Tax Investigations Fee Protection
Peace of Mind for Princecroft Willis Clients
Every individual taxpayer and business is at risk of being chosen at any time for a tax investigation purely on a random basis. This applies to private individuals and to businesses.
No one is immune.
Why you could be chosen?
HMRC are devoting almost one quarter of their entire budget of £4 billion to enforcement and compliance. It is our belief that the number of tax enquiries will increase and experience reinforces that belief.
An investigation may be triggered when HM Revenue & Customs (HMRC) pick up something they see as unusual on a tax return. In fact you don't need to have done anything wrong to be selected for an investigation, if any of the following areas are higher than average for you or your business, you may well be at risk:
• motor expenses.
• building repairs.
• legal costs.
• levels of stock or work in-progress.
Local newspapers, the internet, adverts, bank returns, national statistics and enquiries into other businesses, even an overheard conversation in the pub, can be the starting point for an investigation. Or they may act in response to a tip off. But they don’t need to have a reason at all, you could simply be chosen at random and as well as past returns, they may even look at your current year's affairs.
HMRC are also increasing their PAYE/VAT compliance visits as they see this as an area that will bring in additional revenue.
Why do you need fee protection?
Being investigated by HMRC can be a distressing and expensive experience that can be very disruptive and intrusive, not to mention prolonged. Investigations frequently go on for a year or more.
If you need us to represent you and to argue your case, you will be liable for our costs. Our Tax Investigation insurance scheme will cover the costs we incur in representing you in an investigation.
Our highly-trained specialists are experienced in dealing with all forms of tax investigation and have detailed knowledge of the respective rights and powers of the taxpayer and HMRC. We can guide you through the process and negotiate directly with HMRC to ensure that tax, interest charges and penalties are minimised.
Remember:
• The tax authorities don’t need a reason for opening an investigation
• You could easily be selected at random
• Any person or company who should complete a tax return could be investigated
• HMRC are devoting almost one quarter of their entire budget of £4 billion to enforcement and compliance
What is our Tax Investigation Insurance Scheme?
Insurance available for Princecroft Willis clients that pays the professional fees required to provide you with the right level of representation should you be subject to an investigation or dispute with the tax authorities. Without this cover, you would need to pay for any of Princecroft Willis’ costs incurred.
Click here to view a short video on the different types of investigation.
Why choose Tax Investigation Insurance with Princecroft Willis?
• By taking out a policy, you’ll be dealing with a trusted and familiar face who knows your affairs – not an unknown accountant who may be appointed if you subscribe to an alternative scheme.
• All our professional fees resulting from any HMRC investigation or PAYE, NIC and VAT disputes will be covered by our service.
• It will give you peace of mind, minimizing the stress an investigation can cause.
• At a surprisingly low cost, all this adds up to excellent value for money.
• Full Policy Summary available on request.
If you would like further information about our Tax Investigation Insurance, or to be sent a leaflet, please contact Paul Breakwell on 01202 663600 or email paul.breakwell@princecroftwillis.co.uk
