People getting hundreds of pounds back from HMRC told 'you cannot use this bank' (2024)

FAQs

Can the government take money from your bank account in a crisis in the UK? ›

The answer, worryingly, is yes. However HMRC must satisfy certain conditions before they can go dipping into your savings.

HMRC will never ask for personal or financial information when we send text messages. We advise you not to open any links or reply to a text message claiming to be from HMRC that offers you a tax refund in exchange for personal or financial details.

Pay into one of the following accounts: sort code - 08 32 10. account number - 12001039. account name - HMRC Cumbernauld.

According to the IRS, direct deposits must be made to accounts bearing the taxpayer's name. Additionally, the refund should also only be deposited into a United States bank or United States bank affiliated accounts that are in the taxpayer's name.

Your money is safe in a bank, even during an economic decline like a recession. Up to $250,000 per depositor, per account ownership category, is protected by the FDIC or NCUA at a federally insured financial institution.

Keep in mind, many banks are FDIC insured: your deposits are protected up to $250,000 per depositor, per bank. So even if your bank fails during a recession, the U.S. government has your back.

If you've any doubts whatsoever, ring up HMRC… using an official number from their website, not one on the letter.” Signs of a scam letter could include asking you to 'act immediately'. If it's the first time you've heard from HMRC about an 'urgent payment', it's likely to be a scam letter.

Under current law, the Department for Work and Pensions (DWP) can request details of bank accounts and transactions on a case-by-case basis on suspicion of fraudulent activity.

If you're not employed, do not get a pension or do not complete Self Assessment, your bank or building society will tell HMRC how much interest you received at the end of the year. HMRC will tell you if you need to pay tax and how to pay it.

If no risk is flagged by the automated system, or once HMRC staff have reviewed the possible issue and are satisfied there is no undue risk with the repayment, the automated process continues and the online account should show a “repayment pending”. That repayment should be issued within 10 working days, as above.

Do I need to pay tax if someone transfer money into my bank account UK? ›

If someone transfers money into my bank account, do I need to pay UK tax? Receiving funds in your bank account does not automatically incur a tax liability in the UK. Tax obligations depend on the nature and origin of the income rather than the manner of receipt.

The bank will reject the refund and send it back to the IRS. Then the IRS will issue a paper check and mail it to the address you put on your tax return. Expect a delay of at least several weeks to receive your refund.

For security reasons, the IRS can't reroute your refund to a different account, so you'll get your refund via a paper check. If your return is rejected, you can update your account info along with the issue that caused the rejection.

Most likely a wrong account number will reject as being invalid. If the account number was valid, go into the bank and explain what happened. Once the bank verifies the error, they'll transfer to correct. Someone can't take money if they only have your sort code and account number, that is only any use for paying in.

The Short Answer: Yes. Share: The IRS probably already knows about many of your financial accounts, and the IRS can get information on how much is there. But, in reality, the IRS rarely digs deeper into your bank and financial accounts unless you're being audited or the IRS is collecting back taxes from you.

All banks and building societies authorised by the Prudential Regulation Authority are covered by the Financial Services Compensation Scheme (FSCS). It's an independent service that protects your money if your financial service provider goes bust.

The government can seize money from your checking account only in specific circ*mstances and with due process. The most common reason for the government to seize funds from your account is to collect unpaid taxes, such as federal taxes, state taxes, or child support payments.

They are able to levy up to the total amount you owe in back taxes, and the bank must comply. For many individuals, this might mean seizing everything in their entire bank account. The only way you are able to release a levy due to hardship is if you make a satisfactory resolution.