Keeping a private bank account

Glenalla

Hi all,
on looking at my original post under the same heading I can see why I got the response I did.
To clarify things: I do not wish to try to evade tax in any way, my rented property is rented under the rent allowance scheme so all records can be accessed by the authorities, I am registered for tax and fully tax compliant in Ireland.

My question was badly worded.
I was curious to know whether there is an account a person can lodge income, with tax paid on it, in full, into an account that is not open for many of the public services to access, the only reason I mentioned the revenue before was that the seem to have the ultimate power and can access anything. If any public services can access our bank accounts then which services can and what privacy controls are in place to avoid those details being passed around from department to department with each passing the risk of leakage of information increases.This is purely a curiousity question.
This topic is not intended to evade tax in any way but to explore who has access to our data.

leeroybrown

You're effectively still asking exactly the same question. The Revenue *need* to know that the account exists and how much interest is due for taxation reasons. In a situation where they had no knowledge of the bank account you would need to declare it otherwise you'd be engaging in non declaration.

EDIT: Post modified for correctness.

Glenalla

Hi Leeroy,
I am happy for the revenue to know, I have nothing to hide from them. I was wondering what other departments have automatic access to such accounts and why?

leeroybrown

I actually think you're vastly over-estimating the level of access that the Revenue have. Banks here (and in certain foreign territories by treaty) are obliged to declare the DIRT tax on accounts and also to disclose information about accounts where the interest level exceeds a certain amount or where the deposit is more than a certain amount. Outside of territories where the Revenue have agreements all the onus is on the account holder to declare. Other than that they are in the realm of court orders.

Note that once someone opens a non-resident account they are obligated to declare the account on Form 11 (something a PAYE worker doesn't normally have to submit) for the relevant tax year. You could open that account in a non-notifiable territory but you still have to file a Form 11 declaration in the year you open it and a Form 12 declaration for any income from it.

Pat Mustard

leeroybrown wrote: »

You're effectively still asking exactly the same question. The Revenue *need* to know how much money is in the account for taxation reasons. In a situation where they had no knowledge of the bank account you would need to declare it otherwise you'd be engaging in tax evasion.

That's not true at all.

You are only engaging in tax evasion if tax is due and you don't pay it.

If you have an account with money in it, unless tax is due on that money, there is no tax evasion.

Anyway, the OP wasn't asking about tax evasion. He was asking about a private bank account.

OP, you could have an account in non-EU bank and nobody here would have authority to get your details.

leeroybrown

The Mustard wrote: »

You are only engaging in tax evasion if tax is due and you don't pay it.

If you have an account with money in it, unless tax is due on that money, there is no tax evasion.

True. I've fixed my post. What I should have said is that the OP would still need to declare the existence of the account and any income from it otherwise they'd be engaging of non declaration and opening themselves up to an accusation of evasion. In addition they'd likely also have to come up with a declaration that all income in the account has already been fully taxed here prior to being deposited.

Dodge

What public services do you think have access to your account OP?

Glenalla

I have no idea, that is what I am asking?

BuffyBot

Opening a topic that's been locked already is generally frowned upon..