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.