HMRC have focused on extending their data collecting powers to keep up with changing technology and payment methods.
Legislation gives HMRC the power to collect a wide range data about taxpayers financial affairs. Since 2014 HMRC has been able to collect data on credit and debit card transactions to help them identify traders who are not registered for VAT and should be, or traders who are not declaring income on their tax returns. HMRC also have powers to issue separate information notices to individuals and third parties who hold data on tax payers.
HMRC are now seeking to extend their bulk data collection powers to cover new payment methods and will also collect data from
- Electronic payment providers and
- Business intermediaries who facilitate transactions, usually online.
Data which HMRC can require includes the account holder’s
- Telephone number
- Email address
- Website address
- National Insurance number
- VAT number
- Unique Tax Reference (UTR)
- Other identifying information
- Bank account details
- Status as individual, partnership or limited company