Taxwise Insurance

There has always been a risk of enquiries by HMRC into your tax affairs, which can be stressful and expensive.

In 2009, HMRC took on wide ranging powers covering all taxes (PAYE, VAT, Income Tax, Capital Gains Tax, Corporation Tax and Construction Industry Scheme Tax) which allow them to:

  • Visit businesses to inspect premises, assets and accounting records
  • Ask taxpayers and third parties for more information and documents

The system for investigations has undergone a dramatic change.  As a result, instead of enquiring into each tax separately, HMRC are having one initial meeting covering all forms of taxation and linking these in with their enquiries. As part of these meetings the HMRC officers will ask to see ‘live’ accounting records, invoicing, etc.

HMRC have also recently changed tactic by specifically targeting certain industries or types of business.

The amount of tax collected inevitably falls in times of recession, which means that the income that HMRC generates from fines, penalties and investigations is increasingly significant.

Taxwise solution:

We have used Taxwise Fee Protection insurance during the past two years and the cover and service have been excellent. This policy provides the best possible protection against enquiry and investigation by HMRC. Free help lines covering employment and business law are also included in the package.

Our professional fees are covered for dealing with all HMRC full and aspect enquiries, VAT and employer compliance disputes following standard compliance visits, as well as any meetings and all correspondence with HMRC concerning your affairs, whichever type of taxation is reviewed. Total cover is up to £75,000 of fees per enquiry.

To find out more about Taxwise Fee Protection insurance and obtain a quote to cover you and your business, please contact us.

Plummer Parsons