Can he (Tax Man) see personal account

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Beautyw

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Hi

Can the tax man see our personal account if he wants or is he only allowed to see accounts belonging to the business?
 
AFAIK you only have to show bank accounts that have been used for, or have a link to, your business
 
I had a tax investigation and he looked at my personal account, hubby's account and basically took us apart.
 
yes be careful if u get investigated they look at EVERYTHING!!!
 
ok, so i have bills of my own to pay that arent included for the business, do i put this down as a wage?

i was told by a tax woman not to put all my earnings through the book but obviously that cant be done if i need to be putting the money through my personal account, he'll see this if he needs to see accounts.

thanks for your replies
 
i was told by a tax woman not to put all my earnings through the book
You have to declare all your takings to HMRC. Doing anything other than that would be a serious offence.

During an investigation you will be amazed at the amount of data that HMRC has to hand about your particular line of business. They know what percentages of cash, cheques and card payments (if used) you should have taken, they'll even know, roughly, how much you've received in tips!

Quite simply, do not mess around with HMRC. If you are unsure of your requirements then please get yourself an accountant.
 
You have to declare all your takings to HMRC. Doing anything other than that would be a serious offence.

During an investigation you will be amazed at the amount of data that HMRC has to hand about your particular line of business. They know what percentages of cash, cheques and card payments (if used) you should have taken, they'll even know, roughly, how much you've received in tips!

Quite simply, do not mess around with HMRC. If you are unsure of your requirements then please get yourself an accountant.

They also use perameters based on your stock purchasing to work out your rough turnover. If you say you are doing ten people a week, but buy a litre of shampoo and 12 colours, they know you are telling porkies. They also check your electric usage.
 
They can also get a private detective to watch you, to establish how much you are working, and they can make assumptions about how much you earn in relation to your lifestyle, i.e. what sort of house you live in, what car you drive, what sort of holidays you take.

As Jes said, defrauding HMRC is very serious. You could be in more trouble than if you battered an old lady.
 
Also your spending is now tracked via nectar and clubcards.
 
:eek::eek: WHAT???? a tax lady, as in an accountant??
that is illegal!!!
of course you have to declare it all unless you want to get a hefty fine/prison for not paying the correct tax?

it is fraud,:rolleyes:

and if they so wish they will literally tear you apart,
i got investigated and they even knew about a holiday home my hubby got left from his late grandad in spain... absolutly nothing to do with my finances...
 
I think all of us that have been through an investigation have a healthy respect for the taxman.
 
Yeah I was gobsmacked when she said that. Also a friend said they couldn't look at personal accounts but obviously they can.

Don't worry I will be declaring all my takings as I wouldn't want to be in a lot of trouble. It wouldnt ne worth it
 
This thread got me thinking about a receipt a lost when I first started in April. Should I be worried? Seriously, what are the chances of the tax man ever wanting to see it. Please tell me it's unlikely!!
 
In the event of a tax investigation HMRC would have the right to take the valve of the missing receipt out of your expenses. However a tax investigation is also used to 'educate' you, so they will probably let you off, 'recommending' that you are more careful with future receipts. Hopefully it's not a large amount of money and you have record of it on a bank statement and, possibly, a cheque book stub as this will help:).
 
Its also important to be aware that should anyone be investigated by the HMRC and they "do find" anything they think is not correct it is down to the person being investigated to prove themselves innocent. This can be at considerable time and cost to the person. It is best to be armed with real facts when it comes to Tax issues as all the others have said before me. I don't know what is available in your area but where I live the business link centres offer free tax work shops to business and they are really useful, might be worth checking out. HTH
 
Hi leemac I had a look and I've enrolled for one of their courses. see for petrol do you put receipts in? I am just using my car to get to and from work and also for my own personal use so am I better not putting petrol down? I haven't been keeping those receipts
 
I had a tax investigation in 1993 :cry: :cry: it taught me a very valuable lesson No matter how clever you think you are they really do Know everything before they even knock on your door.. they had even froze my bank accounts, being unable to pay a tax bill isn t a crime they make you bankrupt,but willfull tax evasion is a big crime and nowadays the courts give bigger sentences for tax evasion than pedophilia DONT MESS WITH HMRC !!! they are worse than the mafia lol
 
Well I won't be messing with them as I would be the one who would get burnt. I'm doin everything by the books. Can't wait to so this course
 

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