HMRC can check your bank accounts without your explicit permission. While this may sound alarming, there are safeguards in place to protect your information. But if HMRC feel they have probable cause to investigate, they can check documents like your bank records directly with the third-party. <\/p>\n\n\n\n
And with recent news from HMRC revealing that they\u2019ll now be able to recover funds directly from bank accounts, here\u2019s everything you need to know.<\/p>\n\n\n\n
Keep reading to understand when, why, and how HMRC might look into your financial records. And what you can do to make sure you\u2019re doing everything by the book. <\/p>\n\n\n\n
In this article we\u2019ll cover the following: <\/p>\n\n\n\n
HMRC can get relevant information from taxpayers to check they\u2019re paying the right amount of income tax, capital gains tax, corporation tax and VAT.<\/p>\n\n\n\n
This information is sometimes held by third parties, and if HMRC wants to see it, they can issue a Financial Institution Notice (FIN) to your bank.<\/p>\n\n\n\n
Financial institution Notices are also sometimes known as third party notices.<\/p>\n\n\n\n
Watch our below video for a quick summary on if (and how) HMRC can check your bank account \u2013 including what happens if they check yours.<\/p>\n\n\n\n