Tax Investigation Insurance / Fee Protection
If HMRC decide to investigate your tax or your corporation tax, you or the company must co-operate with them, and let your accountant know ASAP.
Even though HMRC randomly select who they are investigating, you must let your accountant know and ask them to gather all the information to pass to HMRC. However, your accountant will charge you for the time it has taken them to put all this information together, but if you have TAX Investigation/Fee Protection insurance your bill will be cleared, if you do not have this insurance, you will be required to pay your accountant the bill.
With the ever increasing risks of full tax enquiries and investigations, it’s worth considering protecting yourself from the accountancy costs of dealing with it as the amount of work involved is often substantial.
You can get cover for the following…
Self-assessment enquiries
VAT enquiries
PAYE and benefits enquiries
IR35 enquiries
Even if HMRC finds nothing as a result of any investigation, you will still have unexpected professional fees to pay as a result to your accountant.
As your accountants, we cannot prevent you from being investigated by the Taxman, but we can help to ensure that you get the best possible support and advice without having to worry about the cost.
For anymore information, please call the office and we will be happy to help with any enquiries you have.