Payne Hicks Beach

Payne Hicks Beach

28 September 2021

How HMRC’s increasing access to data will affect taxpayers

In a recent article "How HMRC's Increasing Access to Data will Affect Taxpayers", Benedict Jennings, Senior Tax and Trust Manager at Payne Hicks Beach, explores the increasing powers of the UK’s HMRC to request and access data on taxpayers. First published in IFA Magazine online on 27 September 2021 and reproduced with kind permission.

The existing powers in the Finance Acts of 2008 and 2011 are being supplemented in the upcoming Finance Act and the little-known Connect software which knits together data from multiple sources. Added to this is the "Making Tax Digital" initiative, with digital tax returns already delivering more information to HMRC. With the government has plans to implement the OECD rules as early as January 2023, digital platforms and online marketplaces (including the likes of eBay, Amazon, Deliveroo and Airbnb) will be required to share information with HMRC. Benedict reassures taxpayers that most have nothing to fear, if their tax affairs are complete and they are not attempting to evade tax.

A Senior Tax and Trust Manager in the Private Client Department, Benedict Jennings has worked as an Accountant since 2012 and is experienced in corporate accountancy and taxation, as well as planning and compliance for both Individuals and trusts and estates. He is a member of the ICAEW (ACA) and the Chartered Institute of Taxation.

For further information, please contact by email Benedict Jennings or telephone on 020 7465 4300

Click below to read Benedict's article

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This publication is not intended to provide a comprehensive statement of the law and does not constitute legal advice and should not be considered as such. It is intended to highlight some issues current at the date of its preparation. Specific advice should always be taken in order to take account of individual circumstances and no person reading this article is regarded as a client of this firm in respect of any of its contents.

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