I haven't received physical statements for years so they will have to make do with a spreadsheet containing the payments
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Loans from EBTs and other Trusts
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Originally posted by Emigre View PostWe MUST provide statements. End of. However, on the basis of their request we MAY have an option to redact items not relevant to a tax return. Whether we do or not is at our personal discretion within the parameters that I set out above. However, we must be prepared to take our case to a tax tribunal/commissioners if objected to by HMRC.
They have only asked for information regarding loan payments. Advice suggests not redacting any other of your income, declared or not, in addition to the loan/contract payments that appear on your statements. However, be prepared to have to disclose the full monty if HMRC take it to the commissioners and win their argument. Personally, unless they have other reasons for wanting the information that they are not owning up to, I cannot see why it is worth their while wasting ours and taxpayers time and money to learn which supermarket we all shop at. We do know though, from past experience, how deceitful HMRC can be with their reasoning. On my radar screen they figure below estate agents.
I will be taking this action. Thankfully I don't have 57 pages to blank out.
Emigre
I agree that such a stance would no doubt end up in front of the commissioners!!Comment
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I agree with Fireship.
For my Ltd Co.
My record keeping consists of storing receipts that i remember to or have (sometimes I lose them, some are online receipts so I don't bother killing a tree).
But mostly my record keeping relies on accurate entries in my accounting software.
I shred all bank statements
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my personal stuff I use software as well. I don't get bank statements.Comment
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The Great Tax Gap
Anyone see "the great tax gap" on TV last night?? Don't know if it's repeated but worth a watch if it is!!!!Comment
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Originally posted by Fireship View PostAnyone see "the great tax gap" on TV last night?? Don't know if it's repeated but worth a watch if it is!!!!Join the No To Retro Tax Campaign Now
"Tax evasion is easy: it involves breaking the law. By tax avoidance OECD means unacceptable avoidance ... This can be contrasted with acceptable tax planning. What is critical is transparency" - Donald Johnston, Secretary-General, OECDComment
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Originally posted by Fireship View PostAnyone see "the great tax gap" on TV last night?? Don't know if it's repeated but worth a watch if it is!!!!
YouTube - The great tax gap (Part 1)
YouTube - The great tax gap (part 2)Comment
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Originally posted by prozak View PostI agree with Fireship.
For my Ltd Co.
My record keeping consists of storing receipts that i remember to or have (sometimes I lose them, some are online receipts so I don't bother killing a tree).
But mostly my record keeping relies on accurate entries in my accounting software.
I shred all bank statements
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my personal stuff I use software as well. I don't get bank statements.
Anyone else done the same or done anything different?Comment
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Originally posted by Fireship View PostI responded with a spreadsheet detailing only the relevant transactions and an explanation that bank statements are not statutory documents hence cannot simply be requested by Hector when he feels like it…..
Anyone else done the same or done anything different?
After all as per 6(b) of the letter these were the items requested.Comment
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will do the same this week ... we doing physical paper .. make it more difficult for the revenue ?Comment
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Originally posted by Fireship View PostI responded with a spreadsheet detailing only the relevant transactions and an explanation that bank statements are not statutory documents hence cannot simply be requested by Hector when he feels like it…..
Anyone else done the same or done anything different?Comment
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