Santander Business Banking: Tax Details Request??

log_splitter

I've been with Santander Business Banking for 15 years. They've sent me an email asking me to "Update Sole Trader Details". It is a real request from the bank, not a fake. They are asking me to provide them with my Unique Tax Reference, last 12 months turnover and next 12 months turnover. This gives me a headache, trying to come up with a figure for the next 12 months!!  Apparently, this information is to: "keep you safe and to meet our legal and UK regulatory obligations". If I don't give the information, they "may need to restrict usage of your account. This may result in you not being able to use your card, withdraw cash, make purchases or transfer money.

Are banks allowed to ask for such information and restrict account usage if account holders don't comply??

(feel like i'm being coerced!!)

eskbanker

It's not so much what they're allowed to do, but what they're obliged to do - banks are subject to Know Your Customer regulations (within broader measures to combat money-laundering and other criminal activity), which have evolved over recent years, so it's probably legitimate for them to ask such questions now even though they didn't need to before.

It's unlikely that any business would be able to predict future turnover with any certainty so all you can reasonably do is to estimate whether it's likely to be better or worse than the previous period, rather than it being an onerous task - they can hardly hold you accountable if an estimate made in good faith subsequently turns out to be inaccurate....

sheramber

Not a recent thing. Links to previous instances of you Google 'Santander update details letter' going back years.

log_splitter

I've just spoken to Santander, apparently the request for the Tax Info, has come direct from Government, asking all banks to do this. I believe the Governmnet are trying to catch up with anybody that may have made Fraudulent "Self Emplyed Income Support  Claims" (Furlough), during the Pandemic.

log_splitter

ps. i'll just have to get my last tax return completed within the next 30 days, to reduce the risk of losing my bank account...GREAT!!:(

cocacolakid

There's about 8 pages of this form and I find it very intrusive. I suspect, as I have free business banking as a former customer of Abbey, it is a way to try and take it off me. It is very time consuming with a lot of info they must already have. Not happy with them at all.

Nasqueron

cocacolakid said:

There's about 8 pages of this form and I find it very intrusive. I suspect, as I have free business banking as a former customer of Abbey, it is a way to try and take it off me. It is very time consuming with a lot of info they must already have. Not happy with them at all.

As stated above, no conspiracy, no attempt to remove anything, legal obligation for the bank