HMRC reporting on credit card transactions

Following our article in September 2013, HMRC now has the capacity to access credit and debit card transactions from UK businesses.

The first batch of data has been analysed and cross-referenced as part of the first step in attempts to reduce tax fraud. Data from taxpayer’s records is compared to the data from merchant service providers, processors of credit card transactions, to find out the number and value of transactions per trader. It doesn’t disclose personal data relating to the card holder but they simply have accessibility to ensure that all income has been accounted for and therefore all tax is being paid.