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Reply to: Tax Investigations....
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Previously on "Tax Investigations...."
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I know someone caught in a similar way (don't know why, but he was self-employed so presumably it's a cash in hand thing). HMRC made him personally bankrupt, but not until he spent a couple of years working as much as possible and paying back 75% of what he owed. He needn't have made the effort.
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It is not a problem because it is the bank who will suffer loss - when scummers take money from your bank account, then you may actually lose it - you certainly won't have your money for sometime until matters get resolved, but in case with morgage it is the bank who gets stinged and unless they can prove you actually assisted in scum you won't be affected much. See the article:
"Because the money is actually stolen from the lender, identity-theft victims aren't liable to repay the lost funds and don't lose their homes. It's the lenders who are out of luck."
It seems to me that morgage operations are very lax in the USA.
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Originally posted by oraclesmiththey could take out a mortgage for maybe £200k in your name.....
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Originally posted by AtWIf they can see it, then they have already stolen it, plus, do you think they would care about your past spending when they got into your bank account?
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Originally posted by oraclesmithThe whole bank account history on-line ? Great for identity theft !!
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The whole bank account history on-line ? Great for identity theft !!
If I ever mention I'm getting an on-line bank account, just give me a slap !
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LTSB now put online whole statements, definately going back a few years.
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Originally posted by xoggothCost him a a bit to disprove it as he had not kept personal bank statements and had to pay for about three year's worth.
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Yeh, provided you can show what the real figure is you should be ok. In my case when I might have owed them a k on expenses they just added up the entire expenses in the accounts including all the valid stuff and van costs which I had already paid tax on as a BIK. I challenged it and ended up with a small rebate in the end.
Bloke next door to me was stupid enough (he is VERY stupid) to casually remark that he might have paid some money for logs into his personal account and not put it in the books. He got assessed for thousands. Cost him a a bit to disprove it as he had not kept personal bank statements and had to pay for about three year's worth.
And don't believe accountants if they tell you you have no choice but to pay up. Ignoring them and challenging things has certainly paid me in the past.
PS They cannot demand to see personal accounts without making a separate application
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I believe they can inspect your personal accounts if they are linked to your business accounts - eg. if you have paid for business expenditure (not expenses necessarily) with your personal account/credit card and been reimbursed by your company through the Directors Loan Account. I don't think salary and divi payments count, but just where the original business transaction was done with your personal account.
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Originally posted by xoggothWhat they DO DO is slap in big estimates of tax due without attempting to quantify it properly and leave it to you to disprove it.
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Atw's right, that £1k for a tiny mistake is crap. What they DO DO is slap in big estimates of tax due without attempting to quantify it properly and leave it to you to disprove it.
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**** - that reminds me that I haven't paid the HMRC PAYE for about 4 months. Not got any reminders yet.
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