Increased risk of HMRC enquiries
The likelihood of a tax enquiry by HM Revenue & Customs (HMRC) has continued to increase and HMRC officers are now using new, wider powers to visit premises and inspect financial records. As a result, tax enquiries are at record levels and are becoming more complex resulting in professional costs of defence inevitably rising.
Our clients can be protected from professional fees resulting from HMRC enquiries and investigations through a service from Croner Taxwise. That leaves you free to manage your business while we handle the enquiries.
Why do I need it?
Our tax enquiry insurance covers the cost of our fees for handling a tax or VAT enquiry on behalf of you or your business. It does not cover any tax or VAT that may become due as a result of an HMRC enquiry. The cover is often referred to as Fee Protection Insurance which is perhaps a better description.
An HMRC enquiry can be both stressful and expensive. If HMRC open an enquiry into your personal or business affairs then it usually involves detailed correspondence to/from HMRC in relation to entries in your accounts and tax returns, and sometimes also a meeting with a tax or VAT inspector to settle any issues found. Taking out our tax enquiry insurance gives you the peace of mind that we will fight your corner with HMRC every step of the way, without having to charge you extra fees for the privilege.
Ambiance HMRC Enquiry Fee Protection service covers:
- Corporation Tax and Income Tax enquiries
- Schedule 36 interventions and inspections
- PAYE/NIC employer enquiries
- VAT enquiries
- CIS, IR35 & other status enquiries
- Minimum wage enquiries
- Business records checks
- Inheritance tax enquiries
- Special civil investigations opened under Code of Practice 8 (Indemnity limited to £5,000)
- Cover up to £100,000 of professional fees for each claim
- Directors & partners (including spouses, civil partners and company secretaries) covered under business protection service
Prices for cover range from £50 for someone who just prepares a personal tax return, to £125 for a limited company turning over up to £10 million per annum. The limited company policy also covers the personal tax returns for its Directors, providing they are also Ambiance clients.
While tax enquiry insurance is very much an optional extra for our clients, we believe it offers cost-effective peace of mind, should HMRC come knocking.
What is not covered by the service?
- Routine compliance work, eg. preparing your tax return
- Any tax, interest or penalties due
- Criminal prosecutions and fraud
- Enquiries commenced prior to subscribing to the service
Free Employment Law and Health & Safety advice
Within the HMRC Enquiry Fee Protection cover is an additional benefit – free employment law and health & safety advice from the country’s largest employment law specialist, Peninsula.
Once you sign up, we will provide with helpline contact number and your reference.