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In YOUR Bank Account? HMRC Could Gain New Powers

If the tax man comes a knocking then under current rules they need permission to look in your bank account. No More! Potentailly…

New rules are possibly about to be introduced right now, as we speak, where HMRC will have the power to gain access to your bank account and snoop around…without any permission.

There will be no warning and no “polite request.” Even your bank manager can’t stop them. In fact, the bank manager doesn’t even have to tell you.

It’s thought the new rules would mean HMRC can look at your bank statements and you would never know anything about it.

Under the cover of darkness they pounce, like cat burglars in the night.

The key is left under the mat, no need for a crowbar.

Banks typically have to tell their customers if a tax official wants to snoop around in your bank account.

These usually come under the guise of “information orders” which are official requests from HMRC to look closer at the financials of someone they are investigating.

However, it seems HMRC are becoming frustrated with the amount of time these information orders take to process, and that is why they want to speed up the process by eliminating them once and for all.

In other words, they want the magic keys to your bank account. No permission required. And it looks like they are going to get it.

Uproar is the mood among critics and experts in the media world when they heard about all of this. Many believe it is a breach of privacy.

Take James Daley for example, who is the managing director of Fairer Finance. He recently said – “The system we have contains essential protections for taxpayers privacy and rights. The idea that HMRC can request information from people’s bank, from state agents and other third parties without notifying the individual is shocking.”

HMRC have hit back against the onslaught by reassuring people that nothing has been decided yet, one way or another.

“We are considering a range of options,” said a spokesperson for HMRC.

They also went on to add that even if these new powers were brought in…even then, only a few hundred cases a year would warrant it being actioned.

Still…if you want my opinion then listen closely because I am only going to say this once.

If you are a self employed contractor then it is more important than ever before to get yourself a good accountant.

Sure…you might not be doing anything wrong and you might very well consider yourself a man or woman of great reputation within the community. But…

If HMRC can gain entry to the castle, so to speak, without your knowledge, then if you ask me it is more important than ever before to make sure everything is in tip top shape.

Hire a contractor accountant right now. Do not delay another second.

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