Bounce Back Loand

Zartashjaved

Hello, today I came across something new about the Bounce Back Loans. I heard from a friend of mine who is self-employed businessman that he is in the process of getting the Bounce back loan but first bank asked him the tax returns of year 2018/2019 which he defiantly provided. Then bank ask him the proof of paid tax liability for that period and that is the part I don't understand that how a bank can ask about that. He paid the tax or not how that can be the banks concern or his financial understanding with HMRC is not the banks consideration. As the proof of his income the submitted tax returns is enough to show that what he is claiming in the bounce back application is correct and his declaration is true. From when the HMRC authorised the banks to intervein in their matters regarding tax payments. Can somebody shed some light on this matter.
Thank you

foxy-stoat

The government are making sure that people who apply for the loan have actually paid tax and the maximum loans are a percentage of turnover.  They don't want to give out free money to people who do not contribute to the tax system.

So if you do not submit tax returns or are dodging paying tax then don't bother applying.

bengalknights

Its always been the case that BBLS is checked against HMRC records, its how they are detecting turnover and multilple application fraud.