In the move towards universal digital tax accounts for business, HMRC is trying to force companies to provide bank details on their corporation tax returns.
Although the majority of businesses submit their corporation tax return online, most automatic repayments of corporation tax are made by cheque rather than by electronic payment. CCH Daily notes that the latest research for HMRC shows that businesses on the whole do not provide their bank details when the requirement is not mandatory.
Why therefore would it be an issue if HMRC were to insist that businesses provide bank details.
Sadly it comes down to trust, or rather a lack of trust about what HMRC might do with those details.
Agents are concerned that once HMRC had been provided with bank details ‘they could use them to take future payments without seeking permission’, and there are also concerns about data security of online payments.
Do you trust HMRC with your bank details?
Tax does have to be taxing.
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