Don’t Get Left Without Cover…
It is fast approaching the time to renew your Tax Investigation Insurance. Our Policy renews on 31st August and clients will be invited to renew in July.
New clients and those who have previously been unsure of the benefits should read on and consider the following……
Did you know that anyone that pays tax can be liable to a Tax enquiry…..?
Every year, HMRC opens enquiries into thousands of personal and business tax returns and accounts. VAT and PAYE payments are also thoroughly checked. The aim in every case is to collect more tax.
Routinely, a proportion of cases will be selected for full enquiry on an entirely random basis as part of the Error and Fraud Analysis Programme (EFAP). The selection will be carried out by Head Office from across the entire tax population. These cases are known as EFAP enquiries. Following this, they may decide to conduct an extensive examination of all areas of your tax affairs including an in-depth review of your tax return records.
Since April 2009 HMRC have been able to visit business premises to inspect records covering all taxes including Corporation, Income, PAYE, NI, Capital Gains and VAT. They can now also issue written queries before you have even submitted your annual returns. This is a power they are implementing more often.
All these enquiries take time and money to sort out. Tax Investigation Insurance is designed to take away burdens facing you should you be subject to an investigation. The policy indemnifies you for professional costs whilst you are being represented.
If you are not currently protected by our scheme then please click here to leave your details and we will contact you.