Thousands of businesses and individuals are investigated each and every year and with HM Revenue & Customs continually exploring methods of closing the ‘Tax Gap’, these numbers are only likely to increase.
Tax enquiries and investigations are often thought of as a thing of the past, yet HMRC are substantially increasing the number of local compliance teams setup to raise enquiries and examine ‘spotlight’ industries in further detail. Given the increased likelihood an enquiry may be raised against you, it is worthwhile considering an insurance policy to cover the professional costs incurred dealing with the enquiry itself.
Even if HMRC’s checks do not lead to any additional tax being payable, you could still be left with a hefty bill for time spent providing HMRC with the information they request and attempting to mitigate any challenges they may make against you.
In association with TaxWise, we are able to offer full coverage policies which will result in the insurers paying our invoice on your behalf with no excess involved. With peace of mind cover starting from as little as £40 plus VAT, it could be money well spent.
HMRC Tax Enquiry Fee Protection Insurance
- Individual (E.g. Income from property, CIS worker) – £40 plus VAT
- Sole Trader/Self-Employed – £75 plus VAT
- VAT Registered Sole Trader – £100 plus VAT
- Limited Company/Partnerships (N.B. includes free individual cover for Directors/Partners) – £120 plus VAT
If you need more information please contact our office to arrange your free consultation.