How do you protect yourself from costly tax investigations?

News

7th March 2016

HMRC aims to raise £26.3bn this year through more aggressive compliance therefore the risk of an HMRC enquiry is a reality. Unfortunately no taxpayer is immune from an inspection by HMRC and tax investigations can be time-consuming, intrusive, stressful – and expensive. If you have been selected for a tax inspection you may be wondering… why me? The Risk and Intelligence Service within HMRC may decide to target a particular group of people or businesses, focus on a specific geographical area within the UK, or act upon information received from third parties such as banks and building societies or other government agencies. There is also the possibility of sheer bad luck, as HMRC also selects some enquiries entirely at random.

If the thought of a tax inspection worries you and you’d like to avoid the stress and cost we CAN help. For a small fee you can prepare for this by being proactive, we offer our clients fee protection through Abbey Tax; a provider who we feel are more than capable to handle such a sensitive issue. If the HMRC were to investigate you this protection covers the accountant’s time and costs for going through an enquiry or investigation, providing you peace of mind that you can afford a full and efficient defense. The cost of protecting against such financial losses is a fraction of the likely costs incurred during an enquiry. The average HMRC enquiry lasts 19 months. The cost of professional fees to defend an HMRC enquiry often exceeds £5,000!

So, what do you get with fee protection?

  • Up to £75,000 of accountancy fees
  • Full representation to HMRC on your behalf including handling all correspondence and interaction, including attending any 1-1 meetings
  • Comfort and peace of mind that you or your business will be fiercely defended

When HMRC points the finger it is your responsibility to meet the costs for your defense so it simply makes sense to have fee protection. If you have any questions about fee protection or how it could help you please don’t hesitate to contact us to discuss this further.

 

 

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