Using online bank accounts(revolt etc) for business -avoiding tax

jus_tin4

So I was just thinking to myself how are these type of accounts tracked that they aren’t being used as a business account?

I search to see how these type of these are audited for say tax purposes, and I get that there will be some sort of money trail for the bigger online business but if you used something like revolt-with the account basis in the uk- howwould it be tracked? Just seems like an obvious way for drug dealers and the likes... and I haven’t heard anyone raise such an issue

namenotavailablE

This topic (threads discussing illegally evading tax) risks breaching the forum charter.

Emma2019

Same way any cash expense would be tracked. If your bank account shows you took out €1,000 euro versus a €1,000 Revolut top up there is no difference in that a Revenue auditor would still want to know what was this for and where are the receipts/invoices.

You now get asked to show your Revolut transactions on your mortgage applications or at least a friend of mine was asked to (not sure if it's standard practice)

Stratvs

Not sure about Revolut but the N26 card operates on a German bank. It has a full IBAN and BIC.
Opening an N26 is opening a foreign bank account.
All self-assessed (Form 11) taxpayers must declare on their tax return if they have opened a foreign bank account giving details of the account, initial deposit etc. This is something that might not occur to people as they just see it as a debit card.

Stratvs

Stratvs wrote: »

Not sure about Revolut but the N26 card operates on a German bank. It has a full IBAN and BIC.
Opening an N26 is opening a foreign bank account.
All self-assessed (Form 11) taxpayers must declare on their tax return if they have opened a foreign bank account giving details of the account, initial deposit etc. This is something that might not occur to people as they just see it as a debit card.

I doubt there is a person in the county doing this, as most don’t know and even those who do won’t bother. Only place I’ve heard this mentioned is on this site so I’m ignoring it anyway.

my3cents

Aren't there limits to the amount of money that can go through one of these cards in a period of time that makes them less than ideal for serious tax avoidance/money laundering?

Stratvs

Christian Clever Species wrote: »

I doubt there is a person in the county doing this, as most don’t know and even those who do won’t bother. Only place I’ve heard this mentioned is on this site so I’m ignoring it anyway.

https://www.revenue.ie/en/property/foreign-property/opening-a-foreign-bank-account.aspx

I can assure you there are those who have done. It is included as a section on both the paper and ROS form 11 for those taxpayers required to complete one, and has been there for some years. I would particularly be conscious of it where the taxpayer has foreign assets. The apartment in Lanzarote for example and they set up a local bank account to pay community fees etc.

Of course people are entitled to act or not as they decide fit, just thought it worth mentioning.