Will I go into trouble for this?

[banafinfodafuggiano]

I have submitted my personal tax return.

I am paying my tax. However, due to issues with my business bank account from which I sent Salary payments as the director of my own company,
I no longer have "supporting documents" showing the nature of my funds received on which I ma paying my tax.

What would happen if the taxman asks for these documents (proofs of bank transfers, payslip and so on, which I don't have) and I don't provide them?

-Fines?
- Investigations and more fines?
- Criminal record?


I am paying my tax, but I no longer have proofs showing the source of my income as DIRECTLY coming from my business account because the account
has been "frozen" by my bank and refusing to send me any statement and make me log into the dashboard. It's an offshore account.

 

[Martin Everson]

If they do ask which is a toss up then you will have to document your attempts to obtain this information from the bank and provide it to them. You may also wish to contact the regulator in the banks home country and document this attempt also. However none of that will really help you. Bottom line your troubles is not taxmans problem. They are procedural in nature and if you fail to provide what they ask you get investigation, fine and potentially jail (but unlikely). It's not their business you can't get what they may ask for sadly. If amounts are significant they can always use an existing DTA or bilateral agreements on cross border administrative assistance to obtain this information themselves.

 

[banafinfodafuggiano]

If they do ask which is a toss up then you will have to document your attempts to obtain this information from the bank and provide it to them. You may also wish to contact the regulator in the banks home country and document this attempt also. However none of that will really help you. Bottom line your troubles is not taxmans problem. They are procedural in nature and if you fail to provide what they ask you get investigation, fine and potentially jail (but unlikely). It's not their business you can't get what they may ask for sadly. If amounts are significant they can always use an existing DTA or bilateral agreements on cross border administrative assistance to obtain this information themselves.

I understand but since I am declaring 100% of my income (I don't have 50% of the documents showing the source of it), even if they cross-check and ask directly to the banks, they'll be able to see that I'm telling the truth and therefore they should not fine me? or.. yes?

 

[Martin Everson]

even if they cross-check and ask directly to the banks, they'll be able to see that I'm telling the truth and therefore they should not fine me? or.. yes?

Which tax authority are we talking about here? How much income are we talking about that evidence is missing for?

They are not gonna cross check so early in tax filing and certainly not for what maybe an insignificant amount. So don't worry yet. You can always print and provide salary receipts in meantime to accountant. As long as you pay tax owed its not an issue until bank account is resolved. Even if taxman investigates and requests bank paperwork its still not an issue if you already paid what tax is owed.

You would be best to speak to speak to your accountant.