No
tax payer is immune from an inspection by HMRC and tax investigations can be
time-consuming, intrusive, stressful – and expensive.
The pressure on the government to generate increased tax revenues has been well publicised in recent years. Indeed, HM Revenue & Customs (HMRC) has been targeted with delivering billions in taxes each year. As a consequence the number of tax enquiries undertaken by HMRC has increased significantly and this upward trend is expected to continue.
Any taxpayer can be targeted by HMRC to check that they are paying the right amount of tax. Even if your tax return and business records are accurate and the taxman finds no errors, accountancy fees can cost thousands. So it is as important as it has ever been for clients to obtain protection against these costs. MGT will defend you should you receive an enquiry from HMRC and, should you chose to enjoy our fee protection insurance scheme, these costs will be covered by your policy, including cover from HMRC visits as well as written enquires.
As part of our Trusted Adviser Support service, we offer Tax
Fee Protection Insurance which provides you with cover of up to £100,000 of
professional costs per incident resulting from an HMRC intervention.
- Professional defence costs can be substantial in an enquiry or tax inspection by HM Revenue & Customs (HMRC)
- Complete peace of mind – MGT Chartered Accountants' fees will be covered by the insurance
- Even if your tax return and business records are accurate and the taxman finds no errors, accountancy fees can cost thousands of pounds
- HMRC are targeted to increase tax revenues
- Many enquiries are selected completely at random
- Anyone that pays tax can come under enquiry
- HMRC have been granted wider powers of enquiry carrying out Business Record Checks, Compliance Visits and Interventions covering all taxes
- Dealing with any correspondence from HMRC
- Attendance at any meeting with HMRC
- Includes access to Employment Law and Health & Safety advice lines.
How can you benefit from this insurance? (Read Policy Contents)
- Corporation tax and income tax full or aspect enquiries
- PAYE/NIC compliance checks from the outset and disputes with HMRC following such checks
- IR35/Employment Status/CIS enquiries and disputes
- VAT compliance checks from the outset and disputes with HMRC following such checks
- Enquiries under Section 60 or 61 of the VAT Act 1994 (provided there is no dishonesty or fraud)
- Business record checks, inspections and interventions under HMRC’s Information & Inspection Powers at Schedule 36 FA 2008
- Costs relating to an informal request for information by HMRC, by telephone or other means
- Inheritance tax / Probate return enquiries
- Stamp Duty and Stamp Duty Land Tax Enquiries
- National Minimum Wage / National Living Wage enquiries
- Child tax credit enquiries
- Student loan enquiries
- Gift aid enquiries
- Companies House confirmation statement enquiries
- Auto enrolment return enquiries (where you have been engaged in this respect)
- Code of Practice 8 investigations (provided there is no dishonesty or fraud)
