start - starting off your relationship with the OR with deceit really isn't the way to go, & is very likely to land you in deep water. The tax people have strong claws too, & once you've got them offside it's difficult to get things back on track. Start as you mean to go on, & be totally honest with them both.

SyncMaster_3

Having thought about this you are right, it would be very unwise to have to lie to the OR (well I wasnt thinking of lieing just not declaring, but it amounts to the same thing). In regard to the income its from foreign dividends which I would normally declare at the end of the tax year on my self asesmnet, so I havent done anything wrong yet, but with going BR and then having no money I was concerened about the tac bill later. I guess its best to start a fresh as you say and tell them all and just have to deal with HMRC as I go along. At the end of the day they cant take what I wont have!!
My investment has "crashed" and no no income, thanks to the USA banks!!
Anyway, many thanks

silvercar

The revenue has just announced an amnesty on undeclared foreign bank accounts, so now would be a good time to come clean!