Tax Advisors + Debt Management: The Challenge
As tax advisor, preparing bank statements for debt management is a common but time-consuming task. Debt management advisors and IVA supervisors need detailed analysis of a debtor's bank statements to assess income, essential spending, and disposable income.
How BankScan AI Helps Tax Advisors with Debt Management
Batch-convert entire folders of bank statement PDFs into structured spreadsheets to speed up tax return preparation and HMRC enquiry responses. For debt management specifically, BankScan AI extracts Net income from all sources, essential living costs (housing, utilities, food, t automatically.
How Tax Advisors Handle Debt Management
When preparing bank statements for debt management, tax advisors need to Tax advisors collect bank statements alongside P60s, dividend vouchers, and rental income records to prepare self-assessment returns. During HMRC enqu. BankScan AI automates the data extraction step.
Key terms you'll encounter: self-assessment, HMRC enquiry, information notice, tax computation.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload 3-6 months of recent statements to establish a reliable income and expenditure pattern for the proposal of statements for debt management.
AI extracts what you need
Our AI extracts Net income from all sources, essential living costs (housing — formatted for tax advisors workflows.
Complete your debt management work
Download Excel files ready for debt management. Income and expenditure categorised according to the Standard Financial Statement (SFS) format used across the UK debt advice sector
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Tax Advisors — Debt Management
- Built for Tax Advisors — Saves 2-3 hours per complex self-assessment return during tax season, and up to 8 hours when responding to HMRC enquiries requiring multi-year statement analysis
- Software compatible — Output works directly with TaxCalc, Taxfiler, IRIS
- Built for Debt Management — Convert bank statements to Excel to quickly categorise income and expenditure, calculate disposable income, and prepare debt management or IVA proposals.
- Key data extracted — Net income from all sources, essential living costs (housing, utilities, food, transport), non-essential spending to reduce, existing debt repayments, disposable income calculation
Compliance: Tax Advisors + Debt Management
When tax advisors prepare bank statements for debt management, specific compliance requirements apply.
- Tax advisors must comply with HMRC's Agent Authorisation framework and Professional Conduct in Relation to Taxation (PCRT) guidelines. They have a duty to submit accurate returns and must retain supporting documentation including bank statements for the statutory record-keeping period.
- Legal basis: Insolvency Act 1986 Part VIII (Individual Voluntary Arrangements); FCA CONC 8 (debt counselling, debt adjusting, and debt administration)
Debt Management — Built for Tax Advisors
IVA proposals must be sent to creditors within 14 days of the nominee's report; debt management plans need quick setup to stop creditor action and interest accrual
Try Free — Tax Advisors + Debt Management