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Does the bank inform inland revenue UK

Discussion in 'Business & Tax Advice' started by graham25s, Jan 10, 2012.

  1. graham25s

    graham25s Jr. VIP Jr. VIP Premium Member

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    Hi Guys,

    Just wondering if anyone can tell me if the bank informs the inland revenue about payments from overseas companies if you are in the UK?

    cheers for any info guys

    Graham
     
  2. savvypro

    savvypro Regular Member

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    Yep they do, you can thank the bogus war on terror - and the laws Blair and his cronies put in place. As well as the war on drugs which have resulted in money laundering laws* as well.

    Now you should only be worried *if* you are doing anything you don't want them to know about or haven't told them about which is more likely the case.

    * If you take a look at the process used to launder drug money through the financial system, you'll find that it's the same process - banks use to lend you money.
     
    Last edited: Jan 11, 2012
  3. boom1

    boom1 BANNED BANNED

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    I actually thought it was a little different from above;

    If the Revenue are investigating you they can request and will get all details from the bank, I did not believe there was an onus on the banks to send every transaction to the Revenue
     
  4. VyMarx

    VyMarx Registered Member

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    Yes, they do. They can put this payment on hold and release in a week.

    When i was doing online forex stuff, my firsts payments all were on hold and i received a letter about it. But after 5 days payments were released.

    ====

    P.S. amount was not exceeding 100k
     
  5. graham25s

    graham25s Jr. VIP Jr. VIP Premium Member

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    Hi Guys,

    We have been receiving affiliate money from a US company since the beginning of 2010, nothing dramatically big a few hundred £'s per month from paypal then transferred to our bank, last month we switched to direct payments into another bank, we have been paid on time each time and no one has sent any letters or witheld the money, is there not a maximum limite of 10k before they get informed?

    cheers for the infor guys

    Graham
     
  6. savvypro

    savvypro Regular Member

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    10K is a US number, it used to be the case: if a transaction of $10,000 or more is transferred to an offshore account (leaves the US) then the bank had to file a report. Then it became any transaction, and now they can demand reports on amounts less than $2,000.

    In the UK, because of the way the terrorist laws are written, they have been used by councils to spy on people for stupid reasons. Good example: dog shitting in the street.

    It's now the duty of Bank's to spy on you, and to report you for "suspicious activity" even if you don't go over a threshold.

    You also have to remember: that the tax man will gladly spend more money, then they will ever recover - just to prove a point. Oh and they now have a contract with Experian (the credit reference agency) to see what everyone is doing.
     
    Last edited: Jan 11, 2012
  7. graham25s

    graham25s Jr. VIP Jr. VIP Premium Member

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    Hi Savvy,

    Geez that's opened my eyes!

    thanks for the info mate.

    Graham
     
  8. tb303

    tb303 Power Member

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    in the uk if they think you have been hiding any income the inland revenue will hit you with a figure that they estimate you owe them and its up to you to prove them wrong. Ive seen a few people go out of business in the building trade due to this.

    I declare everything as thats one less thing to worry about lol
    but ive been wondering about getting a paypal or payoneer debit card recently for some purchases rather than transfering everything to the bank