Do you know what would happen if HMRC decide to enquire into your tax affairs? It may be a standard VAT visit, a PAYE check or something a bit more serious, such as an investigation into a submitted return.
Your accountant will be expected to assist HMRC and spend time providing information. Who pays your accountant? HMRC won’t even if they find nothing. The result is often a big, unexpected, bill for you.
All our packages include Fee Protection Insurance as standard. Fee Protection Insurance gives you peace of mind, knowing that there isn’t going to be a big bill at the end.
There is a long list of events covered which includes:
- Corporation tax and Income Tax full or aspect enquiries
- PAYE/NIC compliance checks and disputes with HMRC following such checks
- IR35, Employment Status and CIS enquiries and disputes
- VAT enquiries
- Business record checks, inspections and interventions
PLUS a lot more!
The insurers also have specialists in all aspects of tax and the cover gives us access to those specialists for advice and guidance.
VAT and PAYE inspections often require several days’ work in preparation, dealing with the inspector while he is physically present and providing information afterwards. The cost of dealing with a very basic enquiry can easily be in excess of £500.
We dealt with an enquiry where our client lived in Leicester but a London tax office was dealing with the case. HMRC refused to transfer to a local office so, over the 18 months the investigation lasted, we had to attend three meetings in London. The result of the investigation was that our client did not owe any tax but the costs incurred in proving this were considerable. Covered by our Fee Protection Insurers.
Fee Protection is like all insurance; you hope you never need it. When you do you are grateful you’ve got it – and, with us, it is included. Contact our friendly team to find out more about our business support services.