I offer a tax enquiry fee protection insurance. Put simply, the client pays an annual premium. In the event of an HMRC enquiry into their affairs I invoice the insurance company, Taxwise, rather than the client. It does not cover any tax liability arising from the enquiry, just accountancy/tax fees for dealing with HMRC’s enquiry.
This area of protection is extremely important now, as it is not just larger companies or high wealth individuals that HMRC target. Smaller businesses too can be chosen, especially those who operate mainly in cash. HMRC are supposed to select taxpayers for investigation on a ‘random basis’. However, they now have sophisticated analytical tools, used to ‘home in’ on suitable victims, likely to produce revenue for them! Anyone who has been the subject of an HMRC enquiry will tell you what a worrying and unpleasant experience it can be.
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Most firms of Accountants offer this type of insurance. I can offer very competitive rates. I would be pleased to give you a quote.