Professional Fee Insurance
There is no doubt that the HM Revenue and Customs are investing huge resources into investigating both individuals and businesses, in order to raise additional tax revenue.
These investigations can begin with:
- Random PAYE/NI or VAT visits
- An enquiry from HMRC on a particular item in a set of company or sole trader/partnership accounts or a personal Tax Return (known as an aspect enquiry)
- A request to see all the books and records for a particular year (known as a full enquiry).
Investigations can be opened because of an unusual item in the accounts or Tax Return or simply at random. You do not need to have done anything wrong to get an investigation.
One thing is for sure, professional fees to defend yourself can be expensive.
We therefore recommend to all our clients that they take our 'professional fee protection'. We arrange this for individuals, sole traders, partnerships and limited companies.
We have negotiated a voluntary fee protection cover for our clients with TaxWise, who are one of the market leaders in this area, at very competitive rates. This insurance covers fees incurred during Revenue investigations into FULL and ASPECT enquiries and VAT, PAYE and NI visits and enquiries. It also covers queries on the personal tax returns of directors and partners.
For a quote please contact Daniel or Geoffrey. Unfortunately we can currently only provide a quote for insurance cover to existing tax clients.