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Is the taxman coming?

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galadrel

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Jul 24, 2020
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#1
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I've been using TransferWise, Payoneer for some time.

Now, my only concern is, the taxman is going to come knocking for me using the Payoneer/Transferwise card. My question is, what do these slime bags actually store in these ATMs or POS payments? It's been almost over 2 years, and no taxman has come knocking yet, and in that time I've done withdrawals and POS payments countless of times. It seems even if they have that data they aren't using it. It may be a needle in a haystack. The amounts I'm talking about are insignificant I suppose, I don't withdraw more than 300-400 USD a month, if it even comes to that which it usually doesnt as I'll just use my card to buy things.

Maybe I'm just overthinking it. I suppose no one cares about such amounts.

Many people, in the same profession as me, mostly freelancers in my country, do the same thing, they use Payoneer and such. No one has had the taxman come looking yet, not that I know of. I've been a bit worried about CRS, but my country is non CRS as it appears so I suppose I don't need to worry about that.
 
#4
Wise accounts are not reported through CRS yet, and there're no plans on doing it anytime soon.

https://wise.com/help/articles/2932394/how-does-tax-work-with-my-wise-account
*We are still evaluating the impact of the Common Reporting Standards, including FATCA, to our business and how we will adopt the new requirements. At this time we are not reporting this information to HMRC or any other tax authority.*
 
#6
Wise does CRS report when you use their assets feature. According to their own terms and conditions if you live in UK or countries other than the ones it says in this link and use asset feature then yes they will CRS report you. Right now asset feature is only available to people in UK but will be available to other countries in future. But your not even in a CRS country to be concerned about CRS....lol.

You can see details in their terms and conditions for asset feature I extracted below.

---- quote start

26. Common Reporting Standard (CRS)​

To help fight against tax evasion, over 100 governments around the world are complying with an information-gathering and reporting requirement for financial institutions, such as TINV, known as the Common Reporting Standard (“CRS”).

Under the CRS, we are obligated to determine where you are “tax resident”, which usually means where you are liable to pay income or corporate taxes. If you are a tax resident outside of the UK we are required to provide certain personal, account and financial details to HM Revenue and Customs (HMRC) who may then share that information with the tax authority of the country or jurisdiction where you are tax resident.

In the UK, we are required to complete CRS reporting to HMRC by 31 May every year in respect of customers we have identified as Reportable Persons or Reportable Entities.

How does the Common Reporting Standard impact you?​

Customers identified as resident for tax purposes in the UK during the TINV onboarding process and therefore not a Reportable Person or Reportable Entity will only complete TINV onboarding to verify their UK tax residence. However, there will be some customers who based on the information we collect, we believe to be Reportable Persons or Reportable Entities.

If we feel we need further information we will ask you to provide additional information, such as your Taxpayer Identification Number (TIN) e.g. National Insurance Number, to help with the completion of a Tax Residency Self-Certification form. In some cases we will ask you for a reasonable explanation and/or additional documentary evidence as proof of tax residency

----quote end
 
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#7
MiltonStone said:
It will change during the near future I'm sure it will.
Click to expand...

I was banging this chick in London last February that happened to work at Wise and she told me theres no team working on that.
Imma pass by London again next March so I'll try to get more info from her.

Martin Everson said:
Wise does CRS report when you use their assets feature. According to their own terms and conditions if you live in UK or countries other than the ones it says in this link and use asset feature then yes they will CRS report you. Right now asset feature is only available to people in UK but will be available to other countries in future. But your not even in a CRS country to be concerned about CRS....lol.
Click to expand...

Then dont use it? Like why would you buy stocks from a platform such as Wise / Revolut, its beyond me.
I think Im on a CRS country now, although enforcement of basically everything is kinda wack here.
 
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#11
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