can HMRC see bank accounts Archives

Chartered Certified Accountants
Tax Investigation and Disclosure Specialists

HMRC Is Increasing Its Use of Financial Data — What Does This Mean for Taxpayers?

HMRC may compare tax returns with information received from banks, payment providers and overseas tax authorities

HMRC already receives financial information from employers, banks, online platforms, overseas tax authorities and other organisations. The government is now working to improve the quality and consistency of third-party data, including information about bank interest and card sales. This does not mean that every difference proves unpaid tax, but taxpayers should expect HMRC to compare reported figures with information from other sources more effectively.

How Does HMRC Find Undeclared Income? 7 Sources of Information They Can Use

HMRC can compare tax returns with information from banks, employers, platforms and overseas authorities

HMRC does not rely only on the figures entered on a tax return. It can compare returns with information from employers, banks, letting agents, online platforms, overseas tax authorities and public sources. A difference does not automatically prove undeclared income, but it may lead HMRC to ask questions or open a compliance check.