Tax Investigations Insurance
Tax investigations are stressful, intrusive and expensive. The requests for information and documents usually take many hours to compile ready for onward submission to HMRC. Added to this there are follow up questions to which you are required to respond, potential meetings with Inspectors to attend followed by negotiations on settlement of the investigation!
A typical tax enquiry costs upwards of £5,000 to resolve and takes on average 24 months to resolve. As your advisors we are delighted to announce financial protection against the representation fees of such enquiries whilst you remain a client with the continuation of our Tax Investigations Insurance for another year. If selected for an investigation or enquiry, we will defend you in order to deliver the optimum result. In summary, if you subscribe to our Tax Investigations Insurance we will:
HMRC - the facts
HMRC has announced proudly in its most recent Annual Report that the number one objective for this year is to ‘maximise revenues due’ and to collect as much money as possible from investigation related activity.
During 2015/16 HMRC achieved record tax revenues for a sixth year running, including nearly £27bn from compliance activity. More of the same is promised, as one of HMRC’s key objectives for 2016/17 is to ‘maximise revenues due and bear down on avoidance and evasion.
Some of the latest headlines about HMRC activity include:
Business legal helpline
As an additional benefit, we have also arranged for subscribers to receive 24/7 access to a business legal helpline. The helpline covers employment law, health & safety and commercial matters and is available 365 days a year.
Even with the increases suffered on Insurance Premium Taxes we have all experienced, we believe the annual cost of this insurance reflects excellent value for money.